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BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2007
Additional Financial Management Service 

Releases on Federal Finances

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

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

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BULLETIN

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December 2007 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 44 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 45 

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

MARKET YIELDS 

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

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49 
December 2007 

IV 

Contents 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 73 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 74 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 76 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 78 

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 ............................................ 80 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 81 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 82 

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

 and Country, during (third quarter)................................................................................................................... 84 

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

 and Country, during (calendar year) ................................................................................................................. 86 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 88 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 
December 2007 

V

Contents 

SECTION V.—Holdings of, and Transactions in, Financial 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 .................................. 90

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 91 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 92 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 93 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ............................... 94

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 95 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 106 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 107 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 107 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 108 

ESF-1.—Balance Sheet ..................................................................................................................................................... 108 

ESF-2.—Income and Expense........................................................................................................................................... 109
December 2007 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 113 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 113

 

RESEARCH PAPER INDEX............................................................................................................................................ 114

GLOSSARY ...................................................................................................................................................................... 116

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. 
December 2007 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
December 2007 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

October’s advance estimate of real gross domestic 

product (GDP) reported annualized growth of 3.9 percent in 

the third quarter of 2007, following a similarly strong 3.8 

percent gain in the second quarter and a more modest 0.6 

percent increase in the first quarter of 2007. 

Strong third quarter growth was led by a pickup in 

consumer spending, the largest increase in exports in nearly 

4 years, and continued growth in business investment. These 

areas have helped to offset double-digit declines in 

residential fixed investment, ranging from roughly 12 to 20 

percent, in each of the last six quarters. Over that period, real 

GDP growth has averaged 2.3 percent. 

Real consumer spending accelerated to 3.0 percent 

annual growth in the third quarter, up from the 1.4 percent 

pace in the second quarter. Spending on motor vehicles and 

parts declined but was more than offset by gains in most 

other spending categories. The third quarter’s 4.4 percent 

rise in the durable goods component of consumer spending 

followed a 1.7 percent increase in the second quarter. The 

generally broad-based acceleration in consumer spending 

was the major contributor to GDP growth in the third 

quarter, offsetting some moderation in other areas and 

adding 2.1 percentage points to overall growth. 

Investment in business equipment and software increased 

by a solid 5.9 percent in the third quarter after rising at a 4.7 

percent pace in the second quarter. The average growth rate 

for this volatile series over the past five quarters is 1.8 

percent. Investment in nonresidential structures was strong, 

growing 12.3 percent in the third quarter and contributing 

0.4 percentage point to GDP growth. Residential investment 

spending–mostly homebuilding activity–dropped a sharp 

20.1 percent (annual rate), extending a six-quarter string of 

declines and reducing GDP growth by 1.1 percentage points. 

Inventories rose in the third quarter, adding almost 0.4 

percentage point to the quarter’s GDP growth after adding 

0.2 percentage point in the prior quarter. 

The foreign trade deficit decreased slightly as a 

proportion of GDP in the third quarter, adding 0.9 

percentage points to GDP growth. Real exports posted a 

very solid gain, up 16.2 percent in the third quarter after a 

7.5 percent rise in the second quarter. However, real import 

growth rebounded to a 5.2 percent increase after a 2.7 

percent decline in the second quarter. 

 Growth in public sector spending slowed somewhat in 

the third quarter, increasing 3.7 percent after a 4.1 percent 

rise in the second quarter. Federal spending was up 6.8 

percent, though, a faster pace than the 6.0 percent rate of the 

second quarter. Federal outlays added about 0.5 percentage 

point to GDP growth, chiefly due to higher non-defense 

spending. State and local outlays added 0.25 percentage 

point to GDP growth. 

Growth of Real GDP

3.5

4.5

1.2 1.1

2.1

0.6

3.8

3.9

3.6

3.0 3.1 3.5

2.4 2.7

4.8

2.8

1.2

7.5

2.5

0.0

2.0

4.0

6.0

8.0

10.0

2003 2004 2005 2006 2007

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

December 2007

4 

Inflation 

Fluctuations in energy prices, as well as rising prices for 

food, have been the key factors behind changes in the overall 

inflation rate in 2007. In the 12 months through October 

2007, the consumer price index (CPI) increased 3.5 percent, 

well above the 1.3 percent pace of the previous 12 months. 

On a quarterly basis inflation has slowed: the CPI rose 2.7 

percent in the second quarter of 2007 and 2.4 percent in the 

third quarter of 2007, after averaging 3.3 percent over the 8 

quarters of 2005 and 2006. Energy prices declined in the 

third quarter of 2007, by 1.7 percent, following a 10.3 

percent surge in the second quarter. Gasoline prices fell even 

more rapidly, by 2.4 percent, after jumping 19.4 percent in 

the second quarter. However, food prices have increased, 

rising 1.3 percent in each of the first two quarters of 2007 

and by 1.2 percent in the third quarter, after quarterly 

increases in 2006 ranging from 0.3 to 0.8 percent. The core 

consumer price index (which excludes food and energy) rose 

2.2 percent in the 12 months through October 2007, slower 

than the 2.7 percent increase of a year earlier. Core inflation 

was 2.1 percent at an annual rate over the 3 months ending 

in October 2007. 

More recent increases in energy prices at the producer 

level contributed to a higher rise in the producer price index 

(PPI) for finished goods, which was up 6.1 percent in the 12 

months through October 2007. Prices were up 1.2 percent in 

the previous 12 month period. Prices for finished energy 

goods at the producer level increased 5.3 percent in the third 

quarter of 2007 and 4.7 percent in the second quarter of 

2007 on a quarter-over-quarter basis. Nonetheless, these 

rises followed two consecutive quarterly declines, and were 

themselves much smaller than increases of roughly 10 

percent to 22 percent in each of the previous 10 quarters. 

The core PPI (finished goods less food and energy) was up 

2.5 percent in the 12 months through October 2007, well up 

from the year-earlier increase of 1.0 percent. 

0

1

2

3

4

5

6

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

98 99 00 01 02 03 04 05 06 07

Excluding food and energy

Total

Producer Prices - Finished Goods

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

December 2007 

5

Payroll Employment

142 145

94

252

124

202

177

220 211

264

151

194

163

219

112

0

50

100

150

200

250

300

350

2004 2005 2006 2007

(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

(Percent)

Oct. 2007

4.7%

Employment and unemployment 

The labor market remained broadly healthy heading into 

the fourth quarter of 2007. Job creation continued, but at a 

slower pace than in the first half of 2007. The 

unemployment rate has ticked up slightly since the spring, 

but remains relatively low. Workers continued to see their 

inflation-adjusted earnings grow, although recent gains have 

been held down by rising consumer prices. 

Growth of nonfarm payroll employment averaged 

112,000 in the 4 months ending in October, down from 

about 134,000 a month in the first half of 2007. Job losses 

accelerated in manufacturing and residential construction, 

accounting for much of the slowdown. Residential 

construction has been trimming payrolls since the spring of 

2006 as homebuilders attempt to address high inventories 

and declining sales. Monthly job losses averaged 20,000 

from June to October, up sharply from 7,000 job cuts per 

month in the first half of 2007. Outside of manufacturing 

and construction, the monthly pace of job creation has 

changed very little. In the 4 months through October, the 

private service-providing industries added 123,000 jobs per 

month on average compared to 128,000 in the first half of 

2007. 

The unemployment rate stood at 4.7 percent in October, 

up from a recent low of 4.4 percent in March. After rising in 

2005 and 2006, the labor force participation rate resumed its 

downward trend and in October eased to 65.9 percent. 

Participation had fallen fairly steadily earlier in the decade 

from an all-time high of 67.1 percent from 1997 through 

2000. 

Average hourly earnings of production and other 

nonsupervisory workers grew by 3.8 percent over the 12 

months ending in October, and recent nominal earnings 

gains have been among the strongest in 6 years. In real 

terms, earnings rose by 1.2 percent over the 12 months 

ended in September (latest available). That was down from 

gains of around 2.5 percent in the final quarter of 2006. 

Recent fluctuations in real wage growth reflect movements 

in overall inflation, largely caused by sharp swings in oil 

prices. 
PROFILE OF THE ECONOMY 

December 2007

6 

Real disposable personal income and 

consumer spending 

Personal income and outlays grew steadily during the 

third quarter of 2007, surpassing the second quarter pace of 

growth but still less than the rapid 10 percent annual rate of 

growth during the first quarter of the year (which was higher 

than normal due to bonuses and exercised stock options). 

Nominal personal income rose 5.8 percent at an annual rate 

in the third quarter of 2007, slightly above the 5.3 percent 

growth in the second quarter. Wages and salaries, 

accounting for more than 50 percent of personal income, 

rose at a 5.2 percent annual rate in the third quarter, 

following a gain of 4.5 percent in the second quarter. 

Growth of personal income receipts on assets–interest 

and dividends–slowed a bit with an 8.4 percent annual rate 

increase after two quarters of more than 10 percent growth. 

Growth of personal interest income increased at a 5.7 

percent annual pace after rising 8.7 percent in the first 

quarter and 8.2 percent in the second quarter. 

Real disposable (after-tax) income rebounded in the third 

quarter, rising 4.4 percent at an annual rate following paltry 

second quarter growth of 0.6 percent. Real personal 

consumption expenditure growth also picked up to a 3.0 

percent annual rate, more than double the second quarter 

growth rate. The personal saving rate (personal saving as a 

percentage of disposable personal income) edged up in the 

third quarter to 0.8 percent from 0.6 percent during the 

second quarter. 

Industrial production and capacity 

utilization 

Production at factories, mines, and utilities increased 4.4 

percent at an annual rate in the third quarter of 2007 after 

rising at a 3.5 percent pace in the second quarter. Over the 

12 months ending in October, output increased 1.8 percent. 

On an annual basis, industrial production grew 4 percent in 

2006, the fastest rate since 2000. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, rose 4.1 percent at an annual 

rate in the third quarter of 2007, following a 4.3 percent 

increase in the second quarter. A strong gain in the output of 

high-technology goods led the overall manufacturing 

increase. The output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

28.5 percent at an annual rate, up from the second quarter’s 

16.6 percent pace. Production of motor vehicles and parts–

which can be very volatile–was up 1.3 percent at an annual 

rate after growing 13.3 percent at an annual rate in the 

second quarter of 2007. In the 12 months through October, 

output of motor vehicles and parts was up 0.9 percent. Apart 

from automobiles, manufacturing output increased at a 4.3 

percent annual rate in the third quarter of 2007. 

Utilities output, accounting for roughly 9.5 percent of 

total industrial output, rose 5.9 percent at an annual rate in 

the third quarter of 2007 (following a 1 percent decline in 

the second quarter). Weather is usually a factor contributing 

to swings in this sector; unseasonable weather in quarters 

often causes sharp swings in output from one month or 

quarter to the next. Output at mines (the remaining 8.5 

percent of industrial output) grew 5.5 percent in the third 

quarter of 2007, following a 0.1 percent increase in the 

second quarter. In the 12 months through October 2007, 

mining output, which includes crude oil production, rose 0.4 

percent. 

The capacity utilization rate for the industrial sector 

edged up to 82.2 percent in the third quarter of 2007 from 

81.7 percent in the second quarter. In manufacturing, 

capacity utilization was 80.7 percent in the third quarter of 

2007, up slightly from 80.3 percent in the second quarter. 

Capacity utilization has trended higher over the past 2 years 

or so; measures for the industrial sector and for 

manufacturing have been at or above their respective longterm averages since 2005. 

Nonfarm productivity and unit labor costs 

Productivity growth accelerated during the third quarter 

of 2007, according to preliminary data, continuing the trend 

seen in the second quarter. Productivity in the nonfarm 

business sector grew at an annual rate of 4.9 percent in the 

third quarter, the fastest growth since 2003, after rising by 

2.2 percent in the second quarter. Output grew 4.3 percent in 

the third quarter while hours worked declined 0.5 percent. 

Over the most recent four quarters, productivity increased 

2.4 percent, considerably higher than the 0.1 percent 

increase of the previous four quarters. Since the business 

cycle peak in the first quarter of 2001, productivity has 

grown at an annual rate of 2.6 percent, about the same as the 

2.5 percent rate between the fourth quarter of 1995 and the 

first quarter of 2001. 

Hourly compensation costs in the nonfarm business 

sector rose 4.7 percent at an annual rate in the third quarter, 

up slightly from the second quarter’s 4.4 percent rate but 

slower than the 6.7 percent pace over the most recent four 

quarters. In real terms, hourly compensation was up 4.3 

percent over the most recent four quarters. Although the 

nonfarm compensation measure does not provide detailed 

data on how its components have moved recently, another 

measure, the Employment Cost Index (ECI), does include 

data on the two main components of compensation: wages 

and salaries and benefits. The ECI shows that nominal 

hourly compensation rose 3.3 percent in the 12 months 

through September 2007. Wages and salaries for all civilian 

workers were up 3.3 percent through September 2007 from a 

year earlier. Although benefit costs grew at a rapid 6 percent 

annual pace over 2003 to 2005, there has been a significant 

slowing over the past several quarters, and these costs rose 

3.2 percent in the 12 months through September 2007. 

 
PROFILE OF THE ECONOMY 

December 2007 

7

Unit labor costs, which represent the interaction of 

productivity and compensation, fell 0.2 percent at an annual 

rate in the third quarter, slowing from the second quarter’s 

2.2 percent rise. These costs were up 4.3 percent over the 

latest four quarters. 

Productivity in the manufacturing sector rose 4.6 percent 

at an annual rate in the third quarter and was up 2.7 percent 

over the most recent four quarters. Over the past 5 years, 

factory productivity has grown at a 4.0 percent annual rate, 

slowing from the 4.6 percent pace of the previous 5-year 

period. Hourly compensation costs in manufacturing 

advanced 2.3 percent at an annual rate in the third quarter 

and were up 7.2 percent over the most recent four quarters. 

Factory unit labor costs fell by 2.2 percent at an annual rate 

in the third quarter but have risen 4.4 percent over the past 

four quarters. 

International transactions 

The U.S. current account (which measures trade in goods 

and services as well as investment income flows and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s but has fluctuated significantly over 

time. In 2006, the current account deficit reached a record 

$812 billion (equivalent to 6.1 percent of GDP). The deficit 

has narrowed appreciably since then, however, as the trade 

balance has improved. In the first half of 2007, the current 

account deficit amounted to $776 billion at an annual rate 

(5.7 percent of GDP). 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account payments (mainly debt forgiveness and 

wealth transfers associated with immigration) have been 

fairly stable in recent quarters, averaging roughly 

$2.3 billion at an annual rate since mid-2006. Net financial 

inflows (the difference between outflows for U.S. purchases 

of assets overseas and inflows for foreign purchases of assets 

in the United States) slowed sharply in the first half of 2007 

to $636 billion at an annual rate from an all-time high of 

$804 billion in 2006. 

Within the financial account, U.S. purchases of assets 

overseas accelerated to $1.8 trillion at an annual rate in the 

first half of 2007 from just under $1.1 billion in 2006. U.S. 

direct investment abroad and U.S. purchases of foreign 

securities both picked up slightly. Net foreign purchases of 

U.S. assets also rose in the first half of 2007, but by less than 

U.S. purchases of assets abroad. Foreign purchases of assets 

in the United States amounted to nearly $2.5 trillion at an 

annual rate, up from $1.9 trillion in 2006. Foreign 

acquisitions of U.S. securities (excluding Treasuries) rose, 

and transactions in Treasury securities shifted from net sales 

in 2006 back to net purchases in the first half of 2007. 

However, the pace of foreign direct investment in the United 

States eased slightly compared to 2006. 

 Exchange rate of the dollar 

The value of the U.S. dollar compared to the currencies 

of America’s key trading partners slipped in the third quarter 

of 2007. The nominal exchange value of the dollar relative 

to a broad index covering the currencies of 26 important 

U.S. trading partners depreciated 2.1 percent during the third 

quarter of 2007. In the second quarter of 2007, the nominal 

exchange value of the dollar depreciated 2.4 percent. In 

October, the dollar settled at its lowest nominal level in 

almost 11 years. Since peaking in February 2002, the U.S. 

currency as measured by this broad index has depreciated by 

nearly 23 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the currencies of seven major trading 

partners, including the euro area countries, Japan, Canada, 

the United Kingdom, Australia, Sweden, and Switzerland. 

Between February 2002 and October 2007, the exchange 

rate of the dollar compared to an index of these currencies 

fell by nearly 34 percent. Over this period, the dollar was 

down by 39 percent against the euro–reaching an all-time 

low–and by 13 percent against the yen. 

The dollar generally showed much less movement with 

respect to the currencies of the other 19 important trading 

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

strengthened somewhat from February 2002 through the first 

half of 2004, but since then, the dollar has depreciated 

against this index by about 12 percent. In October 2007, the 

dollar was 7 percent lower against this basket of currencies 

than at the February 2002 peak. 
PROFILE OF THE ECONOMY 

December 2007

8 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2003 2004 2005 2006 2007

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

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

Interest rates 

At its most recent meeting in October 2007, the Federal 

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

policy-making arm–cut the Federal funds target interest rate 

by 25 basis points to 4.5 percent. The FOMC began its 

current cycle of easing the policy target at its September 18 

meeting, when it reduced the target by 50 basis points. 

Before that, the Federal Reserve had maintained the target 

rate at 5.25 percent for 10 straight meetings, following 17 

straight hikes of 25 basis points each in a cycle of monetary 

tightening which began in late June 2004. The funds target 

in October 2007 was at its lowest level since January 2006. 

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

rose to about 4.9 percent by the end of July 2007, and had 

risen by about 150 basis points over the preceding 2 years. 

Since then, the rate has declined by roughly 100 basis points, 

and stood at 3.9 percent as of early November 2007. The 10-

year yield has fluctuated over the past 2 years, rising above 

the 5 percent level by mid-2006 before retracing virtually all 

of the increase by year-end. The rate then resumed its 

upward trend in 2007, moving back above the 5 percent 

mark to a year-to-date peak of 5.2 percent in July. Since 

then, the rate has declined by about 80 basis points, to 4.4 

percent as of early November, on signs of slower growth and 

on safe-have flows, the latter in connection with investors’ 

concerns about credit markets. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate, trending up over 

the past 2 years, and moving decisively higher through the 

first half of 2006. In early July 2006, the rate for a 30-year 

fixed rate mortgage reached 6.8 percent, its highest level in 

over 4 years. During the latter half of 2006, the mortgage 

rate generally declined in tandem with the 10-year Treasury 

rate to about 6.1 percent in December, then retraced again 

during the first half of 2007 to about 6.7 percent as of early 

August. Since then, the 30-year rate has declined and stood 

at 6.3 percent as of early November. 

Corporate bond yields have also generally followed 

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

Baa yield moved higher earlier last year, reaching a recent 

peak of 6.9 percent in late June 2006, but during the latter 

half of 2006 and early 2007, it retreated, trading between 6.1 

percent and 6.5 percent. After trading in a higher range of 

6.6 percent to 6.8 percent over the summer, the yield 

declined and was 6.4 percent as of early November. The 

spread between the Baa yield and the 10-year Treasury 

yield, a measure of investor risk appetite, remained 

essentially unchanged through much of 2005 and 2006. This 

spread had widened to as much as 4.0 percentage points in 

October 2002, and for much of 2007, had been quite stable 

at roughly 1.7 percentage points. During the fall of 2007, 

however, the spread has increased to approximately 1.9 

percentage points. 
PROFILE OF THE ECONOMY 

December 2007 

9

Housing 

Housing activity continued to decline in the third quarter 

of 2007. Both housing starts and permits plummeted. Homebuilder and home-buyer sentiment fell further, caused in part 

by turmoil in the mortgage market. The homeownership rate 

also edged down for the fourth consecutive quarter, but 

remained near its record high level. 

Housing starts plunged to the lowest level in 14 years, 

falling below a 1.3 million unit pace in the third quarter from 

a 1.5 million rate in the second quarter. Housing permits 

signal continued slow growth. The number of permits issued 

for future construction was 1.3 million at an annual rate in 

the third quarter, the slowest rate for a quarter in 10 years. 

Residential investment, a key component of GDP, declined 

for the seventh straight quarter, subtracting 1 percentage 

point from real GDP in the third quarter. 

Measures of consumer home buying attitudes and home 

builder sentiment continued to fall in the third quarter. The 

National Association of Home Builders’ housing market 

index dropped 8.0 points from June to September. The net 

loss for the Michigan survey of consumer sentiment’s home 

buying conditions was 8.0 points during the same time 

period, on top of a 6 point decline in the second quarter. The 

housing market index dropped another 2 points in October, 

while the Michigan survey’s home buying conditions index 

regained its 8 point loss, suggesting more favorable 

conditions for buyers in the coming months but tough times 

for builders. 

Sales of new single-family homes plunged 35 percent at 

an annual rate in the third quarter to a 768,000 unit pace 

from an 855,000 unit pace in the second quarter. This 

decline more than offset the 0.8 percent rise in the previous 

quarter, and ensured that sales remained well below the most 

recent peak rate of 1.3 million units in 2005. Resales of 

existing single-family homes, accounting for nearly 85 

percent of all one-family home sales, fell more than 29 

percent at an annual rate to a 5.4 million unit rate, the 

slowest pace since the fourth quarter of 2001. The 

homeownership rate slipped by 0.2 percentage point to 68.1 

percent in the third quarter but remains near a historically 

high level, less than 1 percent below its peak in the spring of 

2004. After rising 5.1 percent in the second quarter, existing 

home prices declined in the third quarter by 1.2 percent to 

$220,800. 

Mortgage interest rates crept up in the third quarter but 

have edged down slightly at the start of the fourth quarter, 

due in part to the reductions in the Federal Funds target. The 

average rate on a 30-year conventional mortgage rose from 

an average of 6.37 percent in the second quarter to 6.55 

percent in the third. In October, the rate averaged 6.38 

percent, just above the 30-year mortgage rate in October 

2006. The relatively low mortgage interest rate and the 

decline in existing home prices should help to make housing 

more affordable and keep the homeownership rate high. The 

National Association of Realtors’ housing affordability 

index rose to 114.8 in September from a reading of 104.9 in 

June, well above the 2006 average of 106.2. 

Federal budget 

Budget results for fiscal year 2007 (from October 

through September) show that receipts of the U.S. 

Government totaled $2,568 billion in fiscal year 2007, $161 

billion or 6.7 percent higher than in fiscal year 2006. As a 

percent of GDP, total receipts rose from 18.5 percent in 

2006 to 18.8 percent in 2007. Growth in receipts was led by 

gains in individual and corporate income tax receipts. 

Individual income tax receipts rose 11.4 percent and were 

$1,163 billion, accounting for about 45 percent of total 

receipts. Corporate income taxes rose 4.6 percent to about 

$370 billion, accounting for roughly 14 percent of total 

receipts. Other sources of receipts (such as excise taxes, 

customs duties, estate and gift taxes, and miscellaneous 

receipts) amounted to $164 billion. 

Total outlays were $2,731 billion, $76 billion or 2.9 

percent higher than in fiscal year 2006. Outlays for Medicare 

rose the most, by 13.8 percent, largely reflecting the 

prescription drug benefit. The next largest increase in 

outlays, at 6.9 percent, was for Social Security. Together, 

outlays for Medicare and Social Security rose by more than 

$83 billion, or roughly 110 percent of the $76 billion rise in 

fiscal year 2007 outlays. Department of Defense outlays rose 

by 5.8 percent. However, a sharp decline in outlays for 

Community and Regulatory Development (a drop of nearly 

47 percent) and from other sources helped to offset these 

increases. 

With total outlays exceeding receipts, the budget balance 

for the fiscal year that ended September 30, 2007, showed a 

deficit of $163 billion, $85 billion less than the $248 billion 

deficit in the prior fiscal year (2006). The $163 billion 

deficit represents a 1.2 percent share of GDP; the average 

deficit over the last 40 years is 2.4 percent of GDP. 

According to the Mid-Session Review of the fiscal year 

2008 budget, the deficit is projected to continue to diminish 

over the remainder of the forecast horizon out to fiscal year 

2011, and in fiscal year 2012, the budget balance is 

projected to be in a surplus equivalent to 0.2 percent of 

GDP. 
PROFILE OF THE ECONOMY 

December 2007

10 

Net National Saving

-10

-5

0

5

10

15

60 66 72 77 82 87 92 97 02 07

Public

Total

(Saving as a percent of NNP, quarterly)

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP, annual)

Net national saving and investment 

Economic theory suggests that countries that save and 

invest greater portions of their output eventually accumulate 

more capital, which raises productivity and, over the long 

run, the general standard of living. In the United States, the 

net national saving rate–net national saving as a share of net 

national product (NNP)–has trended down for over 4 

decades due to declining private saving and rising Federal 

budget deficits. During this time, national saving fell from 

12.2 percent of NNP in the 1960s to an all-time low of 1.1 

percent in 2005. Recently, however, this measure has turned 

higher and in the first half of 2007 net national saving was 

equivalent to 2.0 percent of NNP. 

The rise in the net national saving rate since 2005 is 

mainly due to an improvement in the Federal government’s 

fiscal position. In the first half of 2007, government saving–

including Federal as well as State and local governments–

stood at -1.7 percent of NNP, up from -2.8 percent in 2005. 

The Federal budget deficit narrowed and its share of NNP 

improved to -1.7 percent from -2.9 percent in 2005 and a 10-

year low of -3.8 percent in 2003. State and local government 

budgets were essentially in balance in the first half of 2007. 

The private saving rate (for households and businesses 

combined) eased to 3.7 percent in the first half of 2007 from 

3.8 percent in 2006. Private saving as a share of NNP has 

declined fairly steadily since peaking at 12.7 percent in 

1984. Over this period, personal saving as a share of NNP 

fell from 9.0 percent to a 73-year low of 0.3 percent in 2006 

before rebounding slightly to 0.7 percent in the first half of 

2007. The corporate saving rate has fluctuated between 2 

and 4 percent for the better part of the past 4 decades and in 

the first half of 2007 stood at 2.9 percent. 

Net domestic investment was equivalent to 7.5 percent of 

NNP in the first half of 2007, down from 8.8 percent in 

2006. Private industry outlays for structures, equipment, 

software, and inventories declined to 6.1 percent of NNP 

from a 6-year high of 7.4 percent in 2006. With the national 

saving rate trending down, a growing share of domestic 

investment has been financed from abroad. In the first half 

of 2007, net foreign investment in the United States was 

equivalent to 6.2 percent of NNP. That was down from a 

record 6.8 percent in 2006 but well above readings from the 

mid 1990s of around 1-1/2 percent. The inflow of foreign 

saving allows the United States to finance higher levels of 

domestic investment than would be possible if only domestic 

saving were available. 

Net domestic investment was equivalent to 9.1 percent of 

NNP in 2006. That was up from 7.8 percent in 2005. The 

increase was mostly accounted for by a pickup in private 

industry outlays for structures, equipment and software, and 

inventory, which rose to 7.7 percent of NNP in 2006. Net 

private domestic investment was around 6.5 percent of NNP 

in each of the prior 2 calendar years. A growing portion of 

domestic investment has been financed from abroad in 

recent years. In 2006, foreign inflows were equivalent to 6.9 

percent of NNP. That was up from around 1-1/2 percent of 

NNP in the mid-1990s. 
December 2007 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

December 2007 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2007 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

time of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $278.4 billion for the fourth 

quarter of fiscal year 2007. This is an increase of $28.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $16.9 billion and non-withheld receipts 

increased by $6.3 billion during this period. Refunds 

decreased by $5.2 billion over the comparable fiscal year 

2006 quarter. There was an increase of $2.3 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2006. 

Corporate income taxes—Net corporate income tax 

receipts were $90.7 billion for the fourth quarter of fiscal 

year 2007. This is a decrease of $12.0 billion compared to 

the prior year fourth quarter. The $12.0 billion change is 

comprised of a decrease of $12.7 billion in estimated and 

final payments, and a decrease of $0.7 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2007 were $197.8 billion, an increase of $8.9 

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 $5.8 billion, $1.0 billion, and $2.2 billion 

respectively. There was a -$1.1 billion accounting 

adjustment for prior years’ employment tax liabilities made 

in the fourth quarter of fiscal year 2007, while there was a 

$1.2 billion adjustment in the fourth quarter of fiscal year 

2006. 

Unemployment insurance—Unemployment insurance 

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

2007 were $8.0 billion, a decrease of $0.5 billion over the 

comparable quarter of fiscal year 2006. Net State taxes 

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

$6.9 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.1 billion. 
FEDERAL FISCAL OPERATIONS 

December 2007 

13

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

fourth quarter of fiscal year 2007. This was a negligible 

change from the comparable quarter of fiscal year 2006. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2007 were $19.4 billion, a decrease of 

$0.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.1 billion, an 

increase of $0.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.3 billion for the fourth quarter of fiscal year 2007. 

These receipts represent a decrease of $0.4 billion over the 

same quarter in fiscal year 2006. 

Customs duties—Customs duties net of refunds were 

$7.3 billion for the fourth quarter of fiscal year 2007. This is 

an increase of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2007 were $13.4 billion, 

an increase of $1.6 billion over the comparable prior year 

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

Federal Reserve banks increasing by $1.4 billion.

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

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

 Fourth quarter 

 July - Sept. 

 

 Fiscal Year 2007 

Total on- and off-budget results: 

Total receipts ................................................................ 622,337 2,567,671

On-budget receipts ................................................... 470,177 1,932,583

Off-budget receipts ................................................... 152,160 635,088

Total outlays.................................................................. 664,073 2,730,505

On-budget outlays..................................................... 519,045 2,276,868

Off-budget outlays..................................................... 664,073 453,637

Total surplus or deficit (-) .............................................. -41,736 -162,833

On-budget surplus or deficit (-)................................. -48,868 -344,284

Off-budget surplus or deficit (-)................................. 7,132 181,451

Means of financing: 

Borrowing from the public............................................. 105,617 206,325

Reduction of operating cash......................................... -50,029 -23,110

Other means ................................................................. -13,852 -20,381

Total on- and off-budget financing............................ 41,736 162,833

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2007 

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

Source July Aug. Sept. 

Individual income taxes...................................................... 79.6 77.6 121.2 

Corporate income taxes..................................................... 9.6 4.3 76.7 

Employment and general retirement.................................. 63.1 63.9 70.7 

Unemployment insurance .................................................. 2.8 5.0 0.2 

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

Excise taxes ....................................................................... 6.0 5.8 7.5 

Estate and gift taxes .......................................................... 1.8 2.3 2.2 

Customs duties .................................................................. 2.4 2.6 2.3 

Miscellaneous receipts....................................................... 4.7 4.6 4.2

Total budget receipts ..................................................... 170.5 166.5 285.3

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

December 2007 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2006-2007

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

SONDJ FMAM J J AS

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2007

2006 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2006-2007

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

December 2007 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

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 r 2,654,873 r 2,232,804 422,069 r -248,197 r -434,510 186,313 546,436

2007 ............................ 2,567,673 1,932,586 635,088 2,730,379 2,276,742 453,637 -162,709 -344,158 181,450 499,977 

 

2007 - Est.................... 2,573,907 1,941,062 632,845 2,778,632 2,325,647 452,985 -204,725 -384,585 179,860 512,665 

2008 - Est.................... 2,659,371 1,990,734 668,637 2,917,713 2,450,663 467,050 -258,341 -459,929 201,587 565,289 

 

2007 - Sept.................. 283,298 230,596 52,702 227,135 180,757 46,378 56,162 49,839 6,324 -6,865 

Oct................... 167,693 124,682 43,011 217,014 176,517 40,497 -49,321 -51,836 2,514 77,642 

Nov .................. 145,866 99,872 45,994 218,907 173,720 45,187 -73,042 -73,849 807 47,812 

Dec .................. 259,969 214,180 45,789 218,007 223,858 -5,851 41,961 -9,678 51,639 46,940 

2007 - Jan ................... 260,609 199,519 61,090 222,372 179,869 42,504 38,236 19,650 18,586 26,836 

Feb .................. 120,312 69,732 50,580 240,305 193,617 46,688 -119,993 -123,885 3,892 71,105 

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................. 285,353 231,332 54,021 173,794 147,785 26,009 111,559 83,547 28,012 3,160 

Fiscal year 2007............... 2,567,673 1,932,586 635,088 2,730,504 2,276,867 453,637 -162,834 -344,283 181,450 499,977 

 

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 6,377 662 r 412,846 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -182 -6,195 9,698 778 r 318,746 

2006 ...................................... -245 309,215 236,975 16,447 410 196 -6,626 22,315 -666 r 248,197 

2007 ...................................... -433 293,343 206,201 23,111 647 1,310 -2,156 -21,362 782 162,709 

 

2007 - Est.............................. -174 284,246 228,245 7,873 - - - -15,647 - 204,725 

2008 - Est.............................. -552 300,402 264,335 -15,000 - - - -20,992 - 258,343 

2006 - Sept............................ 75 34,750 -41,540 35,690 -71 -167 -94 20,985 -250 -56,162 

Oct............................. -181 39,569 37,892 5,148 22 -168 -1,043 15,388 - 49,321 

Nov ............................ 134 -3,384 51,330 -36,372 214 -60 -268 -14,774 - 73,042 

Dec ............................ 169 77,663 -30,554 9,763 -20 757 -271 -1,178 - -41,961 

2007 - Jan ............................. -183 13,247 13,406 53,160 -84 -620 -185 597 32 -38,236 

Feb ............................ -212 5,865 65,028 -72,315 129 -78 20 -17,279 - 119,993 

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 -2,478 - 36,447 

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

Sept........................... -42 49,682 -46,564 65,792 144 111 76 778 350 -111,559 

 

Fiscal year 2007....................... -433 293,218 206,325 23,111 647 1,310 -2,156 -21,362 782 162,834 

 

Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 

Budget, released by the Office of Management and Budget on July 11, 2007. 

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

December 2007 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

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

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

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

2007 .............................. 928,582 437,666 202,778 1,163,472 395,533 25,292 370,241 1,533,713 822,216 2,220 819,996 

 

2007 - Est...................... 1,168,298 - - 1,168,298 371,655 - 371,655 1,539,953 817,132 - 817,132 

2008 - Est...................... 1,226,625 - - 1,226,625 343,022 - 343,022 1,569,647 865,472 - 865,472 

 

2006 - Sept.................... 60,185 54,131 3,331 110,985 88,272 2,415 85,857 196,842 70,828 2,213 68,615 

Oct..................... 73,220 16,618 3,622 86,217 13,263 3,910 9,353 95,570 56,756 - 56,756 

Nov .................... 68,137 4,042 9,111 63,067 6,475 2,005 4,469 67,536 60,895 - 60,895 

Dec .................... 95,104 8,277 1,891 101,491 86,643 1,672 84,971 186,462 60,398 - 60,398 

2007 - Jan ..................... 97,486 59,696 2,610 154,572 12,513 1,598 10,916 165,488 78,381 - 78,381 

Feb .................... 81,394 4,878 47,851 38,421 8,155 4,106 4,049 42,470 64,104 - 64,104 

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 

 

Fiscal year 2007............... 928,582 437,666 202,778 1,163,472 395,533 25,292 370,241 1,533,713 822,216 2,220 819,996 

 

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 ............................ 4,264 2 4,261 824,257 41,216 124 41,091 4,208 53 4,259 

 

2007 - Est.................... 4,234 - 4,234 821,366 43,562 - 43,562 4,704 38 4,742 

2008 - Est.................... 4,374 - 4,374 869,846 43,941 - 43,941 4,634 33 4,667 

 

2006 - Sept ................. 329 * 330 68,945 289 7 282 338 4 341 

Oct................... 405 1 404 57,160 2,166 7 2,159 329 5 334 

Nov.................. 307 * 307 61,202 3,583 8 3,575 334 4 338 

Dec.................. 340 * 340 60,738 313 2 311 407 4 411 

2007 - Jan ................... 429 * 429 78,810 2,257 3 2,254 379 4 383 

Feb.................. 468 * 468 64,572 3,193 3 3,190 330 4 334 

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 

 

Fiscal year 2007 ............... 4,264 2 4,261 824,257 41,216 124 41,091 4,208 53 4,259 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2007 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget 

(46) 

 

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

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 r 12,628 r 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 ............................ 65,068 26,977 934 26,043 27,548 1,537 26,011 32,043 15,186 47,227 1,932,586 635,088 

 

2007 - Est.................... 65,218 25,800 - 25,800 26,466 - 26,466 31,410 15,390 46,800 1,941,062 632,845 

2008 - Est.................... 66,238 26,369 - 26,369 29,051 - 29,051 34,726 14,886 49,612 1,990,734 668,637 

 

2006 - Sept.................. 8,217 2,460 70 2,390 2,379 33 2,346 2,362 1,574 3,936 230,601 52,702 

Oct................... 4,215 2,434 121 2,313 2,514 57 2,457 2,114 1,371 3,484 124,682 43,011 

Nov.................. 5,651 1,874 94 1,780 2,354 124 2,230 2,352 1,200 3,553 99,872 45,994 

Dec.................. 6,131 2,281 88 2,193 2,156 650 1,505 1,322 897 2,219 214,180 45,789 

2007 - Jan ................... 4,863 2,351 48 2,303 2,249 89 2,161 3,064 1,283 4,347 199,519 61,090 

Feb .................. 2,914 1,527 81 1,446 2,074 84 1,991 2,363 1,033 3,395 69,732 50,580 

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 1,422 4,157 231,332 54,021 

 

Fiscal year 2007 .............. 65,068 26,977 934 26,043 27,548 1,537 26,011 32,043 15,186 47,227 1,932,586 635,088 

 

Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 

Budget, released by the Office of Management and Budget on July 11, 2007. 

* 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 r 10,531 r 105 r 10,425 607 - 607 r 39,433 r 891 r 38,542 25,509 1,123 24,386

2007............................ 869,607 11,534 66 11,469 638 - 638 40,403 1,040 39,362 18,735 5,132 13,602 

2007 - Est ................... 869,670 11,316 - 11,316 623 - 623 38,546 - 38,546 14,733 - 14,733

2008 - Est ................... 918,454 11,898 - 11,898 628 - 628 39,588 - 39,588 14,124 - 14,124

 

2006 - Sept ................. 69,568 1,265 47 1,218 79 - 79 5,929 155 5,774 1,119 -27 1,146

Oct .................. 59,653 164 * 164 9 - 9 632 -2 634 3,511 103 3,407

Nov.................. 65,115 832 - 832 47 - 47 3,121 - 3,121 1,762 111 1,651

Dec.................. 61,460 870 - 870 55 - 55 3,353 - 3,353 2,053 201 1,852

2007 - Jan................... 81,446 778 - 778 44 - 44 2,903 - 2,903 1,541 402 1,139

Feb.................. 68,096 1,009 42 967 52 - 52 4,297 264 4,033 -1,051 1,086 -2,137

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

 

Fiscal year 2007 .............. 869,607 11,534 66 11,469 638 - 638 40,403 1,040 39,362 18,735 5,132 13,602

 
FEDERAL FISCAL OPERATIONS 

December 2007 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

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 6,374 499,355 93,427 19,653 614,313 69,100 42,434 9,063 23,320 43,139

2007 ....................... 4,305 6,007 84,435 6,478 529,871 66,371 20,116 672,036 39,171 45,559 10,489 23,349 47,544

 

2007 - Est............... 4,428 6,082 88,913 6,612 538,825 67,919 21,505 679,183 46,279 45,633 10,495 24,222 47,523

2008 - Est............... 4,751 6,678 91,897 7,339 577,104 60,220 22,183 712,536 39,782 45,298 10,082 24,664 50,606 

2006 - Sept............. 381 473 6,388 629 45,076 18,518 1,537 45,774 4,580 3,100 997 2,222 2,960

Oct.............. 371 512 14,601 437 48,657 5,742 1,812 58,088 3,617 3,936 787 2,108 3,383

Nov ............. 335 451 8,665 595 44,039 4,305 1,504 55,844 3,205 3,626 725 1,975 3,158

Dec ............. 305 561 8,905 506 48,485 5,418 2,085 53,608 3,422 3,574 652 1,875 4,262

2007 - Jan .............. 422 512 9,033 614 39,856 8,000 1,827 54,800 3,189 3,519 935 2,061 5,661

Feb ............. 302 463 6,501 462 37,808 5,850 502 52,964 2,943 3,195 638 1,969 2,987

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 1,937 3,693

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 

Fiscal year 2007........ 4,305 6,007 84,435 6,478 529,871 66,371 20,116 672,036 39,171 45,559 10,489 23,351 47,544

 

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 8,328 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 ....................... 13,624 61,691 429,977 60,639 72,820 3,917 47,112 8,258 2,958 33 12,765 

 

2007 - Est............... 16,668 64,073 429,266 59,373 74,782 6,715 47,651 7,864 2,931 279 16,754 

2008 - Est............... 17,261 68,731 460,040 58,178 84,775 7,703 49,342 7,810 1,339 838 18,505 

 

2006 - Sept ............ 1,364 6,596 20,854 -5,227 8,689 276 3,755 514 360 -149 1,018 

Oct.............. 1,416 5,478 22,293 574 3,485 -100 3,618 788 258 -89 812 

Nov............. 860 5,197 20,305 1,254 5,864 311 4,221 648 318 51 626 

Dec............. 1,285 4,868 95,909 1,204 9,641 272 4,371 647 356 50 340 

2007 - Jan .............. 1,277 4,526 18,132 5,551 3,262 379 4,705 735 289 -46 731 

Feb............. 1,050 3,308 24,170 30,789 6,159 355 3,659 651 266 -151 624 

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............ 1,484 6,451 19,187 -5,298 3,354 460 4,167 676 136 -128 161 

 

Fiscal year 2007 ......... 13,749 61,691 429,977 60,639 72,820 3,917 47,112 8,258 2,958 33 12,765 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

December 2007 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

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 2,232,808 422,069 

2007 ....................... 15,860 5,531 58,449 1,175 621,762 18,271 -61,776 -177,963 -6,762 -13,699 2,276,867 453,637 

 

2007 - Est............... 16,182 5,944 59,448 1,263 621,771 20,081 -61,801 -178,060 -6,391 -13,780 2,325,647 452,985 

2008 - Est............... 17,295 6,136 64,714 751 656,091 18,715 -64,895 -188,330 -8,124 -12,302 2,450,663 467,050 

 

2006 - Sept ............ 2,030 546 5,176 142 52,693 1,027 -4,259 -385 -410 -111 180,757 46,378 

Oct.............. 662 410 5,751 160 46,987 783 -17,739 -1,672 -911 * 176,517 40,497 

Nov............. 1,242 436 4,852 155 49,513 538 -3,764 -1,541 -607 * 173,720 45,187 

Dec............. 1,431 417 5,142 97 53,463 2,369 -4,150 -80,339 -299 -12,728 223,858 -5,851 

2007 - Jan .............. 1,196 406 5,668 132 48,673 1,641 -4,096 -73 -790 -357 179,869 42,504 

Feb............. 1,191 386 5,477 21 51,744 268 -3,652 -2,095 -500 - 193,617 46,688 

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 * 147,785 26,009 

Fiscal year 2007........ 15,860 5,531 58,449 1,175 621,762 18,271 -61,776 -177,963 -6,762 -13,699 2,276,867 453,637 

 

 Note.—These estimates are based on the Mid-Session Review of the Fiscal Year 2008 

Budget, released by the Office of Management and Budget on July 11, 2007. 

* Less than $500,000. 

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

December 2007 

20 

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

September 2007 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,163,411 61 - 1,163,472 1,043,858 50 - 1,043,908

Corporation income taxes........................................... 370,240 - 3 370,243 353,914 - 1 353,915

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 635,088 635,088 - - 608,382 608,382

Employment and general retirement (on-budget)... - - 189,170 189,170 - - 181,660 181,660

Unemployment insurance ....................................... - - 41,091 41,091 - - 43,420 43,420

Other retirement...................................................... - - 4,258 4,258 - - 4,358 4,358

Excise taxes ................................................................ 10,242 833 53,994 65,069 21,772 689 51,501 73,962

Estate and gift taxes ................................................... 26,044 - - 26,044 27,877 - - 27,877

Customs duties ........................................................... 16,730 7,941 1,339 26,010 16,150 7,383 1,277 24,810

Miscellaneous receipts................................................ 34,154 12,414 659 47,227 31,912 11,632 840 44,384

Total receipts....................................................... 1,620,822 21,248 925,601 2,567,671 1,495,483 19,754 891,438 2,406,675

(On-budget)..................................................... 1,620,822 21,248 290,514 1,932,583 1,495,483 19,754 283,056 1,798,293

(Off-budget)..................................................... - - 635,088 635,088 - - 608,382 608,382

 

Budget outlays: 

Legislative branch ....................................................... 4,126 155 25 4,306 3,956 125 48 4,129

Judicial branch ............................................................ 5,749 265 -7 6,008 5,678 136 6 5,820

Department of Agriculture ........................................... 72,509 10,885 1,043 84,437 69,514 22,858 1,161 93,533

Department of Commerce........................................... 6,438 40 * 6,479 6,368 5 1 6,374

Department of Defense-military .................................. 528,406 1,367 99 529,871 497,131 2,272 -53 499,350

Department of Education ............................................ 67,169 -819 22 66,372 93,420 6 * 93,427

Department of Energy................................................. 22,134 -2,018 * 20,117 21,959 -2,310 4 19,653

Department of Health and Human Services ............... 487,285 -36 184,788 672,036 458,242 -181 156,252 614,313

Department of Homeland Security.............................. 41,133 -2,217 256 39,172 54,052 14,734 313 69,100

Department of Housing and Urban Development....... 47,090 -1,532 * 45,559 44,235 -1,801 * 42,434

Department of the Interior........................................... 10,107 -35 416 10,488 9,961 -1,245 346 9,063

Department of Justice ................................................. 21,731 1,592 28 23,351 22,173 1,090 57 23,320

Department of Labor................................................... 10,387 566 36,591 47,543 10,222 -2,538 35,456 43,139

Department of State.................................................... 12,881 350 518 13,749 12,705 -221 474 12,957

Department of Transportation..................................... 10,731 -260 51,222 61,693 12,463 -262 47,940 60,141

Department of the Treasury: 

Interest on the public debt....................................... 429,978 - - 429,978 405,872 - - 405,872

Other ....................................................................... 61,773 -1,027 -108 60,637 59,610 -620 -116 58,873

Department of Veterans Affairs .................................. 73,981 -2,203 1,042 72,820 70,588 -1,833 1,053 69,808

Corps of Engineers ..................................................... 3,002 -129 1,045 3,918 6,165 -167 947 6,946

Other defense civil programs...................................... 41,769 -12,050 17,394 47,112 40,135 -13,324 17,624 44,435

Environmental Protection Agency............................... 8,157 -17 118 8,258 8,308 -20 34 8,322

Executive Office of the President................................ 2,899 59 * 2,957 5,377 * * 5,378

General Services Administration ................................ 99 -66 * 32 134 -112 - 22

International Assistance Program............................... 15,530 -1,141 -1,625 12,764 16,640 -1,507 -1,188 13,945

National Aeronautics and Space Administration ........ 15,865 -5 * 15,861 15,154 -31 * 15,125

National Science Foundation...................................... 5,468 52 10 5,529 5,455 44 43 5,541

Office of Personnel Management ............................... 39,698 -25,690 44,443 58,450 36,662 -62 25,801 62,400

Small Business Administration ................................... 1,197 -22 * 1,175 944 -39 * 905

Social Security Administration .................................... 54,916 * 566,845 621,761 53,249 3 532,491 585,742

Other independent agencies....................................... 7,224 9,295 1,752 18,271 6,319 3,239 2,794 12,351

Undistributed offsetting receipts: 

Interest .................................................................... - - -177,963 -177,963 - - -169,295 -169,295

Other ....................................................................... -12,320 -19,690 -50,227 -82,237 -6,502 -12,031 -49,718 -68,251

Total outlays........................................................ 2,097,110 -44,332 677,728 2,730,505 2,046,190 6,207 602,476 2,654,873

(On-budget)..................................................... 2,097,110 -49,426 229,184 2,276,868 2,046,190 7,282 179,332 2,232,803

(Off-budget)..................................................... - 5,093 448,544 453,637 - -1,075 423,144 422,069

Surplus or deficit (-)............................................. -476,288 65,581 247,874 -162,833 -550,707 13,547 288,963 -248,197

(On-budget)..................................................... -476,288 70,674 61,330 -344,284 -550,707 12,472 103,725 -434,510

(Off-budget)..................................................... - -5,093 186,544 181,451 - 1,075 185,238 186,313

- No transactions. 

* Less than $500,000. 

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

December 2007 

21

TABLE FFO-5.—Internal Revenue Receipts by State, 2007 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Corporation 

income tax 2

(2) 

Total 

(3) 

Income tax 

not withheld and

 SECA tax 3, 4

(4) 

Income tax 

withheld 

and FICA 

tax 3

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

 tax 

(9) 

Excise 

taxes 1

(10) 

United States, total......................2,691,537,557 395,535,826 2,215,974,166 487,497,228 1,716,342,303 4,717,897 7,416,738 24,557,815 2,420,138 53,049,612 

Alabama ........................................ 22,211,144 2,944,873 18,923,715 4,286,317 14,552,964 1,695 82,739 175,131 32,842 134,583 

Alaska............................................ 3,865,743 217,545 3,597,327 867,782 2,714,325 1,764 13,456 6,643 228 43,999 

Arizona .......................................... 34,798,724 3,306,736 30,024,816 7,574,945 22,315,380 1,270 133,221 252,423 13,055 1,201,695 

Arkansas ....................................... 18,243,532 6,441,492 11,117,341 2,152,131 8,899,202 2,055 63,954 115,950 3,459 565,290 

California ....................................... 274,272,870 32,407,111 234,503,250 58,825,549 174,833,453 10,205 834,043 3,935,699 383,035 3,043,776 

Colorado........................................ 40,955,409 3,103,252 36,302,963 7,609,605 28,569,177 11,137 113,044 280,852 46,423 1,221,920 

Connecticut ................................... 50,213,862 9,143,666 40,258,033 8,975,270 31,188,643 3,714 90,406 392,904 64,148 355,111 

Delaware ....................................... 12,696,756 4,300,411 8,219,734 1,890,743 6,306,346 237 22,409 153,855 8,245 14,511 

District of Columbia....................... 18,934,454 3,322,181 15,390,720 1,634,283 13,436,144 302,777 17,515 150,460 10,558 60,536 

Florida ........................................... 122,454,052 6,784,087 113,191,045 33,776,820 78,349,517 627,595 437,113 1,602,943 171,086 704,891 

Georgia.......................................... 66,656,247 9,576,538 54,693,309 9,808,614 44,620,965 2,273 261,456 425,652 24,378 1,936,371 

Hawaii............................................ 6,470,299 458,669 5,817,013 1,598,564 4,196,243 - 22,206 74,006 2,997 117,614 

Idaho ............................................. 15,104,905 581,166 14,448,296 1,688,500 12,629,021 1,086 129,688 47,270 4,106 24,067 

Illinois ............................................ 119,346,711 17,674,761 96,231,215 19,297,714 76,436,055 162,341 335,106 756,435 90,103 4,594,197 

Indiana........................................... 37,688,336 4,034,297 33,083,660 5,053,445 27,891,087 22,802 116,326 222,280 15,472 332,627 

Iowa............................................... 16,675,626 1,716,491 14,709,817 2,579,660 12,070,963 587 58,607 125,769 1,655 121,893 

Kansas .......................................... 19,681,858 1,613,784 16,942,930 3,033,470 12,976,695 862,704 70,062 72,249 11,719 1,041,176 

Kentucky........................................ 20,800,648 1,151,831 19,266,574 3,002,112 16,176,880 7,908 79,674 111,613 37,969 232,662 

Louisiana....................................... 30,894,887 1,834,335 28,562,803 5,973,020 22,503,308 7,116 79,360 209,528 26,620 261,601 

Maine............................................. 5,802,615 247,174 5,320,205 1,190,702 4,102,686 3,631 23,185 80,024 6,900 148,311 

Maryland........................................ 43,883,145 2,255,966 41,166,547 8,099,621 32,919,637 11,333 135,956 312,775 54,715 93,142 

Massachusetts .............................. 67,878,139 6,177,913 60,575,049 12,263,876 48,089,950 50,374 170,849 594,645 55,037 475,494 

Michigan........................................ 63,432,594 5,548,272 56,881,399 7,768,215 48,850,568 41,434 221,182 786,148 31,446 185,329 

Minnesota...................................... 69,723,539 12,441,901 55,839,971 6,127,403 49,448,288 63,803 200,477 188,959 42,845 1,209,862 

Mississippi..................................... 9,931,992 683,973 8,938,206 2,241,903 6,652,185 1,333 42,785 60,682 3,389 245,743 

Missouri......................................... 44,180,700 4,714,922 38,251,832 5,548,673 32,492,159 62,896 148,104 255,856 25,491 932,598 

Montana ........................................ 4,069,643 188,059 3,783,850 1,127,452 2,622,282 17,295 16,820 46,575 1,387 49,772 

Nebraska....................................... 15,810,572 4,018,363 11,621,964 1,833,739 8,739,005 1,003,897 45,323 76,965 29,041 64,239 

Nevada.......................................... 16,646,906 2,000,406 14,374,773 5,291,322 9,023,413 128 59,910 163,443 24,856 83,429 

New Hampshire............................. 8,342,831 443,952 7,720,740 1,750,566 5,944,411 169 25,595 50,812 51,146 76,180 

New Jersey ................................... 108,759,092 18,754,309 88,073,684 13,906,039 73,811,848 101,297 254,500 608,544 94,412 1,228,143 

New Mexico................................... 7,519,687 293,891 7,124,752 1,839,086 5,256,494 144 29,027 71,320 5,085 24,639 

New York....................................... 214,225,476 37,406,744 173,288,639 36,457,178 136,133,009 280,996 417,456 2,111,347 431,554 987,192 

North Carolina ............................... 67,281,999 15,233,307 51,275,117 8,417,016 42,626,769 4,763 226,569 412,103 27,615 333,857 

North Dakota ................................. 3,280,944 262,236 2,959,729 686,166 2,257,865 3,192 12,505 43,512 65 15,402 

Ohio............................................... 95,097,315 13,283,287 78,722,271 9,560,176 68,832,173 19,771 310,151 526,655 47,683 2,517,420 

Oklahoma...................................... 26,800,268 5,924,574 16,423,157 4,338,792 12,010,488 1,681 72,195 153,006 6,462 4,293,069 

Oregon .......................................... 22,576,318 1,696,641 20,532,475 4,163,114 16,283,524 818 85,019 175,871 14,275 157,057 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2007 

22 

TABLE FFO-5.—Internal Revenue Receipts by State, 2007, con. 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 1

 (1) 

Corporation 

income tax 2 

(2) 

Total 

(3) 

Income tax 

not withheld 

and 

 SECA tax 3, 4

(4) 

Income tax 

withheld 

and FICA 

tax 3

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

tax 

(9) 

Excise 

taxes 1

(10) 

Pennsylvania............................ 101,628,293 11,421,917 87,090,508 14,033,980 72,688,000 58,677 309,850 776,772 58,120 2,280,976 

Rhode Island ............................ 10,321,135 2,362,506 7,899,947 1,265,571 6,598,312 4 36,059 46,828 3,727 8,127 

South Carolina ......................... 18,289,697 1,022,843 16,933,281 3,878,775 12,977,818 -373 77,061 188,669 4,227 140,678 

South Dakota ........................... 4,248,997 194,007 4,002,953 1,471,699 2,501,671 15,425 14,158 20,271 6,478 25,289 

Tennessee ............................... 45,120,554 5,189,986 39,102,878 6,118,873 32,800,603 1,601 181,800 237,490 17,340 572,859 

Texas........................................ 190,281,585 31,443,387 144,753,070 33,309,314 110,862,016 16,180 565,561 1,207,596 209,346 12,668,185 

Utah.......................................... 13,471,365 1,012,682 11,606,751 2,846,041 8,695,820 5,783 59,106 88,820 11,313 751,799 

Vermont.................................... 3,349,748 154,369 3,112,960 743,822 2,354,855 1,999 12,284 51,705 2,856 27,858 

Virginia ..................................... 57,199,223 6,564,058 50,075,255 10,019,126 39,333,056 546,438 176,636 377,390 31,220 151,299 

Washington .............................. 55,637,198 9,499,713 45,085,884 10,022,093 34,875,639 5,468 182,684 400,178 47,445 603,977 

West Virginia ............................ 5,880,148 534,797 5,217,202 1,010,451 4,185,329 387 21,035 25,449 2,480 100,220 

Wisconsin................................. 41,430,637 4,949,630 35,958,116 5,908,966 29,860,838 34,409 153,902 200,306 34,892 287,693 

Wyoming .................................. 4,127,313 499,983 3,468,728 1,664,841 1,793,138 481 10,267 69,113 10,103 79,386 

International and U.S. 

 Territories 5 ........................... 13,996,143 938,379 12,766,262 3,160,308 9,555,624 736 49,593 72,380 16,805 202,318 

International ............................. 6,711,385 905,886 5,529,220 2,674,059 2,845,303 736 9,122 70,714 15,039 190,526 

U.S. Armed Services 

overseas and Territories 

other than Puerto Rico ........ 659,121 4,629 642,016 203,165 436,037 - 2,814 634 1,766 10,076 

Puerto Rico .......................... 6,625,637 27,864 6,595,025 283,085 6,274,284 - 37,657 1,032 - 1,716 

Other 6 ...................................... 11,468,969 58,040 8,701,568 8,041,780 657,718 26 2,044 2,659,825 34,121 15,415 

Adjustments and credits 7 ........ 2,593,353 216,171 2,377,182 2,377,182 - - --- -

Highway and Airport and 

Airways Trust Funds ........ 318,620 216,171 102,449 102,449 - - --- -

Excess Federal Insurance 

Contributions Act 

(FICA) credits ................... 2,208,843 - 2,208,843 2,208,843 - - --- -

Advance earned income 

tax credit........................... 65,890 - 65,890 65,890 - - --- -

Undistributed 8 ......................... 287,876,711 77,500,411 202,039,881 71,712,225 122,504,462 332,430 106,702 2,304,122 28,162 6,004,135 

 

1

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

and Trade Bureau. 

2

 Includes tax-exempt business income taxes totaling $869.4 million, of which $795.3 million 

were from tax on “unrelated business income” (Forms 990-T) and $74.1 million were from 

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

3

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

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

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

the Self-Employment Insurance Contributions Act or SECA). 

4

 Includes estate and trust income tax collections of $21.5 billion. 5

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

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

Guam, and the Virgin Islands. 

6

 Returns filed with undefined locations. 

7

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

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

8

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

have not been applied to taxpayer accounts. 

Detail may not add to totals due to rounding. 

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

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

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

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

therefore, the total refund may exceed the collection amount. 

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

businesses, the location of the principal office or place of business). However, some 

individuals may use the address of a tax attorney or accountant, or, in the case of certain 

individuals who were sole proprietors, partners in a partnership, or share-holders in an S 

corporation, the business address. Such addresses could have been located in a State other 

than the State in which the individual resided. Similarly, taxes withheld reported by 

employers located near a State boundary might include substantial amounts withheld from 

salaries of employees who reside in a neighboring State. Also, while taxes of corporations 

may be paid from the principal office, the operations of these corporations may be located in 

one or more other State(s). Through an improved location methodology, entities are now 

more accurately distributed by State. Beginning with fiscal year 2006, the ZIP Code on the 

tax return is used to classify returns by State. In prior years, the location of the IRS District 

Office associated with the taxpayer's account was used to determine State distribution. 
FEDERAL FISCAL OPERATIONS 

December 2007

23

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

by Districts and Ports 

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

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

Headquarters: Ogdensburg, New York: 

Revenue Division ................................................................ $1,900,298,679.49 Ogdensburg, NY................................ 10701.................... 5,923,682.89

 Massena, NY..................................... 10704.................... 3,548,247.54

Portland, Maine: Alexandria Bay, NY ........................... 10708.................... 25,782,799.19

Portland, ME ...................................... 10101 ................... 46,606,259.47 Champlain, NY .................................. 10712.................... 120,574,435.52

Bangor, ME ........................................ 10102 ................... 152,718.55 Trout River, NY.................................. 10715.................... 1,899,624.14

Eastport, ME ...................................... 10103 ................... 47,241.78 Total District................................................................... 157,728,789.28

Jackman, ME ..................................... 10104 ................... 504,057.83 

Vanceboro, ME .................................. 10105 ................... 6,077,693.94 Buffalo, New York: 

Houlton, ME ....................................... 10106 ................... 2,820,056.13 Buffalo, NY ........................................ 10901.................... 197,190,386.71

Fort Fairfield, ME................................ 10107 ................... 40,282.50 Rochester, NY ................................... 10903.................... 7,055,542.22

Van Buren, ME................................... 10108 ................... 77,011.83 Oswego, NY ...................................... 10904.................... 254,674.34

Madawaska, ME................................. 10109 ................... 80,892.27 Syracuse, NY..................................... 10906.................... 11,897,143.51

Fort Kent, ME ..................................... 10110 ................... 24,584.00 Binghamton, NY ............................... 10981.................... 100,474.69

Bar Harbor, ME .................................. 10112 ................... - Total District................................................................... 216,498,221.47

Calais, ME.......................................... 10115 ................... 3,111,893.60 

Limestone, ME ................................... 10118 ................... 360.94 New York, New York: 

Bridgewater, ME................................. 10127 ................... 7,969.28 New York, NY.................................... 21001.................... 459,128,306.71

Portsmouth, NH.................................. 10131 ................... 2,368,251.72 Albany, NY......................................... 21002.................... 6,271,710.17

Belfast, ME......................................... 10132 ................... 1,159,064.95 UPS, Newark, NJ .............................. 24670.................... 16,648,583.75

Manchester, NH User Fee Airport......... 10182 ................... 241,051.65 Federal Express, Newark, NJ ........... 24671.................... 24,224,011.81

Total District .................................................................. 63,319,390.44 Newark, NJ ........................................ 24601.................... 4,125,272,039.55

 Perth Amboy, NJ ............................... 24602.................... 11,534,108.50

St. Albans, Vermont: Morristown, NJ User Fee Airport....... 24681.................... 166,489.65

St. Albans, VT .................................... 10201 ................... 12,066,824.68 JFK .................................................... 24701.................... 1,228,010,248.02

Richford, VT ....................................... 10203 ................... 17,886.08 Federal Express Corp (Newark)........ 24770.................... 5,228.00

Beecher Falls, VT............................... 10206 ................... 92,566.81 NYACC, Jamaica, NY ....................... 24771.................... 1,052,600.17

Burlington, VT .................................... 10207 ................... 45,050.66 DHL Airways, Jamaica, NY ............... 24772.................... 11,926,885.61

Derby Line, VT ................................... 10209 ................... 7,546,319.98 Dworkin/Cosell Courier, Jamaica, NY ... 24775.................... 187.43

Norton, VT.......................................... 10211 ................... 828,961.75 TNT Skypak (JFK)............................. 24778.................... 1,411,625.29

Highgate Springs, VT......................... 10212 ................... 35,245,178.06 Total District................................................................... 5,885,652,024.66

Total District .................................................................. 55,842,788.02 

 Philadelphia, Pennsylvania: 

Boston, Massachusetts: Philadelphia, PA ................................ 11101.................... 389,138,959.11

Boston, MA......................................... 10401 ................... 271,689,323.37 Chester, PA ....................................... 11102.................... 62,752,357.67

Springfield, MA................................... 10402 ................... 38,668.82 Wilmington, DE.................................. 11103.................... 30,561,320.47

Worchester, MA ................................. 10403 ................... 97,359,702.95 Pittsburgh, PA.................................... 11104.................... 55,974,471.67

Glouchester, MA ................................ 10404 ................... 24,557.43 Wilkes-Barre/Scranton, PA ............... 11106.................... 1,147,276.58

New Bedford, MA............................... 10405 ................... 4,541,480.89 Philadelphia, PA ................................ 11107.................... 263.71

Plymouth, MA..................................... 10406 ................... 64.96 Philadelphia Int'l. Airport.................... 11108.................... 39,348,413.85

Salem, MA.......................................... 10408 ................... 2,790,890.38 Harrisburg, PA................................... 11109.................... 25,951,559.73

Bridgeport, CT.................................... 10410 ................... 2,819,558.02 Allentown, PA .................................... 11119.................... 14,800,155.45

Hartford, CT ....................................... 10411 ................... 8,512,329.23 Atlantic City, NJ User Fee Airport ..... 11182.................... 108,321.82

New Haven, CT.................................. 10412 ................... 13,428,672.52 Trenton/Mercer User Fee Airport ...... 11183.................... 123,988.23

New London, CT ................................ 10413 ................... 859,442.73 UPS (Philadelphia, PA) ..................... 11195.................... 45,584,617.36

Lawrence, MA .................................... 10416 ................... 128,834.38 Total District................................................................... 665,491,705.65

Logan Airport, MA .............................. 10417 ................... 96,106,418.20 

Hanscom Field User Fee Airport ....... 10481 ................... 234,912.38 Baltimore, Maryland: 

Total District .................................................................. 498,534,856.26 Annapolis, MD ................................... 11301.................... 19,508.28

 Baltimore, MD.................................... 11303.................... 600,079,287.68

Providence, Rhode Island: BWI Airport ........................................ 11305.................... 9,254,685.41

Newport, RI ........................................ 10501 ................... 57,126.96 Total District................................................................... 609,353,481.37

Providence, RI.................................... 10502 ................... 92,064,707.84 

Total District .................................................................. 92,121,834.80 

 

 

 

 
24 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2007 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

Norfolk, Virginia: New Orleans, Louisiana: 

Norfolk, VA ......................................... 41401 ................... 628,125,682.29 Morgan City, LA................................. 52001.................... 6,778,949.70

Newport News, VA............................. 41402 ................... 23,565,242.76 New Orleans, LA ............................... 52002.................... 164,283,607.56

Norfolk Subport .................................. 41403 ................... 45.00 Little Rock, AR................................... 52003.................... 19,411,304.67

Richmond-Petersburg, VA ................. 41404 ................... 38,967,902.61 Baton Rouge, LA............................... 52004.................... 21,066,687.93

Charleston, WV.................................. 41409 ................... 11,170,007.83 Memphis, TN ..................................... 52006.................... 508,675,365.96

Front Royal, VA.................................. 41410 ................... 26,962.99 Nashville, TN ..................................... 52007.................... 87,426,482.67

New River Valley Airport, VA ............. 41412 ................... 31,686,435.14 Chattanooga, TN............................... 52008.................... 1,040,005.28

New River Valley User Fee Airport........ 41481 ................... -966.07 Gramercy, LA .................................... 52010.................... 19,653,449.18

Total District .................................................................. 733,541,312.55 Vicksburg, MS ................................... 52015.................... 11,680,633.19

 Knoxville, TN ..................................... 52016.................... 47,153,868.93

Charlotte, North Carolina: Lake Charles, LA............................... 52017.................... 9,483,235.02

Wilmington, NC .................................. 41501 ................... 55,909,727.86 Shrevesport/Bossler, LA.................... 52018.................... 260,909.85

Winston Salem, NC............................ 41502 ................... 26,328,884.65 Fayetteville, AR ................................. 52025.................... 1,846.00

Durham, NC ....................................... 41503 ................... 18,175,685.49 Port of Tri-Cities, Blountville, TN....... 52027.................... 1,272,694.73

Beaufort-Morehead, NC..................... 41511 ................... 877,401.90 Tri City User Fee Airport.................... 52082.................... 2,184,186.36

Charlotte, NC ..................................... 41512 ................... 219,136,858.35 Arkansas Aeroplex, Blytheville, AR... 52083.................... 36.23

Total District .................................................................. 320,428,558.25 Rogers User Fee Airport, AR ............ 52084.................... 99,559.43

 Federal Express (Memphis, TN) ....... 52095.................... 165,370,818.47

Charleston, South Carolina: Total District................................................................... 1,065,843,641.16

Charleston, SC................................... 41601 ................... 886,459,592.43 

Georgetown, SC................................. 41602 ................... 70,201.50 Port Arthur, Texas: 

Greenville-Spartanburg, SC............... 41603 ................... 135,762,502.18 Port Arthur, TX........................... 62101.................... 24,813,464.33

Columbia, SC ..................................... 41604 ................... 14,808,815.93 Sabine, TX................................. 62102.................... 466.62

Myrtle Beach User Fee Airport........... 41681 ................... 94,309.84 Orange, TX................................ 62103.................... 6,482.86

Total District .................................................................. 1,037,195,421.88 Beaumont, TX............................ 62104.................... 7,852,682.68

 Border Patrol, Wellton, AZ, ....... 62153.................... 20,380.00

Savannah, Georgia: Border Patrol, Laredo, TX ......... 62250.................... 63,653.57

Brunswick, GA.................................... 41701 ................... 109,899,434.25 Total District................................................................... 32,757,130.06

Savannah, GA.................................... 41703 ................... 781,896,804.80 

Atlanta, GA......................................... 41704 ................... 579,557,025.07 Laredo, Texas: 

Dalton................................................. 41706 ................... 42.00 Brownsville, TX.................................. 62301.................... 25,357,086.00

Total District .................................................................. 1,471,353,306.12 Del Rio, TX ........................................ 62302.................... 1,913,075.37

 Eagle Pass, TX.................................. 62303.................... 14,351,577.15

Tampa, Florida: Laredo, TX......................................... 62304.................... 316,909,940.00

Tampa, FL.......................................... 41801 ................... 71,688,689.08 Hidalgo, TX........................................ 62305.................... 57,718,614.05

Jacksonville, FL.................................. 41803 ................... 386,695,740.26 Rio Grande City, TX .......................... 62307.................... 229,922.43

Fernandina, FL................................... 41805 ................... 480,845.37 Progresso, TX.................................... 62309.................... 535,953.75

Orlando, FL ........................................ 41808 ................... 11,846,389.36 Roma, TX .......................................... 62310.................... 633,919.28

Orlando/Sanford, FL .......................... 41809 ................... 18,865.44 Border Patrol, HQ Del Rio, TX .......... 62350.................... 50,179.99

St. Petersburg, FL.............................. 41814 ................... 61,922.43 Border Patrol, Comstock, TX ............ 62351.................... 250.00

Port Canaveral, FL............................. 41816 ................... 3,075,118.85 Border Patrol, Carrizo Springs, TX.... 62352.................... 18,853.60

Panama City, FL ................................ 41818 ................... 25,096,469.76 Border Patrol, Eagle Pass, TX .......... 62354.................... 536.98

Pensacola, FL .................................... 41819 ................... 33,437.01 Border Patrol, Brackettville, TX ......... 62355.................... 6,850.00

Port St. Joe, FL .................................. 41820 ................... 79.66 Border Patrol, Uvalde, TX ................. 62356.................... 7,275.00

Manatee, FL ....................................... 41821 ................... 35,544,951.22 Border Patrol, Abilene, TX ................ 62360.................... 3,682.28

Ft. Myers, FL ...................................... 41822 ................... 723,543.99 Total District................................................................... 417,737,715.88

Sarasota, FL User Fee Airport........... 41883 ................... 147,205.52 

Daytona Beach, FL User Fee Airport.... 41884 ................... 252,974.41 El Paso, Texas:

Melbourne, FL User Fee Airport ........ 41885 ................... 272,874.94 El Paso, TX........................................ 62402.................... 198,789,396.97

Leesburg Regional User Fee Airport .. 41887 ................... 100,958.86 Presidio, TX....................................... 62403.................... 723,833.96

Total District .................................................................. 536,040,066.16 Fabens, TX........................................ 62404.................... 41,023.51

 Columbus, TX.................................... 62406.................... 300,994.83

Mobile, Alabama: Albuquerque, NM .............................. 62407.................... 1,948,722.22

Mobile, AL .......................................... 51901 ................... 33,800,667.89 Santa Teresa, NM ............................. 62408.................... 2,806,843.68

Gulfport, MS ....................................... 51902 ................... 24,806,730.30 Total District................................................................... 204,610,815.17

Pascagoula, MS................................. 51903 ................... 1,313,263.30 

Birmingham, AL.................................. 51904 ................... 49,095,362.37 

Huntsville, AL ..................................... 51910 ................... 36,574,465.47 

Total District .................................................................. 145,590,489.33 
 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

 December 2007

25

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

San Diego, California: Great Falls, Montana: 

San Diego, CA ................................... 72501 ................... 200,080,458.89 Raymond, MT.................................... 33301.................... 157,635.45

Andrade, CA....................................... 72502 ................... 292,216.21 Eastport, ID........................................ 33302.................... 7,932,731.72

Calexico, CA ...................................... 72503 ................... 1,472,435.57 Salt Lake City, UT ............................. 33303.................... 46,960,406.09

San Ysidro, CA................................... 72504 ................... 5,000,615.44 Great Falls, MT.................................. 33304.................... 1,075,853.99

Tecate, CA ......................................... 72505 ................... 19,887,658.56 Butte, MT ........................................... 33305.................... 38.82

Otay Mesa, CA................................... 72506 ................... 66,427,732.89 Turner, MT......................................... 33306.................... 15,650.21

Calexico East, CA .............................. 72507 ................... 16,899,352.57 Denver, CO........................................ 33307.................... 98,350,374.24

Total District .................................................................. 310,060,470.13 Porthill, ID .......................................... 33308.................... 2,136,488.20

 Scoby, MT ......................................... 33309.................... 3,222.55

Nogales, Arizona: Sweetgrass, MT ................................ 33310.................... 10,652,520.13

Douglas, AZ ....................................... 62601 ................... 1,267,304.83 Whitetail, MT...................................... 33312.................... 353.75

Lukeville, AZ....................................... 62602 ................... 266,985.37 Piegan, MT ........................................ 33316.................... 49,842.13

Naco, AZ ............................................ 62603 ................... 101,041.16 Ophiem, MT....................................... 33317.................... 5,118.68

Nogales, AZ ....................................... 62604 ................... 50,918,505.39 Roosville, MT..................................... 33318.................... 314,917.53

Phoenix, AZ........................................ 62605 ................... 33,303,398.21 Morgan, MT ....................................... 33319.................... 65,807.37

Sasabe, AZ ........................................ 62606 ................... 29,633.00 Whitlash, MT...................................... 33321.................... 1,286.12

San Luis, AZ....................................... 62608 ................... 2,278,269.28 Del Bonita, MT................................... 33322.................... 4,843.97

Tucson, AZ......................................... 62609 ................... 712,664.95 Wildhorse, MT ................................... 33323.................... 26,321.97

Border Patrol, HQ Tucson, AZ........... 62650 ................... 34,283.62 Kalispell, MT...................................... 33324.................... 458.84

Casa Grande Border Patrol, AZ......... 62651 ................... 250.00 Willow Creek, MT .............................. 33325.................... 122,484.00

Scottsdale User Fee Airport............... 62681 ................... 102,211.08 Jefferson County Airport.................... 33383.................... 106,943.59

Williams Gateway User Fee Airport.... 62682 ................... 119,976.25 Arapahoe County Airport................... 33384.................... 138,096.13

Total District .................................................................. 89,134,523.14 Eagle County User Fee Airport ......... 33385.................... 112,458.39

 Total District................................................................... 168,233,853.87

Los Angeles, California: 

Los Angeles, CA ................................ 72704 ................... 7,622,545,330.53 Pembina, North Dakota: 

Long Beach, CA................................. 72709 ................... 3,985.90 Pembina, ND ..................................... 33401.................... 16,622,914.05

Port Hueneme, CA............................. 72713 ................... 15,331,544.20 Noyes, ND ......................................... 33402.................... 50,686.25

LAX 72720 ................... 544,194,608.73 Portal, ND .......................................... 33403.................... 6,103,824.47

Ontario Int’l Airport, Ontario, CA ........ 72721 ................... 775.78 Neche, ND......................................... 33404.................... 16,255.12

Las Vegas, NV ................................... 72722 ................... 37,143,517.17 St. John, ND ...................................... 33405.................... 4,758.80

DHL (LAX).......................................... 72770 ................... 72,077.77 Northgate, ND.................................... 33406.................... 7,232.44

Virgin Atlantic Cargo (LAX)................ 72774 ................... 21,811.08 Walhalla, ND...................................... 33407.................... 15,199.88

TNT Express Worldwide .................... 72775 ................... 193,606.63 Hannah, ND....................................... 33408.................... 223.25

Int'l. Bonded Couriers......................... 72776 ................... 56,039.12 Sarles, ND ......................................... 33409.................... 1,821.75

Micom, Inglewood, CA ....................... 72777 ................... 5,718.18 Ambrose, ND..................................... 33410.................... 7,219.25

Los Angeles Int’l Airport, CA.............. 72779 ................... 159.49 Antler, ND .......................................... 33413.................... 2,477.05

Palm Springs User Fee Airport .......... 72781 ................... 134,687.98 Sherwood, ND ................................... 33414.................... 94,045.51

San Bernardino U.F. Airport, CA ....... 72714 ................... 82,319.40 Hansboro, ND.................................... 33415.................... 3,794.20

So. California Logistics Airport, CA.... 72783 ................... 364,996.97 Maida, ND.......................................... 33416.................... 3,872.90

Santa Marie Airport, CA..................... 72784 ................... 82,539.29 Fortuna, ND....................................... 33417.................... 7,803.00

March Inland, Riverside, CA .............. 72785 ................... 6,380.89 Westhope, ND ................................... 33419.................... 5,177.99

DHL HUB Los Angeles, CA ............... 72791 ................... 12,249,544.36 Noonan, ND....................................... 33420.................... 7,956.54

DHL HUB Riverside, CA .................... 72792 ................... 1,066,384.35 Carbury, ND....................................... 33421.................... 2,520.10

UPS Ontario ....................................... 72795 ................... 13,973,551.07 Dunseith, ND ..................................... 33422.................... 560,555.04

Total District .................................................................. 8,247,529,578.89 Warroad, MN ..................................... 33423.................... 29,832.42

 Baudette, MN..................................... 33424.................... 38,866.22

San Francisco, California: Pinecreek, MN................................... 33425.................... 874.08

San Francisco Int'l. Airport................. 72801 ................... 163,023,021.71 Roseau, MN....................................... 33426.................... 183,025.42

Eureka, CA......................................... 72802 ................... 19,428.52 Grand Forks Airport, ND.................... 33427.................... 2,285.88

Fresno, CA......................................... 72803 ................... 356,458.71 Lancaster, MN ................................... 33430.................... 11,958.56

Monterey, CA ..................................... 72805 ................... 9.75 Minot Airport, ND............................... 33434.................... 46.00

San Francisco, CA ............................. 72809 ................... 880,372,329.04 Hector User Fee Airport .................... 33481.................... 15,570.86

Oakland, CA....................................... 72811 ................... 2,239.09 Total District................................................................... 23,800,797.03

Reno, NV............................................ 72833 ................... 2,940,978.23 

San Jose, CA ..................................... 72834 ................... 243,947.20 

Sacramento Int’l Airport, CA .............. 72835 ................... 23,732.43 

DHL (SFO) ......................................... 72870 ................... 2,894,107.33 

Sacramento User Fee Airport ............ 72881 ................... 171,687.44 

Fresno Yosemite User Fee Airport .... 72882 ................... 756,539.88 

Federal Express (SFO) ..................... 72895 ................... 25,939,510.95 

Total District .................................................................. 1,076,743,990.28 
26 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2007 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

Minneapolis, Minnesota: Chicago, Illinois: 

Minneapolis, MN ................................ 33501 ................... 142,000,040.40 Chicago, IL ........................................ 33901.................... 1,499,907,997.06

Sioux Falls, SD................................... 33502 ................... 409,184.62 Peoria, IL ........................................... 33902.................... 20,931,945.56

Duluth, MN ......................................... 33510 ................... 4,669,337.87 Omaha, NE........................................ 33903.................... 767,642.28

Omaha, NE ........................................ 33512 ................... 30,293,933.88 East Chicago, IL ................................ 33904.................... 71.53

Des Moines, IA................................... 33513 ................... 2,983,719.40 Des Moines, IA .................................. 33907.................... 3,851.26

Rochester User Fee Airport ............... 33581 ................... 108,344.19 Davenport/Rock Island/Moline, IL ....... 33908.................... 12,346,985.46

Total District .................................................................. 180,464,560.36 Rockford Airport, IL ........................... 33909.................... 39,540,577.17

 Midway Int'l. Airport ........................... 33910.................... 144,417.76

Duluth, Minnesota: Waukegan User Fee Airport.............. 33981.................... 112,447.42

Duluth, MN ......................................... 33601 ................... 7,904.05 Greater Rockford User Fee Airport ... 33982.................... 290.64

Int’l. Falls/Ranier, MN......................... 33604 ................... 6,552,299.22 Pal-waukee User Fee Airport ............ 33983.................... 131,967.68

Grand Portage, MN............................ 33613 ................... 965,633.60 Dupage User Fee Airport .................. 33984.................... 117,794.55

Total District .................................................................. 7,525,836.87 Decatur User Fee Airport .................. 33985.................... 114,331.20

 Total District................................................................... 1,574,120,319.57

Milwaukee, Wisconsin: 

Milwaukee, WI................................... 33701 ................... 34,485,092.74 Cleveland, Ohio: 

Green Bay, WI.................................... 33703 ................... 256,518.16 Cleveland, OH ................................... 34101.................... 134,118,847.12

Racine, WI.......................................... 33708 ................... 480,100.39 Cincinnati, OH/Lawrenceburg, IN...... 34102.................... 94,463,171.38

Total District .................................................................. 35,221,711.29 Columbus, OH................................... 34103.................... 540,892,820.13

 Dayton, OH........................................ 34104.................... 4,166,991.83

Portland, Oregon: Toledo/Sandusky, OH ....................... 34105.................... 3,253,306.36

Astoria, OR......................................... 72901 ................... 403,679.99 Erie, PA ............................................. 34106.................... 558,041.41

Newport, OR ...................................... 72902 ................... 1,436.00 Northern KY-Ft Mitchell, KY .............. 34107.................... 169,600.00

Coos Bay, OR .................................... 72903 ................... 114,067.22 Indianapolis, IN.................................. 34110.................... 121,423,284.41

Portland, OR ...................................... 72904 ................... 450,904,666.07 Louisville, KY..................................... 34115.................... 257,820,220.00

Longview, WA .................................... 72905 ................... 6,518,271.84 Owensboro, KY ................................. 34116.................... 5,760,903.64

Boise, ID............................................. 72907 ................... 183,108.44 Ashtabula/Conneaut, OH .................. 34122.................... 197,863.47

Vancouver, WA .................................. 72908 ................... 20,502.47 London, KY........................................ 34130.................... 754,600.00

Kalama, WA ....................................... 72909 ................... 14.09 Burlington Air Express....................... 34170.................... -8.54

Portland Int'l. Airport........................... 72910 ................... 44,010.16 Airborne Airpark User Fee Airport..... 34181.................... 62,820.70

Total District .................................................................. 458,189,756.28 Ft. Wayne User Fee Airport .............. 34183.................... 110,998.95

 Bluegrass User Fee Airport............... 34184.................... 618,537.85

Detroit, Michigan: Hulman User Fee Airport................... 34185.................... 111.00

Detroit, MI........................................... 33801 ................... 406,721,157.24 Airborne Express............................... 34191.................... 574.23

Port Huron, MI.................................... 33802 ................... 62,710,775.68 BAX Global Emery Worldwide .......... 34192.................... 5,191,035.28

Sault St. Marie, MI.............................. 33803 ................... 2,875,127.11 DHL Express ..................................... 34194.................... 32,904,993.64

Saginaw/Bay City/Flint, MI................. 33804 ................... 57,444.58 Emery Courier ................................... 34195.................... 57,908.41

Battle Creek, MI ................................. 33805 ................... 13,564,470.88 UPS 34196.................... 162,466,748.51

Grand Rapids, MI............................... 33806 ................... 12,249,183.67 DHL (Cincinnati) ................................ 34197.................... 394,215.00

Detroit Airport, MI............................... 33807 ................... 51,712,268.86 Federal Express (Indianapolis) ......... 34198.................... 29,308,463.33

Algonac, MI ........................................ 33814 ................... 3,576.25 Total District................................................................... 1,394,696,048.11

Oakland County User Fee Airport...... 33881 ................... 283,921.68 

Willow Run User Fee Airport.............. 33882 ................... 281,469.69 St. Louis, Missouri: 

Total District .................................................................. 550,459,395.64 Kansas City, MO .............................. 34501.................... 104,340,478.66

 St. Louis, MO..................................... 34503.................... 147,778,713.43

 Wichita, KA........................................ 34504.................... 28,085,311.25

 Springfield, MO.................................. 34505.................... 10,060,485.64

 Midamerica Airport, Mascoutah, IL ... 34581.................... 3,095.43

 Total District................................................................... 290,268,084.41

 

 

 

 

 

 
 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

 December 2007

27

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

Preclearance-Canada: Ireland Preclearance: 

Vancouver, Canada, Preclearance.... 37922 ................... 539,740.68 Dublin, IE ........................................... 57541.................... 14,545.00

Calgary, Canada, Preclearance......... 37923 ................... 1,022,652.28 Shannon, IE....................................... 57542.................... 10,845.00

Edmonton, Canada, Preclearance..... 37924 ................... 265,595.23 Total District................................................................... 25,390.00

Montreal, Canada, Preclearance ....... 37925 ................... 517,968.59 

Toronto, Canada, Preclearance......... 37926 ................... 1,519,507.15 Houston, Texas: 

Winnepeg, Canada, Preclearance..... 37928 ................... 121,545.22 Houston, TX....................................... 65301.................... 753,788,186.34

Ottawa, Canada, Preclearance.......... 37929 ................... 114,712.60 Houston Intercontinental ................... 65309.................... 34,131,299.61

Halifax, Canada Preclearance ........... 37931 ................... 60,845.00 Galveston, TX.................................... 65310.................... 14,622,844.54

Total District .................................................................. 4,162,566.75 Freeport, TX ...................................... 65311.................... 10,563,976.48

 Corpus Christi, TX ............................. 65312.................... 24,761,148.35

San Juan, Puerto Rico: Port Lavaca, TX................................. 65313.................... 980,302.05

Aguadilla, PR ..................................... 44901 ................... 687,756.51 Sugar Land User Fee Airport ............ 65381.................... 102,131.63

Fajardo, PR ........................................ 44904 ................... 513,825.34 Total District................................................................... 838,949,889.00

Mayaguez, PR.................................... 44907 ................... 1,113,867.93 

Ponce, PR.......................................... 44908 ................... 12,838,921.95 Dallas-Ft. Worth, Texas 

San Juan, PR ..................................... 44909 ................... 96,889,116.31 Dallas/Ft. Worth, TX .......................... 65501.................... 423,036,292.43

Old San Juan Int’l. Airport.................. 44913 ................... 11,113,375.61 Amarillo, TX....................................... 65502.................... 179,982.27

Total District .................................................................. 123,156,863.65 Lubbock, TX ...................................... 65503.................... 9,856.19

 Oklahoma City, OK............................ 65504.................... 4,419,331.50

Virgin Islands of the United States: Tulsa, OK........................................... 65505.................... 3,700,348.18

Charlotte Amalie, VI ........................... 45101 ................... 9,181,404.38 Austin, TX .......................................... 65506.................... 5,782,648.86

Cruz Bay, VI ....................................... 45102 ................... 177,721.45 San Antonio, TX ................................ 65507.................... 12,709,570.27

Christiansted, VI................................. 45104 ................... 6,577,067.64 Border Patrol Sector HQ, Marfa, TX...... 65550.................... 3,697.00

Frederiksted, VI.................................. 45105 ................... 255.00 Marfa, TX Border Patrol .................... 65554.................... 714.63

Total District .................................................................. 15,936,448.47 Border Patrol, Sierra Blanca ............ 65560.................... 66,153.25

 Van Horn, TX..................................... 65561.................... 550.00

Miami, Florida: Midland User Fee Airport .................. 65582.................... 103,800.43

Miami, FL............................................ 45201 ................... 468,139,080.04 Ft. Worth Alliance User Fee Airport .. 65583.................... 100,556.71

Key West, FL...................................... 45202 ................... 87,046.83 Addison User Fee Airport.................. 65584.................... 126,346.80

Port Everglades, FL ........................... 45203 ................... 201,682,641.68 McKinney User Fee Airport ............... 65585.................... 96,442.93

West Palm Beach, FL ........................ 45204 ................... 6,012,283.24 Total District................................................................... 450,336,291.45

Fort Pierce, FL ................................... 45205 ................... 91,977.22 

Miami Int’l. Airport .............................. 45206 ................... 85,669,110.79 Seattle, Washington: 

Fort Lauderdale Int’l. Airport .............. 45210 ................... 555,881.97 Seattle, WA........................................ 73001.................... 730,883,871.75

Miami Int'l. Courier Association.......... 45270 ................... 1.69 Tacoma, WA...................................... 73002.................... 448,079,235.60

DHL Worldwide Express .................... 45271 ................... 1,001,462.27 Aberdeen, WA ................................... 73003.................... 1,626,483.05

MIA/CFS ECCF.................................. 45272 ................... 1,943.44 Blaine, WA......................................... 73004.................... 32,815,152.35

UPS (Miami Int'l. Airport).................... 45273 ................... 5,273.71 Bellingham, WA................................. 73005.................... 3,672,968.04

UPS Courier Hub ............................... 45295 ................... 115,810.46 Everett, WA ....................................... 73006.................... 2,205,945.73

FEDEX Courier Hub........................... 45297 ................... 1,010,789.19 Port Angeles, WA .............................. 73007.................... 206,948.50

IBC Courier Hub................................. 45298 ................... 117,609.00 Port Townsend, WA .......................... 73008.................... 9,958.44

Miami Seaport .................................... 45299 ................... 2,542,312.52 Sumas, WA........................................ 73009.................... 4,689,354.04

Total District .................................................................. 767,033,224.05 Anacortes, WA................................... 73010.................... 913,731.16

 Nighthawk, WA.................................. 73011.................... 187.25

Washington, DC: Danville, WA...................................... 73012.................... 6,440.23

Dulles Int'l. Airport .............................. 45401 ................... 26,777,282.14 Ferry, WA .......................................... 73013.................... 1,635.24

Alexandria, VA ................................... 45402 ................... 278.51 Friday Harbor, WA............................. 73014.................... 143,608.68

Total District .................................................................. 26,777,560.65 Boundary, WA ................................... 73015.................... 8,700.16

 Laurier, WA........................................ 73016.................... 513,076.81

Bahamas Preclearance: St Thomas: Point Roberts, WA............................. 73017.................... 277,575.92

Preclearance-Christiansted, VI .......... 47401 ................... 233,501.98 Oroville, WA....................................... 73019.................... 2,065,811.70

Preclearance-St Croix, VI .................. 47404 ................... 3,641.36 Frontier, WA ...................................... 73020.................... 487.06

Kindley Field, Bermuda...................... 47421 ................... 34,223.94 Spokane, WA..................................... 73022.................... 123,833.16

Freeport, Bahamas ............................ 47422 ................... 17,094.38 Lynden, WA....................................... 73023.................... 298,934.11

Nassau, Bahamas.............................. 47423 ................... 152,637.80 Metaline Falls, WA ............................ 73025.................... 49,751.17

Aruba.................................................. 47424 ................... 3,399.70 Olympia, WA...................................... 73026.................... 1,359,237.21

Total District .................................................................. 444,499.16 Seattle-Tacoma Airport ..................... 73029.................... 40,754,725.26

 UPS (SEATAC) ................................. 73071.................... 1,116,600.19

 DHL (SEATAC).................................. 73073.................... -86.97

 

 Moses Lake Grant County User 

 Fee Airport..................................... 73082.................... 151,354.99

 Total District................................................................... 1,271,975,520.83
28 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2007 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2007

 

Anchorage, Alaska: Honolulu, Hawaii: 

Juneau, AK......................................... 73101 ................... 70,705.45 Honolulu, HI....................................... 73201.................... 31,359,609.96

Ketchikan, AK..................................... 73102 ................... 247,558.30 Hilo, HI............................................... 73202.................... 499,044.64

Skagway, AK...................................... 73103 ................... 23,842.80 Kahului, HI......................................... 73203.................... 94,776.58

Alcan, AK............................................ 73104 ................... 468,080.62 Nawiliwili-Port Allen, HI ..................... 73204.................... 8,639.36

Wrangell, AK ...................................... 73105 ................... 4,549.64 Honolulu Int’l. Airport......................... 73205.................... 8,246,846.74

Dalton Cache, AK............................... 73106 ................... 17,463.78 Kailua-Kona, HI ................................. 73206.................... 250,178.93

Valdez, AK ......................................... 73107 ................... 16,229.32 Total District................................................................... 40,459,096.21

Fairbanks, AK..................................... 73111 ................... 10,708.15 

Sitka, AK............................................. 73115 ................... 14,024.51 

Anchorage, AK................................... 73126 ................... 5,373,504.04 

Kodiak, AK ......................................... 73127 ................... 654.62 

Federal Express................................. 73195 ................... 104,185,657.30 

UPS 73196 ................... 296,823.82 

Total District .................................................................. 110,729,802.35 Total Customs and Border Protection

 Collections for fiscal year 2007 ....................................... $34,166,376,306.44

 

 

 

 
December 2007 

29

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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 

 

2006 - Sept...................................... 653,769 50,897 704,122 162,287 127,141 

Oct....................................... 641,358 37,450 678,642 103,843 98,861 

Nov ...................................... 744,683 37,727 783,654 96,232 131,360 

Dec ...................................... 622,390 56,643 678,698 183,298 173,870 

2007 - Jan ....................................... 674,218 45,937 718,810 135,526 83,713 

Feb ...................................... 704,103 35,848 740,811 115,963 187,419 

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 

 

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

December 2007 

30 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note 

accounts 

(13) 

 

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 

 

2006 - Sept............................ 5,451 46,676 7,507 70,575 3,646 78 4,939 30,017 

Oct............................. 5,617 51,658 12,396 51,658 4,103 5,946 5,404 19,348 

Nov ............................ 4,373 16,531 5,563 48,202 4,128 418 4,906 19,275 

Dec ............................ 4,708 25,959 7,083 54,288 4,418 75 5,223 24,290 

2007 - Jan ............................. 6,053 77,773 6,156 77,773 4,312 8,258 4,974 28,486 

Feb ............................ 5,194 6,317 5,816 61,288 4,404 1,169 4,931 17,835 

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 

 

 

1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other 

than Government account series, and taxes. 

2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions 

of securities other than Government account series, and investment (transfer) of excess funds 

out of this account to the tax and loan note accounts. 

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 

as follows: withheld income taxes beginning March 1948; taxes on employers and employees 

under the Federal Insurance Contributions Act beginning January 1950 and under 

the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment 

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
December 2007 

31

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2007

32 

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

 Agency 

 securities

 (6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

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

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

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

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

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

 

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

Oct ..................... 8,607,540 8,584,329 23,211 3,703,455 3,703,449 7 4,904,085 4,880,880 23,204 

Nov..................... 8,656,590 8,633,245 23,345 3,703,130 3,703,125 5 4,953,460 4,930,120 23,340 

Dec..................... 8,703,738 8,680,224 23,514 3,779,021 3,779,016 5 4,924,717 4,901,208 23,509 

2007 - Jan...................... 8,730,892 8,707,561 23,331 3,793,255 3,793,249 6 4,937,637 4,914,312 23,325 

Feb..................... 8,801,230 8,778,111 23,119 3,798,192 3,798,186 6 5,003,038 4,979,925 23,113 

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 

 

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 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

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

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

2006 ............................... 8,530,366 81,375 8,448,991 3,663,773 41,371 3,622,403 4,866,593 40,004 4,826,588

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

 

2006 - Sept .................... 8,530,366 81,375 8,448,991 3,663,773 41,371 3,622,403 4,866,593 40,004 4,826,588

Oct...................... 8,607,540 81,089 8,526,452 3,703,455 41,458 3,661,997 4,904,085 39,631 4,864,454

Nov..................... 8,656,590 82,193 8,574,398 3,703,130 44,516 3,658,614 4,953,460 37,677 4,915,784

Dec..................... 8,703,738 82,231 8,621,507 3,779,021 42,769 3,736,251 4,924,717 39,462 4,885,256

2007 - Jan ...................... 8,730,892 82,732 8,648,160 3,793,255 43,757 3,749,498 4,937,637 38,975 4,898,662

Feb ..................... 8,801,230 82,177 8,719,053 3,798,192 42,828 3,755,363 5,003,038 39,349 4,963,689

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

 
FEDERAL DEBT 

December 2007 

33

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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 

 

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

Oct.............................. 203,210 - 2,986 78,434 241,728 29,995 5,695 

Nov ............................. 202,800 - 2,986 78,940 247,794 29,995 5,697 

Dec ............................. 202,433 - 2,986 79,269 257,634 29,995 5,869 

2007 - Jan .............................. 201,358 - 2,986 79,491 266,119 29,995 5,858 

Feb ............................. 200,891 - 2,986 80,161 270,456 29,995 5,865 

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 

 

 

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 

 

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

Oct......................... 4,880,611 4,318,562 926,025 2,442,789 534,472 415,277 562,049 

Nov........................ 4,929,567 4,361,354 985,399 2,432,207 530,439 413,309 568,213 

Dec........................ 4,901,047 4,322,860 940,772 2,440,466 530,548 411,075 578,186 

2007 - Jan ......................... 4,913,961 4,328,152 928,217 2,458,553 530,550 410,832 585,809 

Feb ........................ 4,979,111 4,388,757 977,623 2,459,428 540,363 411,343 590,354 

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 
FEDERAL DEBT 

December 2007

34 

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

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 

 

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

 Oct............ 3,042 31,249 11,072 10,113 - 470 - 65,014 535,415 

 Nov ........... 3,055 32,100 11,013 10,046 - 361 - 67,020 535,718 

 Dec ........... 3,068 33,128 12,029 10,265 - 347 - 65,909 534,123 

2007 - Jan ............ 3,082 34,385 11,803 10,177 - 468 - 63,511 531,314 

 Feb ........... 3,095 35,235 13,731 10,096 - 497 - 64,365 533,249 

 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 

 

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 

 

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

 Oct..... 3,762,745 8,703 46,141 31,296 15,784 200,726 686,514 299,621 22,155 1,795,430 

 Nov .... 3,762,962 9,224 46,582 31,802 15,817 199,672 683,367 296,959 23,327 1,796,899 

 Dec .... 3,839,348 9,588 46,487 31,894 15,884 203,922 699,611 305,387 22,367 1,845,339 

2007 - Jan ..... 3,853,802 9,392 46,565 31,920 15,960 205,092 696,373 309,045 22,444 1,862,271 

 Feb .... 3,859,356 10,440 47,075 32,178 15,997 204,538 692,680 306,758 22,680 1,866,742 

 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 

 
FEDERAL DEBT 

December 2007 

35

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

2006 ..................................... 23,392 - 112 - 22,899 - 381 

2007 ..................................... 22,959 - 85 - 22,506 - 368 

 

2006 - Sept .......................... 23,392 - 112 - 22,899 - 381 

Oct............................ 23,211 - 112 - 22,717 - 382 

Nov........................... 23,345 - 111 - 22,850 - 383 

Dec........................... 23,514 - 110 - 23,020 - 385 

2007 - Jan ........................... 23,331 - 117 - 22,828 - 386 

Feb ........................... 23,119 - 87 - 22,654 - 378 

Mar ........................... 23,186 - 88 - 22,724 - 375 

Apr............................ 22,982 - 88 - 22,519 - 376 

May .......................... 23,000 - 86 - 22,537 - 377 

June ......................... 23,162 - 86 - 22,698 - 378 

July........................... 23,287 - 84 - 22,823 - 379 

Aug........................... 23,001 - 83 - 22,551 - 367 

Sept.......................... 22,959 - 85 - 22,506 - 368 

 

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

December 2007

36 

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

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. 

 

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

Oct...................... 3,555,382 1,136,163 1,350,430 598,143 290,822 179,824 4 yrs. 10 mos. 

Nov ..................... 3,594,275 1,186,116 1,328,664 626,014 283,386 170,096 4 yrs. 9 mos. 

Dec ..................... 3,524,921 1,136,717 1,303,590 632,680 282,368 169,566 4 yrs. 10 mos. 

2007 - Jan...................... 3,554,471 1,124,464 1,335,480 634,734 290,298 169,494 4 yrs. 10 mos. 

Feb ..................... 3,613,660 1,171,311 1,332,822 640,611 298,399 170,517 4 yrs. 10 mos. 

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

April .................... 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. 

 

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

December 2007 

37

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

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 

 

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

Oct....................................... 8,965,000 8,498,016 8,497,920 96 8,584,329 96 86,409 

Nov ...................................... 8,965,000 8,545,715 8,545,621 95 8,633,246 95 87,625 

Dec ...................................... 8,965,000 8,592,513 8,592,419 94 8,680,224 94 87,805 

2007 - Jan ....................................... 8,965,000 8,619,499 8,619,427 72 8,707,561 72 88,134 

Feb ...................................... 8,965,000 8,690,921 8,690,850 71 8,778,111 71 87,261 

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 

 

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

December 2007

38 

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

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

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

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

 

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

Oct....................................... 223,955 16,583 20,512 12,942 486 1,358 

Nov ...................................... 231,064 20,477 20,692 13,054 490 1,429 

Dec ...................................... 226,323 14,636 20,418 13,091 493 1,429 

2007 - Jan ....................................... 237,813 16,917 21,391 13,492 499 1,429 

Feb ...................................... 238,401 17,418 21,391 13,501 499 1,448 

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 

 

 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 

 

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

Oct....................................... 108,836 2,482 6,258 - 14,466 

Nov...................................... 108,836 2,482 6,258 - 14,374 

Dec...................................... 108,836 2,442 6,258 - 15,052 

2007 - Jan ....................................... 115,925 2,417 6,258 - 14,723 

Feb...................................... 115,925 2,417 6,258 - 14,393 

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 

 
FEDERAL DEBT 

December 2007 

39

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

 (14) 

Other 

(15) 

 

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 

 

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

Oct............................. 4,911 3,240 9,303 22,578 

Nov............................ 4,911 3,491 11,903 22,667 

Dec............................ 4,911 3,773 12,347 22,637 

2007 - Jan ............................. 4,911 4,050 12,954 22,848 

Feb ............................ 4,911 4,284 13,092 22,866 

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 

 

Note.—Detail may not add to totals due to rounding. 
December 2007

40 

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

• Table PDO-1 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: JULY-SEPTEMBER 

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

J U L Y 

Auction of 2-Year Notes

On June 21, 2007, Treasury announced it would auction 

$18,000 million of 2-year notes of Series AA-2009. The issue 

was to refund $19,740 million of securities maturing June 30 

and to raise new cash of approximately $11,260 million. 

The notes of Series AA-2009 were dated June 30 and 

issued on July 2. They are due June 30, 2009, with interest 

payable on December 31 and June 30 until maturity. Treasury 

set an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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 

June 26. Tenders totaled $50,373 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 4.906 percent with the equivalent price of $99.941145. 

Treasury accepted in full all competitive tenders at yields 

lower than 4.906 percent. Tenders at the high yield were 

allotted 1.37 percent. The median yield was 4.890 percent, 

and the low yield was 4.850 percent. Noncompetitive tenders 

totaled $865 million. Competitive tenders accepted from 

private investors totaled $17,135 million. Accrued interest of 

$0.26495 per $1,000 must be paid for the period from June 30 

to July 2. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $4,020 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 5-Year Notes

On June 21, 2007, Treasury announced it would auction 

$13,000 million of 5-year notes of Series M-2012. The issue 

was to refund $19,740 million of securities maturing June 30 

and to raise new cash of approximately $11,260 million. 

The notes of Series M-2012 were dated June 30 and 

issued on July 2. They are due June 30, 2012, with interest 

payable on December 31 and June 30 until maturity. Treasury 

set an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on June 27. Tenders totaled $35,524 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.940 percent with the 

equivalent price of $99.714754. Treasury accepted in full all 

competitive tenders at yields lower than 4.940 percent. 

Tenders at the high yield were allotted 35.38 percent. The 

median yield was 4.926 percent, and the low yield was 4.887 

percent. Noncompetitive tenders totaled $187 million. 

Competitive tenders accepted from private investors totaled 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2007 

41

$12,813 million. Accrued interest of $0.26495 per $1,000 

must be paid for the period from June 30 to July 2.

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,903 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2012 is $1,000. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 9, 2007, Treasury announced it would auction 

$8,000 million of 10-year TIPS to raise new cash. 

The 10-year TIPS of Series D-2017 were dated July 15 

and issued July 16. They are due July 15, 2017, with interest 

payable on January 15 and July 15 until maturity. Treasury set 

an interest rate of 2-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

for competitive tenders on July 12. Tenders totaled $15,735 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.749 percent with an 

equivalent adjusted price of $98.942199. Treasury accepted in 

full all competitive tenders at yields lower than 2.749. Tenders 

at the high yield were allotted 22.64 percent. The median yield 

was 2.709 percent, and the low yield was 2.650 percent. 

Noncompetitive tenders totaled $71 million. Competitive 

tenders accepted from private investors totaled $7,929 million. 

Adjusted accrued interest of $0.07134 per $1,000 must be 

paid for the period from July 15 to July 16. Both the 

unadjusted price of $98.922415 and the unadjusted accrued 

interest of $0.07133 were adjusted by an index ratio of 

1.00020, for the period from July 15 to July 16. The minimum 

par amount required for STRIPS of TIPS of Series D-2017 is 

$1,000.

Auction of 19-Year 6-Month 2-3/8 Percent TIPS 

On July 19, 2007, Treasury announced it would auction 

$6,000 million of 19-year 6-month 2-3/8 percent TIPS to raise 

new cash. 

The 19-year 6-month TIPS of January 2027 were dated 

July 15 and issued July 31. They are due January 15, 2027, 

with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

for competitive tenders on July 24. Tenders totaled $13,373 

million; Treasury accepted $6,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.600 percent with an 

equivalent adjusted price of $99.570169. Treasury accepted in 

full all competitive tenders at yields lower than 2.600. Tenders 

at the high yield were allotted 35.55 percent. The median yield 

was 2.589 percent, and the low yield was 2.550 percent. 

Noncompetitive tenders totaled $27 million. Competitive 

tenders accepted from private investors totaled $5,973 million. 

Adjusted accrued interest of $1.06458 per $1,000 must be 

paid for the period from July 15 to July 31. Both the 

unadjusted price of $96.580051 and the unadjusted accrued 

interest of $1.03261 were adjusted by an index ratio of 

1.03096 for the period from January 15 to July 31. 

In addition to the $6,000 million of tenders accepted in 

the auction process, Treasury accepted $1,294 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of January 2027 is $1,000.

Auction of 2-Year Notes 

On July 23, 2007, Treasury announced it would auction 

$18,000 million of 2-year notes of Series AB-2009. The issue 

was to refund $17,891 million of securities maturing July 31 

and to raise new cash of approximately $13,109 million. 

The notes of Series AB-2009 were dated and issued on 

July 31. They are due July 31, 2009, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 4-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on July 25. Tenders totaled $46,561 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.735 percent with the 

equivalent price of $99.792429. Treasury accepted in full all 

competitive tenders at yields lower than 4.735 percent. 

Tenders at the high yield were allotted 68.97 percent. The 

median yield was 4.720 percent, and the low yield was 4.680 

percent. Noncompetitive tenders totaled $698 million. 

Competitive tenders accepted from private investors totaled 

$17,303 million.

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $3,882 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 5-Year Notes 

On July 23, 2007, Treasury announced it would auction 

$13,000 million of 5-year notes of Series N-2012. The issue 
42 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2007

was to refund $17,891 million of securities maturing July 31

and to raise new cash of approximately $13,109 million.

The notes of Series N-2012 were dated and issued on July 

31. They are due July 31, 2012, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 4-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on July 26. Tenders totaled $27,944 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.640 percent with an 

equivalent price of $99.933745. Treasury accepted in full all 

competitive tenders at yields lower than 4.640 percent. 

Tenders at the high yield were allotted 73.09 percent. The 

median yield was 4.610 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $122 million. 

Competitive tenders accepted from private investors totaled 

$12,878 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,804 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2012 is $1,000. 

A U G U S T 

Cash Management Bills 

On August 9, 2007, Treasury announced it would auction 

$26,000 million of 1-day bills. They were issued August 15 

and matured August 16. The issue was to raise new cash. 

Treasury auctioned the bills on August 14. Tenders totaled 

$63,185 million; Treasury accepted $26,000 million. The high 

bank discount rate was 5.030 percent. 

On August 15, Treasury announced it would auction 

$10,000 million of 8-day bills. They were issued August 15

and matured August 23. The issue was to raise new cash. 

Treasury auctioned the bills on August 15. Tenders totaled 

$31,550 million; Treasury accepted $10,000 million. The high 

bank discount rate was 4.100 percent.

On August 27, Treasury announced it would auction 

$20,000 million of 17-day bills. They were issued August 31 

and matured September 17. The issue was to raise new cash. 

Treasury auctioned the bills on August 29. Tenders totaled 

$49,304 million; Treasury accepted $20,000 million. The high 

bank discount rate was 4.500 percent. 

August Quarterly Financing

On August 1, 2007, Treasury announced it would auction 

$13,000 million of 10-year notes of Series E-2017 and $9,000 

million of 29-year 9-month Bonds of May 2037 to refund 

$62,639 million of Treasury securities maturing on August 15 

and to pay down approximately $40,639 million.

The 10-year notes of Series E-2017 were dated and 

issued August 15. They are due August 15, 2017, with interest 

payable on February 15 and August 15 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on August 8. Tenders totaled $29,896 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.855 percent with an 

equivalent price of $99.175936. Treasury accepted in full all 

competitive tenders at yields lower than 4.855 percent. 

Tenders at the high yield were allotted 53.43 percent. The 

median yield was 4.829 percent, and the low yield was 4.740 

percent. Noncompetitive tenders totaled $155 million. 

Competitive tenders accepted from private investors totaled 

$12,845 million.

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $7,000 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2017 is $1,000. 

The 29-year 9-month Bonds of May 2037 were dated 

May 15 and issued August 15. They are due May 15, 2037, 

with interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 5 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on August 9. Tenders totaled $14,115 

million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.059 percent with an 

equivalent price of $99.081933. Treasury accepted in full all 

competitive tenders at yields lower than 5.059 percent. 

Tenders at the high yield were allotted 76.79 percent. The 

median yield was 5.000 percent, and the low yield was 4.900 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$8,995 million. Accrued interest of $12.50000 per $1,000 

must be paid for the period from May 15 to August 15.

In addition to the $9,000 million of tenders accepted in 

the auction process, Treasury accepted $4,846 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2037 is $1,000. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2007 

43

Auction of 2-Year Notes 

On August 27, 2007, Treasury announced it would 

auction $18,000 million of 2-year notes of Series AC-2009. 

The issue was to refund $19,299 million of securities 

maturing August 31 and to raise new cash of approximately 

$11,701 million. 

The notes of Series AC-2009 were dated and issued 

August 31. They are due August 31, 2009, with interest 

payable on the last calendar day of February and August until 

maturity. Treasury set an interest rate of 4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on August 29. Tenders totaled 

$71,416 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.115 percent with an 

equivalent price of $99.781361. Treasury accepted in full all 

competitive tenders at yields lower than 4.115 percent. 

Tenders at the high yield were allotted 81.55 percent. The 

median yield was 4.097 percent, and the low yield was 3.950 

percent. Noncompetitive tenders totaled $856 million. 

Competitive tenders accepted from private investors totaled 

$17,144 million. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $4,280 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 5-Year Notes 

On August 27, 2007, Treasury announced it would 

auction $13,000 million of 5-year notes of Series P-2012. The 

issue was to refund $19,229 million of securities maturing 

August 31 and to raise new cash of approximately $11,701 

million. 

The notes of Series P-2012 were dated and issued August 

31. They are due August 31, 2012, with interest payable on 

the last calendar day of February and August until maturity. 

Treasury set an interest rate of 4-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on August 30. Tenders totaled 

$35,641 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.248 percent with an 

equivalent price of $99.451138. Treasury accepted in full all 

competitive tenders at yields lower than 4.248 percent. 

Tenders at the high yield were allotted 18.43 percent. The 

median yield was 4.225 percent, and the low yield was 4.190 

percent. Noncompetitive tenders totaled $198 million. 

Competitive tenders accepted from private investors totaled 

$12,802 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $3,091 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2012 is $1,000. 

S E P T E M B E R 

Cash Management Bills 

On September 10, 2007, Treasury announced it would 

auction $7,000 million of 4-day bills. They were issued 

September 13 and matured September 17. The issue was to 

raise new cash. Treasury auctioned the bills on September 12. 

Tenders totaled $28,056 million; Treasury accepted $7,000 

million. The high bank discount rate was 4.620 percent. 

Auction of 9-Year 11-Month 4-3/4 Percent Notes 

On September 11, 2007, Treasury announced that it 

would auction $8,000 million of 9-year 11-month 4-3/4 

percent notes of Series E-2017. The issue was to raise new 

cash. 

The notes of Series E-2017 were dated August 15, and 

issued September 17. They are due August 15, 2017, with 

interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

for competitive tenders on September 13. Tenders totaled 

$23,613 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.493 percent with an 

equivalent price of $102.029801. Treasury accepted in full all 

competitive tenders at yields lower than 4.493 percent. 

Tenders at the high yield were allotted 84.29 percent. The 

median yield was 4.475 percent, and the low yield was 4.440 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors totaled 

$7,982 million. Accrued interest of $4.25951 per $1,000 must 

be paid for the period from August 15, to September 17. The 

minimum par amount required for STRIPS of notes of Series 

E-2017 is $1,000.
PUBLIC DEBT OPERATIONS 

December 2007 

44 

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) 

2007 - July 05................... 2007 - Aug. 02 28 38,326.8 17,818.5 12,615.8 364.3 99.637556 4.660 4.755

 Oct. 04 91 49,694.0 22,744.1 13,085.0 1,802.0 98.789194 4.790 4.930

 2008 - Jan. 03 182 43,728.1 20,573.3 11,905.7 1,894.4 97.568278 4.810 5.012

July 12 ................. 2007 - Aug. 09 28 35,391.0 15,371.1 10,624.1 376.1 99.638333 4.650 4.745

 Oct. 11 91 46,420.0 22,501.8 13,041.4 1,808.7 98.782875 4.815 4.956

 2008 - Jan. 10 182 38,809.1 20,552.5 11,837.9 1,952.2 97.548056 4.850 5.055

July 19 ................. 2007 - Aug. 16 28 33,870.9 14,812.4 10,653.9 346.1 99.637556 4.660 4.755

 Oct. 18 91 47,162.8 23,248.5 13,995.8 1,904.5 98.776556 4.840 4.982

 2008 - Jan. 17 182 41,892.5 21,711.9 12,853.4 1,871.6 97.540472 4.865 5.071

July 26 ................. 2007 - Aug. 23 28 50,754.4 21,172.1 17,308.1 354.5 99.615778 4.940 5.042

 Oct. 25 91 47,403.6 24,240.3 14,218.9 2,022.4 98.765181 4.885 5.029

 2008 - Jan. 24 182 49,664.5 22,944.9 12,917.3 2,123.3 97.527833 4.890 5.098

Aug. 02 ................ 2007 - Aug. 30 28 67,017.2 28,069.7 25,567.4 427.7 99.606833 5.055 5.160

 Nov. 01 91 53,850.7 27,823.5 17,947.8 2,022.3 98.780347 4.825 4.966

 2008 - Jan. 31 182 41,510.0 24,010.9 14,768.9 1,916.1 97.573333 4.800 5.001

Aug. 09 ................ 2007 - Sept. 06 28 69,066.4 29,703.5 27,513.2 487.1 99.612667 4.980 5.083

 Nov. 08 91 52,637.6 29,147.2 18,876.7 2,023.3 98.794250 4.770 4.909

 2008 - Feb. 07 182 46,373.9 25,469.8 15,793.7 1,981.4 97.608722 4.730 4.927

Aug. 16 ................ 2007 - Sept. 13 28 64,909.7 28,648.8 26,534.4 465.7 99.645333 4.560 4.653

 Nov. 15 91 56,443.1 29,264.7 18,654.5 2,160.6 98.829639 4.630 4.763

 2008 - Feb. 14 182 47,957.6 24,089.8 14,616.6 2,108.4 97.618833 4.710 4.905

Aug. 23 ................ 2007 - Sept. 20 28 35,669.2 32,000.0 31,601.3 398.7 99.630556 4.750 4.847

 Nov. 23 92 36,053.4 26,239.9 18,796.9 2,103.2 99.271667 2.850 2.919

 2008 - Feb. 21 182 35,769.5 24,126.1 14,548.0 2,227.0 98.003056 3.950 4.098

Aug. 30 ................ 2007 - Sept. 27 28 99,522.4 30,000.1 28,761.7 485.0 99.642222 4.600 4.693

 Nov. 29 91 79,778.9 28,434.7 21,447.1 1,590.9 98.837222 4.600 4.732

 2008 - Feb. 28 182 56,664.2 26,475.2 16,472.0 1,550.6 97.679500 4.590 4.777

Sept. 06 ............... 2007 - Oct. 04 28 99,466.1 26,971.2 24,578.3 411.9 99.667111 4.280 4.366

 Dec. 06 91 70,178.6 30,069.6 20,240.5 1,649.8 98.900417 4.350 4.472

 2008 - Mar. 06 182 59,532.0 23,972.8 15,129.6 1,645.4 97.785667 4.380 4.554

Sept. 13 ............... 2007 - Oct. 11 28 52,847.9 20,629.8 17,625.9 374.1 99.688889 4.000 4.079

 Dec. 13 91 62,105.2 27,671.6 18,310.1 1,590.0 99.039444 3.800 3.901

 2008 - Mar. 13 182 57,998.0 21,379.0 13,195.3 1,604.9 97.967667 4.020 4.172

Sept. 20 ............... 2007 - Oct. 18 28 48,024.5 16,662.2 13,650.5 349.5 99.694333 3.930 4.008

 Dec. 20 91 46,495.1 24,412.9 16,354.0 1,546.1 98.976250 4.050 4.160

 2008 - Mar. 20 182 41,567.6 18,336.8 11,079.9 1,586.7 97.912056 4.130 4.288

Sept. 27 ............... 2007 - Oct. 25 28 44,105.5 15,040.3 10,735.8 299.4 99.745667 3.270 3.333

 Dec. 27 91 54,058.8 21,591.7 13,632.6 1,480.0 99.034389 3.820 3.922

 2008 - Mar. 27 182 44,821.8 18,347.0 10,488.4 1,511.9 97.977778 4.000 4.151

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2007 

45

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) 

 

10/12/06 10/16/06 2-1/2% TIPS—07/15/16-D 9y 9m 18,122 9,412 2.426 - 101.503690 

10/23/06 10/31/06 2-3/8% TIPS—04/15/11-G 4y 6m 22,389 9,181 2.691 - 101.365114 

10/24/06 10/31/06 4-7/8% note—10/31/08-AA 2y 60,966 22,726 4.894 - 99.964216 

10/26/06 10/31/06 4-5/8% note—10/31/11-P 5y 31,861 16,181 4.694 - 99.695653 

11/08/06 11/15/06 4-5/8% note—11/15/09-U 3y 48,845 24,772 4.666 - 99.886450 

11/09/06 11/15/06 4-5/8% note—11/15/16-F 10y 31,083 15,294 4.627 - 99.984133 

11/13/06 11/15/06 5.170% bill—11/30/06 15d 33,865 11,000 

11/14/06 11/15/06 5.190% bill—11/16/06 1d 24,355 5,000 

11/28/06 11/30/06 4-5/8% note—11/30/08-AB 2y 64,800 24,338 4.692 - 99.873505 

11/29/06 11/30/06 4-1/2% note—11/30/11-Q 5y 34,988 17,037 4.507 - 99.968974 

11/29/06 12/01/06 5.215% bill—12/15/06 14d 69,636 29,000 

12/04/06 12/05/06 5.195% bill—12/15/06 10d 39,280 11,000 

12/13/06 12/15/06 4-5/8% note—11/15/16-F 9y 11m 19,866 8,000 4.580 - 100.348304 

12/27/06 01/02/07 4-3/4% note—12/31/08-AC 2y 54,046 24,817 4.765 - 99.971175 

12/28/06 01/02/07 4-5/8% note—12/31/11-R 5y 35,591 16,131 4.704 - 99.651392 

01/11/07 01/16/07 2-3/8% TIPS—01/15/17-A 10y 17,300 11,250 2.449 - 99.342280 

01/23/07 01/31/07 2-3/8% TIPS—01/15/27 20y 17,602 9,189 2.420 - 99.213485 

01/24/07 01/31/07 4-7/8% note—01/31/09-V 2y 63,558 22,971 4.930 - 99.896458 

01/25/07 01/31/07 4-3/4% note—01/31/12-F 5y 30,637 14,931 4.855 - 99.538790 

02/06/07 02/15/07 4-3/4% note—02/15/10-S 3y 48,937 17,468 4.800 - 99.861835 

02/07/07 02/15/07 4-5/8% note—02/15/17-B 10y 32,525 14,193 4.740 - 99.092517 

02/08/07 02/15/07 4-3/4% bond—02/15/37 30y 22,966 9,826 4.812 - 99.020970 

02/15/07 02/16/07 5.140% bill—02/22/07 6d 25,182 6,000 

02/21/07 02/28/07 4-3/4% note—02/28/09-W 2y 59,787 23,035 4.830 - 99.849212 

02/22/07 02/28/07 4-5/8% note—02/29/12-G 5y 35,262 16,637 4.719 - 99.585650 

03/01/07 03/02/07 5.185% bill—03/15/07 13d 55,200 23,000 

03/13/07 03/15/07 4-5/8% note—02/15/17-B 9y 11m 21,130 8,000 4.523 - 100.801596 

03/28/07 03/30/07 5.070% bill—04/16/07 17d 46,991 17,000 

03/28/07 04/02/07 4-1/2% note—03/31/09-X 2y 55,157 22,645 4.514 - 99.973043 

03/29/07 04/02/07 4-1/2% note—03/31/12-H 5y 31,162 16,355 4.535 - 99.844593 

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 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2007 

46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2007 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

 

2006 - Sept...................................... 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

Oct....................................... 8,607,540 8,584,329 3,703,455 1 3,703,454 764,264 

Nov ...................................... 8,656,590 8,633,245 3,703,130 1 3,703,129 768,492 

Dec ...................................... 8,703,738 8,680,224 3,779,021 1 3,779,020 774,988 

2007 - Jan ....................................... 8,730,892 8,707,561 3,793,255 1 3,793,254 775,470 

Feb ...................................... 8,801,230 8,778,111 3,798,192 1 3,798,191 777,348 

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 

 

 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 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

 

2006 - Sept.......................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

Oct........................................................... 4,116,610 3,573,704 542,906 23,211 23,211 

Nov .......................................................... 4,161,624 3,612,518 549,105 23,345 23,345 

Dec .......................................................... 4,126,215 3,566,969 559,246 23,514 23,514 

2007 - Jan ........................................................... 4,138,836 3,571,971 566,865 23,331 23,331 

Feb .......................................................... 4,202,571 3,631,212 571,359 23,119 23,119 

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 

 
OWNERSHIP OF FEDERAL SECURITIES 

December 2007 

48 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.8 283.6 908.1 848.8 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.4 283.3 929.7 810.3 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.4 263.7 993.4 830.1 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.2 257.0 1,102.1 794.0 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.6 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 142.1 214.9 183.1 216.4 243.3 1,182.7 708.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.3 235.2 1,230.5 682.3 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.3 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.5 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 135.5 207.8 151.4 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.9 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 268.9 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.9 196.9 162.9 162.1 139.5 296.6 350.0 1,286.3 321.7 

 June ....... 6,670.1 3,505.4 3,164.7 145.9 199.1 167.3 161.3 138.7 302.3 347.9 1,382.8 319.5 

 Sept........ 6,783.2 3,515.3 3,268.0 147.4 201.5 164.6 155.1 137.4 287.1 357.7 1,454.2 363.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.6 203.8 169.2 147.9 136.5 280.8 364.2 1,533.0 388.8 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 163.2 204.4 167.0 142.5 141.0 280.8 374.1 1,677.1 352.6 

 June ....... 7,274.3 3,742.8 3,531.5 159.6 204.6 170.2 133.6 144.1 258.7 381.2 1,739.6 339.9 

 Sept........ 7,379.1 3,772.0 3,607.0 139.6 204.1 170.6 130.5 147.4 255.0 380.8 1,798.7 380.2 

 Dec......... 7,596.1 3,905.6 3,690.6 125.2 204.4 170.5 130.4 149.7 254.1 387.4 1,853.4 415.5 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.9 204.2 174.3 127.1 152.4 261.1 408.0 1,956.3 430.1 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 177.5 130.1 155.0 248.7 431.5 1,879.6 449.4 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 180.9 130.1 159.0 244.7 448.4 1,930.6 442.1 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 129.4 160.4 251.3 456.2 2,036.0 433.7 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 183.0 128.9 161.3 248.7 456.5 2,084.5 529.6 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 188.4 132.1 161.2 244.2 466.2 1,979.8 536.2 

 Sept........ 8,507.0 4,432.8 4,074.2 113.9 203.7 191.2 132.1 160.6 235.3 463.0 2,027.3 547.1 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 193.2 134.7 159.0 250.7 484.2 2,116.7 466.1 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 120.4 200.3 198.5 134.8 160.2 264.2 499.4 2,208.4 486.7 

June....... 8,867.7 4,715.1 4,152.6 110.8 198.6 202.3 135.9 162.0 266.3 510.9 2,205.4 360.3 

Sept....... 9,007.7 4,738.0 4,269.7 n.a. 197.1 n.a. n.a. n.a. n.a. n.a. 2,248.9 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. 
MARKET YIELDS 

December 2007 

49

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: 

2006 - Oct....................................... 4.97 5.05 5.12 5.01 4.80 4.72 4.69 4.69 4.73 4.94 4.85

Nov ..................................... 5.21 5.07 5.15 5.01 4.74 4.64 4.58 4.58 4.60 4.78 4.69

Dec ..................................... 4.87 4.97 5.07 4.94 4.67 4.58 4.53 4.54 4.56 4.78 4.68

2007 - Jan....................................... 4.94 5.11 5.15 5.06 4.88 4.79 4.75 4.75 4.76 4.95 4.85

Feb...................................... 5.18 5.16 5.16 5.05 4.85 4.75 4.71 4.71 4.72 4.93 4.82

Mar...................................... 5.21 5.08 5.10 4.92 4.57 4.51 4.48 4.50 4.56 4.81 4.72

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

 

 

End of month: 

2006 - Oct....................................... 5.18 5.08 5.13 4.99 4.71 4.62 4.57 4.57 4.61 4.81 4.72

Nov ..................................... 5.22 5.03 5.10 4.94 4.62 4.52 4.45 4.45 4.46 4.66 4.56

Dec ..................................... 4.75 5.02 5.09 5.00 4.82 4.74 4.70 4.70 4.71 4.91 4.81

2007 - Jan....................................... 5.00 5.12 5.16 5.09 4.94 4.85 4.82 4.82 4.83 5.02 4.93

Feb...................................... 5.24 5.16 5.12 4.96 4.65 4.55 4.52 4.53 4.56 4.78 4.68

Mar...................................... 5.07 5.04 5.06 4.90 4.58 4.54 4.54 4.58 4.65 4.92 4.84

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

 

* Rates are from the Treasury yields curve.
December 2007 

50 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2007 

[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 .............................. $1,039,297,466,081 $1,001,154,872,178 $1,000,658,449,847 $250,265,766 $246,156,565

Less amounts held by: 

The Treasury....................................... 361,168,573 26,107,029 25,889,553 7,505 209,971

FRBs ................................................... 228,358,787,580 227,216,690,345 227,216,687,670 20 2,655

Amounts in circulation............................. $810,577,509,928 $773,912,074,804 $773,415,872,624 $250,258,241 $245,943,939

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $38,142,593,903 $3,505,529,008 $34,637,064,895 

Less amounts held by: 

The Treasury....................................... 335,061,544 285,689,544 49,372,000 

FRBs ................................................... 1,142,097,235 292,207,564 849,889,671 

Amounts in circulation............................. $36,665,435,124 $2,927,631,900 $33,737,803,224 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2007 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2007 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,953,818,012 $8,810,410,961 $143,503 $143,263,548 

$2 ...................................................................... 1,566,468,622 1,434,287,528 132,168,518 12,576 

$5 ...................................................................... 10,156,929,100 10,020,566,915 108,949,410 27,412,775 

$10 .................................................................... 15,258,105,590 15,236,960,180 6,300 21,139,110 

$20 .................................................................... 113,202,215,780 113,182,114,540 3,820 20,097,420 

$50 .................................................................... 59,989,308,100 59,977,812,500 500 11,495,100 

$100 .................................................................. 564,472,012,000 564,441,060,500 8,975,600 21,975,900 

$500 .................................................................. 142,347,000 142,155,500 5,500 186,000 

$1,000 ............................................................... 165,645,000 165,434,000 5,000 206,000 

$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 ............................................... $773,912,074,804 $773,415,872,624 $ 250,258,241 $245,943,939 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Sept. 30, 2007...................................................................................... $810,578 $2,674 

Aug. 31, 2007....................................................................................... 814,983 2,691 

July 31, 2007........................................................................................ 813,415 2,688 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2007 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

 

2006 - Oct .......................................................................... 65,588 11,041 8,676 40,294 5,577 

 Nov ......................................................................... 66,705 11,041 8,890 41,465 5,309 

 Dec ......................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 - Jan .......................................................................... 65,063 11,041 8,786 40,381 4,855 

Feb ......................................................................... 66,082 11,041 8,915 41,251 4,874 

Mar ......................................................................... 66,551 11,041 8,948 41,716 4,846 

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 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2007 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 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 r ....... 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 r ........ 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 - Sept. r ......... 6,250,812 2,331,659 479,571 1,245,603 1,006 605,479 2,280,745 1,586,639 1,068,888 517,751 51,769 

Oct. r........... 6,344,465 2,326,015 448,191 1,264,066 1,013 612,745 2,351,928 1,615,672 1,090,859 524,813 50,850 

Nov. r.......... 6,533,042 2,340,605 454,212 1,265,705 1,019 619,669 2,450,623 1,687,753 1,124,257 563,496 54,061 

Dec. r.......... 6,504,120 2,374,272 461,656 1,273,366 1,026 638,224 2,403,277 1,676,443 1,105,934 570,509 50,128 

2007 - Jan. r........... 6,661,626 2,401,412 476,234 1,268,506 1,033 655,639 2,439,331 1,767,792 1,176,124 591,668 53,091 

Feb. r .......... 6,799,137 2,435,647 498,192 1,270,678 1,040 665,737 2,513,514 1,791,535 1,184,289 607,246 58,441 

Mar. r .......... 6,881,110 2,465,405 507,585 1,272,055 1,047 684,718 2,510,285 1,848,260 1,211,502 636,758 57,160 

Apr. r........... 7,050,627 2,481,436 497,644 1,281,419 1,053 701,320 2,605,078 1,911,525 1,283,716 627,809 52,588 

May............. 7,148,333 2,482,280 486,314 1,276,829 1,060 718,077 2,669,806 1,944,964 1,290,180 654,784 51,283 

June............ 7,104,283 2,514,737 492,637 1,283,262 1,067 737,771 2,599,027 1,940,706 1,265,812 674,894 49,813 

July ............. 7,276,346 2,552,132 528,451 1,276,337 1,075 746,269 2,629,463 2,044,815 1,372,439 672,376 49,937 

Aug. p ......... 7,222,846 2,534,524 533,473 1,246,652 1,082 753,317 2,642,097 1,995,416 1,295,944 699,472 50,809 

Sept. p ........ 7,226,348 2,549,522 520,019 1,261,272 1,089 767,142 2,645,969 1,981,884 1,270,923 710,961 48,973 

 

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, 

and end-June 2006, respectively, and are comparable to those shown for the following 

dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2007 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

2005 .............................................................................. 948 948 77 - 871 

 

2006 - Sept.................................................................... 1,006 1,006 81 - 925 

Oct ..................................................................... 1,013 1,013 81 - 931 

Nov .................................................................... 1,019 1,019 82 - 938 

Dec .................................................................... 1,026 1,026 82 - 944 

2007 - Jan ..................................................................... 1,033 1,033 83 - 950 

Feb..................................................................... 1,040 1,040 83 - 956 

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 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

December 2007 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly 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 

December 2007 

59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. 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 

December 2007 

60 

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 

December 2007 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 

Type of Liability 

 Calendar 

 Year 

 2006 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners ................................... 4,002,003 4,267,530 4,419,976 4,478,260 4,389,827 4,562,752 4,504,960 4,468,378 

Payable in dollars .................................................. 3,851,560 4,111,080 4,263,526 4,321,810 4,201,515 4,374,440 4,316,648 4,280,066 

Foreign official institutions ................................. 461,656 507,585 497,644 486,314 492,637 528,451 533,473 520,019 

Deposits, excluding negotiable CDs .............. 51,380 50,868 56,477 59,112 58,169 58,666 55,686 53,379 

U.S. Treasury bills and certificates ................ 176,829 194,914 177,958 172,500 160,745 176,036 179,837 178,065 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 105,873 105,871 101,431 101,832 106,450 107,404 134,785 143,705 

Other liabilities............................................... 127,574 155,932 161,778 152,870 167,273 186,345 163,165 144,870 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 3,360,479 3,567,399 3,734,406 3,805,598 3,678,669 3,815,732 3,751,871 3,730,722 

Deposits, excluding negotiable CDs .............. 1,244,891 1,275,136 1,353,071 1,362,259 1,329,833 1,350,634 1,340,804 1,395,454 

U.S. Treasury bills and certificates ................ 73,257 78,192 70,464 71,860 65,688 69,066 86,243 77,642 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 567,506 599,462 607,353 614,074 611,366 647,760 633,409 638,669 

Other liabilities............................................... 1,474,825 1,614,609 1,703,518 1,757,405 1,671,782 1,748,272 1,691,415 1,618,957 

International and regional organizations 1 .......... 29,425 36,096 31,476 29,898 30,209 30,257 31,304 29,325 

Deposits, excluding negotiable CDs .............. 19,021 22,527 21,635 19,895 20,532 20,632 21,208 20,535 

U.S. Treasury bills and certificates ................ 800 4,535 710 355 383 287 353 418 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 2,855 3,290 3,396 3,175 3,373 3,385 3,186 3,131 

Other liabilities............................................... 6,749 5,744 5,735 6,473 5,921 5,953 6,557 5,241 

Payable in foreign currencies 2 .............................. 150,443 156,450 156,450 156,450 188,312 188,312 188,312 188,312 

Sector: 

Banks and other foreigners............................ 148,732 154,388 154,388 154,388 186,170 186,170 186,170 186,170 

International and regional organizations 1 .......... 1,711 2,062 2,062 2,062 2,142 2,142 2,142 2,142 

Major currencies: 

Canadian dollars............................................ 11,680 13,151 13,151 13,151 19,825 19,825 19,825 19,825 

Euro............................................................... 73,061 74,215 74,215 74,215 77,033 77,033 77,033 77,033 

United Kingdom pounds sterling.................... 17,560 17,287 17,287 17,287 18,399 18,399 18,399 18,399 

Japanese yen ................................................ 18,154 18,586 18,586 18,586 29,929 29,929 29,929 29,929 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 2,924,440 3,124,816 3,302,214 3,358,014 3,253,510 3,370,502 3,278,835 3,238,436 

Liabilities to own foreign offices ........................ 1,938,224 2,080,807 2,211,685 2,243,836 2,157,911 2,190,491 2,176,026 2,180,126 

Liabilities collaterized by repurchase 

 agreements................................................. 1,028,974 1,189,342 1,247,462 1,264,884 1,216,061 1,319,817 1,209,155 1,128,992 

Foreign official institutions ........................ 114,524 149,651 151,129 142,367 157,551 177,489 153,562 136,612 

Foreign banks and other foreigners........... 911,155 1,036,954 1,093,535 1,118,818 1,055,860 1,138,916 1,051,856 989,909 

International and regional organizations 1.......... 3,295 2,737 2,798 3,699 2,650 3,412 3,737 2,471 

Reported by IBFs........................................... 377,931 393,955 372,548 394,655 413,960 399,595 437,509 451,900 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 132,515 137,180 137,180 137,180 164,780 164,780 164,780 164,780 

Reported by IBFs........................................... 54,624 53,712 53,712 53,712 56,551 56,551 56,551 56,551 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 945,048 1,005,534 980,582 983,066 971,537 1,027,470 1,061,345 1,065,162 

Payable in dollars .......................................... 927,120 986,264 961,312 963,796 948,005 1,003,938 1,037,813 1,041,630 

of which: other short-term negotiable 

securities and negotiable CDs................ 371,732 386,447 396,916 401,325 412,694 440,091 451,853 465,547 

 of which: short-term U.S. Government 

 agency securities................................ 113,865 112,819 106,150 109,999 114,527 120,756 149,999 161,938 

 of which: negotiable CDs........................ 66,155 70,605 72,258 74,674 88,512 93,276 96,646 93,212 

Payable in foreign currencies 2 ...................... 17,928 19,270 19,270 19,270 23,532 23,532 23,532 23,532 

 

 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 

December 2007 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2007 

Country 2004 2005 2006 r May r June July Aug. Sept. p 

Europe: 

Austria ................................................. 4,355 3,607 3,934 3,376 4,640 6,635 5,827 6,085

Belgium ............................................... 13,649 17,105 15,595 15,964 17,215 15,399 20,141 14,653

Bulgaria ............................................... 221 139 88 192 140 212 236 166

Cyprus 1 .............................................. n.a. n.a. 634 687 1,042 793 778 600

Czech Republic.................................... 1,661 1,446 1,353 1,390 980 1,402 1,055 1,201

Denmark.............................................. 3,151 1,544 969 816 659 729 1,158 893

Finland................................................. 1,116 3,767 3,362 1,018 2,605 991 1,802 994

France ................................................. 83,951 76,016 76,630 76,221 69,482 69,700 73,795 76,107

Germany.............................................. 76,040 70,867 92,769 91,729 98,910 100,478 103,565 115,834

Greece................................................. 1,179 1,212 1,488 2,300 1,536 1,498 1,358 1,673

Hungary............................................... 770 527 820 573 327 342 1,094 846

Iceland 1 .............................................. n.a. n.a. 431 244 449 536 304 228

Ireland.................................................. 64,199 68,669 84,390 86,295 96,277 104,556 96,865 100,769

Italy...................................................... 7,683 8,149 9,335 7,560 7,834 7,535 6,636 7,893

Kazakhstan 1 ....................................... n.a. n.a. 6,145 2,699 2,461 2,584 4,846 3,766

Luxembourg ........................................ 52,548 62,804 73,989 96,156 100,645 112,983 99,133 99,815

Monaco 1 ............................................ n.a. n.a. 380 278 192 178 217 158

Netherlands ......................................... 20,272 16,460 26,781 51,555 42,558 41,917 30,910 25,893

Norway ................................................ 32,907 27,927 42,401 58,127 74,579 84,570 72,610 56,637

Poland ................................................. 5,680 6,340 7,475 9,389 10,359 11,757 10,899 11,628

Portugal ............................................... 1,676 2,883 2,720 3,462 3,600 3,678 3,711 3,260

Romania .............................................. 1,636 565 492 256 226 355 373 474

Russia ................................................. 70,203 101,355 62,736 52,932 50,642 49,060 59,069 70,274

Serbia and Montenegro 2 .................... 110 119 295 325 289 293 339 530

Spain ................................................... 9,078 10,060 9,805 10,380 13,639 10,171 9,777 11,064

Sweden................................................ 6,144 4,796 3,890 7,993 7,154 7,130 4,339 5,318

Switzerland .......................................... 100,660 141,498 63,545 77,220 75,332 73,703 68,901 56,265

Turkey.................................................. 5,189 10,006 10,457 14,674 14,737 14,745 15,562 13,553

Ukraine 1 ............................................. n.a. n.a. 919 1,376 1,592 1,552 1,413 1,399

United Kingdom................................... 501,721 590,505 926,008 1,168,296 1,100,186 1,177,481 1,118,884 1,059,242

Channel Islands .................................. 21,327 29,737 33,857 34,223 36,891 35,633 32,363 25,427

All other Europe 1................................. 26,369 23,540 3,852 4,481 4,962 5,970 4,472 5,329

Total Europe.................................... 1,113,495 1,281,643 1,567,546 1,882,187 1,842,140 1,944,566 1,852,433 1,777,974

Memo: Euro Area 3 335,746 341,599 400,799 446,016 458,941 475,542 453,521 464,040

Memo: European Union 4 ................... n.a. n.a. 1,342,726 1,636,508 1,581,217 1,676,836 1,593,008 1,545,196

Canada .................................................... 36,499 38,051 49,396 64,980 63,569 69,592 69,966 70,178

Latin America: 

Argentina ............................................. 10,932 9,775 10,638 11,086 10,743 10,735 11,065 11,323

Belize 5 ................................................ n.a. n.a. 484 406 333 292 300 293

Bolivia 5 ............................................... n.a. n.a. 2,123 2,327 2,590 2,655 2,767 2,490

Brazil.................................................... 16,912 12,898 16,271 20,122 21,246 24,127 25,972 28,834

Chile .................................................... 7,368 9,045 16,926 16,676 14,366 15,908 14,950 14,998

Colombia ............................................. 6,353 6,521 11,702 11,654 11,335 11,026 10,921 9,880

Costa Rica 5 ........................................ n.a. n.a. 2,967 3,195 3,495 3,444 3,349 3,031

Ecuador ............................................... 2,707 3,426 3,431 3,420 3,482 3,329 3,307 3,022

El Salvador 5 ....................................... n.a. n.a. 1,964 3,216 3,216 2,892 2,521 2,211

Guatemala ........................................... 1,544 1,660 1,444 1,688 1,966 1,862 1,817 1,648

Guyana 5 ............................................. n.a. n.a. 98 112 105 131 114 124

Honduras 5 .......................................... n.a. n.a. 2,594 2,595 2,672 2,693 2,484 2,216

Mexico ................................................. 51,954 44,738 45,846 48,695 45,708 49,297 55,562 56,426

Nicaragua 5 ......................................... n.a. n.a. 238 222 252 212 211 206

Panama ............................................... 4,641 5,334 7,183 7,306 7,682 6,974 7,042 7,242

Paraguay 5 .......................................... n.a. n.a. 672 741 754 764 736 650

Peru..................................................... 1,975 3,062 4,281 4,880 5,701 6,049 5,603 5,910

Suriname 5 .......................................... n.a. n.a. 128 149 124 122 164 134

Uruguay ............................................... 4,189 4,976 6,139 7,098 6,739 6,672 6,712 7,149

Venezuela............................................ 24,861 27,535 22,886 22,316 21,888 22,358 22,295 21,558

All other Latin America 5 ...................... 6,422 8,595 8 14 14 13 12 37

Total Latin America.......................... 139,858 137,565 158,023 167,918 164,411 171,555 177,904 179,382

Caribbean: 

Anguilla 6 ............................................ n.a. n.a. 3,149 8,395 7,196 8,952 10,102 6,432

Antigua and Barbuda 6 ........................ n.a. n.a. 186 235 203 239 229 236

Aruba 6 ................................................ n.a. n.a. 408 460 502 485 527 498

Bahamas ............................................. 188,604 213,833 257,200 233,140 212,348 214,150 235,471 239,872

Barbados 6 .......................................... n.a. n.a. 18,680 20,570 22,984 22,363 22,195 20,273

Bermuda .............................................. 93,040 52,361 55,502 51,527 51,092 47,734 52,932 47,450

British Virgin Islands 6 ......................... n.a. n.a. 22,082 23,629 24,895 27,052 30,455 29,093

Cayman Islands .................................. 894,069 922,518 1,316,473 1,458,841 1,412,957 1,476,337 1,447,959 1,479,280

Cuba.................................................... 110 120 82 83 83 83 84 84

Dominican Republic 6 .......................... n.a. n.a. 3,895 3,922 3,943 3,992 3,991 3,802

French West Indies 6 ........................... n.a. n.a. 19 27 26 26 27 30

Haiti 6 .................................................. n.a. n.a. 495 450 393 401 432 442

Jamaica ............................................... 922 970 1,056 1,072 986 943 855 874

Netherlands Antilles............................. 5,867 6,398 8,503 5,871 10,618 7,231 5,063 5,148

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2007 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2007 

Country 2004 2005 2006 r May r June July Aug. Sept. p 

 

Caribbean, con. 

St. Kitts and Nevis 6 .......................... n.a. n.a. 90 91 119 127 141 124

Trinidad and Tobago......................... 1,630 2,836 3,354 3,887 3,766 3,975 4,049 3,651

Turks and Caicos Islands 6 ............... n.a. n.a. 165 216 197 208 203 230

All other Caribbean 6 ........................ 40,297 32,620 157 171 201 210 186 236

Total Caribbean ............................ 1,224,539 1,231,656 1,691,496 1,812,586 1,752,508 1,814,507 1,814,901 1,837,754

Asia: 

Bangladesh 7 .................................... n.a. n.a. 824 764 1,143 785 943 823

China, Mainland ............................... 52,768 46,466 44,474 47,061 47,887 59,421 73,513 81,537

Hong Kong........................................ 43,913 35,246 44,639 32,613 34,714 38,798 36,871 42,980

India.................................................. 11,178 13,860 18,813 20,614 17,218 18,410 20,102 18,003

Indonesia.......................................... 5,905 4,213 4,386 4,013 4,235 4,648 3,375 4,190

Israel................................................. 11,238 9,828 7,327 10,647 10,039 9,204 9,533 8,544

Japan................................................ 173,872 161,951 140,402 135,331 151,659 136,541 157,957 170,819

Jordan 7 ............................................ n.a. n.a. 2,146 1,353 1,482 1,456 1,295 1,293

Korea, South..................................... 12,457 27,200 28,099 28,026 24,317 24,617 22,960 19,464

Laos 7 .............................................. n.a. n.a. 120 316 298 310 318 371

Lebanon............................................ 777 797 1,168 677 584 864 554 787

Malaysia ........................................... 2,837 2,287 3,847 3,429 2,913 3,180 3,437 3,333

Pakistan............................................ 1,196 1,768 1,282 1,490 2,998 3,389 2,700 2,759

Philippines ........................................ 2,956 3,780 3,857 4,010 4,543 4,029 3,739 4,573

Singapore ......................................... 28,912 20,291 30,831 33,371 33,526 33,354 35,513 34,782

Syria ................................................. 21 28 25 25 26 24 25 25

Taiwan.............................................. 26,524 23,287 22,952 23,635 24,203 23,687 21,410 21,884

Thailand............................................ 11,356 9,966 8,319 9,898 10,869 12,603 9,953 10,168

Yemen 7 ........................................... n.a. n.a. 179 200 199 223 177 216

Oil exporting countries 8 .................... 41,263 50,659 70,316 71,545 68,981 62,453 70,497 72,106

All other Asia 7 ................................. 6,841 7,258 5,893 7,910 7,749 6,642 5,942 6,000

Total Asia ..................................... 434,014 418,885 439,899 436,928 449,583 444,638 480,814 504,657

Africa: 

Botswana 9 ....................................... n.a. n.a. 236 281 226 268 616 554

Egypt ................................................ 2,711 4,953 2,252 5,897 4,075 3,942 3,943 3,304

Ghana............................................... 468 572 389 270 966 355 245 179

Kenya 9 ............................................ n.a. n.a. 234 276 247 350 371 267

Liberia............................................... 266 217 469 520 571 943 641 617

Mauritius 9 ........................................ n.a. n.a. 641 754 740 582 743 1,413

Morocco............................................ 156 138 198 167 169 192 183 137

Mozambique 9 .................................. n.a. n.a. 87 99 80 132 127 163

South Africa ...................................... 3,477 3,054 1,565 2,264 1,982 2,697 3,899 1,854

Tanzania 9 ........................................ n.a. n.a. 363 250 382 382 313 323

Uganda 9 .......................................... n.a. n.a. 926 1,124 1,220 1,170 1,215 1,252

Zambia 9 .......................................... n.a. n.a. 143 118 177 157 148 150

Zimbabwe 9 ...................................... n.a. n.a. 78 90 74 83 84 95

Oil exporting countries 10 .................. 4,347 6,880 4,457 5,298 4,932 5,801 5,022 4,462

All other Africa 9 ............................... 3,373 4,313 2,981 3,172 3,644 3,547 3,017 3,010

Total Africa ................................... 14,798 20,127 15,019 20,580 19,485 20,601 20,567 17,780

Other countries: 

Australia............................................ 23,579 18,427 26,178 37,478 38,187 37,540 27,571 22,264

New Zealand .................................... 3,725 3,028 4,543 3,587 3,370 2,864 3,107 2,541

French Polynesia 11 ......................... n.a. n.a. 63 63 64 59 63 64

All other 11 ........................................ 8,513 14,612 18,704 19,993 24,159 24,431 24,188 24,317

Total other ................................... 35,817 36,067 49,488 61,121 65,780 64,894 54,929 49,186

All countries .......................................... 2,999,020 3,163,994 3,970,867 4,446,300 4,357,476 4,530,353 4,471,514 4,436,911

International and regional orgs: 

International organizations............... 14,550 17,598 26,862 28,029 28,048 28,085 29,422 27,608

Regional organizations 12 ................ 4,303 5,153 4,274 3,931 4,303 4,314 4,024 3,859

Total international and 

 regional organizations................ 18,853 22,751 31,136 31,960 32,351 32,399 33,446 31,467

Grand total................................ 3,017,873 3,186,745 4,002,003 4,478,260 4,389,827 4,562,752 4,504,960 4,468,378

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. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

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 

December 2007 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2007, 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 .................................... 6,085 6,064 1,850 4,214 512 241 252 641 3,143 1,271 5 21

Belgium .................................. 14,653 14,502 9,125 5,377 1,673 398 1,208 1,010 3,144 5,204 1,864 151

Cyprus 4.................................. 600 600 592 8 312 278 3 1 4 2 - -

Czech Republic ...................... 1,201 1,195 440 755 219 35 703 51 1 186 - 6

Denmark................................. 893 886 588 298 171 181 35 206 21 272 - 7

Finland.................................... 994 814 396 418 221 78 185 35 198 97 - 180

France .................................... 76,107 67,385 60,002 7,383 16,500 1,493 2,774 3,623 434 27,781 14,780 8,722

Germany................................. 115,834 89,983 70,157 19,826 35,358 1,693 4,218 10,467 2,842 31,976 3,429 25,851

Greece.................................... 1,673 1,665 1,609 56 331 844 32 15 8 434 1 8

Hungary.................................. 846 841 476 365 318 53 109 229 15 87 30 5

Ireland .................................... 100,769 100,113 11,085 89,027 2,635 2,389 1,505 59,019 24,274 2,495 7,795 656

Italy......................................... 7,893 6,586 5,645 941 3,391 778 418 59 198 1,689 54 1,307

Kazakhstan 4 .......................... 3,766 3,665 1,532 2,133 575 8 1,188 733 12 1,149 - 101

Luxembourg ........................... 99,815 98,444 54,004 44,440 8,695 618 9,322 27,078 6,583 2,291 43,857 1,371

Monaco 4 ................................ 158 147 92 55 14 78 38 16 1 - - 11

Netherlands ............................ 25,893 24,457 18,147 6,309 5,290 2,213 791 3,237 1,274 659 10,993 1,436

Norway ................................... 56,637 56,616 53,513 3,103 204 267 672 1,407 1,024 53,020 22 21

Poland .................................... 11,628 11,609 4,573 7,036 681 62 3,411 3,622 3 3,830 - 19

Portugal.................................. 3,260 2,617 2,401 216 1,839 252 47 158 10 26 285 643

Romania................................. 474 473 472 1 38 40 - - 1 394 - 1

Russia .................................... 70,274 70,248 7,252 62,996 5,457 272 4 62,881 6 1,619 9 26

Spain ...................................... 11,064 9,436 6,790 2,646 4,171 1,203 647 100 1,762 1,457 96 1,628

Sweden................................... 5,318 5,268 1,904 3,364 369 308 136 1,023 2,144 1,287 1 50

Switzerland ............................. 56,265 45,109 31,217 13,892 14,601 1,800 4,691 6,357 2,323 14,663 674 11,156

Turkey..................................... 13,553 13,275 1,726 11,549 1,091 95 11,525 8 13 540 3 278

Ukraine 4................................. 1,399 1,396 1,396 - 1,034 22 - - - 340 - 3

United Kingdom...................... 1,059,242 1,020,914 984,330 36,584 154,912 23,111 5,446 19,772 5,325 416,416 395,932 38,328

Channel Islands...................... 25,427 25,332 22,525 2,807 20,978 826 386 1,006 1,186 271 679 95

All other Europe 4...................... 6,253 6,200 5,198 1,002 1,346 434 822 16 19 3,475 87 53

Total Europe......................... 1,777,974 1,685,840 1,359,038 326,802 282,936 40,070 50,569 202,769 55,968 572,932 480,596 92,134

Memo: Euro Area 5............... 464,040 422,066 241,213 180,854 80,616 12,200 21,400 105,441 43,870 75,381 83,159 41,974

Canada.......................................... 70,178 61,892 43,446 18,446 6,084 5,661 6,352 5,905 5,232 26,303 6,355 8,286

Latin America: 

Argentina................................... 11,323 11,159 9,894 1,265 889 8,100 624 216 423 736 171 164

Belize 6 ...................................... 293 293 268 25 47 140 7 10 8 37 44 -

Bolivia 6 ..................................... 2,490 2,477 1,653 824 519 1,059 130 380 312 72 5 13

Brazil ......................................... 28,834 28,542 20,873 7,669 4,580 3,839 398 7,161 67 12,092 405 292

Chile.......................................... 14,998 14,760 8,713 6,047 3,203 4,860 337 5,586 122 570 82 238

Colombia................................... 9,880 9,823 4,510 5,313 1,017 2,967 2,472 2,528 313 505 21 57

Costa Rica 6 .............................. 3,031 3,020 2,225 795 1,299 593 94 65 636 324 9 11

Ecuador..................................... 3,022 3,002 2,792 210 462 2,085 25 131 54 148 97 20

El Salvador 6 ............................. 2,211 2,211 1,223 988 580 466 113 484 341 220 7 -

Guatemala ................................ 1,648 1,617 1,380 237 137 1,114 94 47 72 100 53 31

Honduras 6 ................................ 2,216 2,204 2,138 66 1,389 685 2 21 43 46 18 12

Mexico....................................... 56,426 55,894 36,312 19,582 16,790 18,232 11,796 7,036 708 733 599 532

Panama..................................... 7,242 7,200 5,246 1,954 2,147 2,718 667 974 305 257 132 42

Paraguay 6 ................................ 650 643 608 35 93 489 2 12 21 3 23 7

Peru........................................... 5,910 5,681 5,304 377 3,210 1,127 216 130 29 958 11 229

Uruguay .................................... 7,149 7,018 5,750 1,268 1,411 1,652 752 239 272 2,591 101 131

Venezuela................................. 21,558 21,353 19,675 1,678 5,576 13,117 223 1,064 283 498 592 205

All other Latin America 6 ........... 501 501 478 23 142 280 1 5 17 51 5 -

Total Latin America .............. 179,382 177,398 129,042 48,356 43,491 63,523 17,953 26,089 4,026 19,941 2,375 1,984

Caribbean: 

Aruba 7 ...................................... 498 498 391 107 222 128 62 16 29 27 14 -

Bahamas................................... 239,872 238,799 235,144 3,655 180,641 5,549 765 584 2,187 41,823 7,250 1,073

Barbados 7 ................................ 20,273 20,181 5,232 14,949 3,907 629 1,112 8,189 5,630 27 687 92

Bermuda ................................... 47,450 46,697 27,988 18,709 3,155 10,182 5,700 11,599 1,223 535 14,303 753

British Virgin Islands 7 ............... 29,093 28,264 17,248 11,016 123 15,425 5,436 3,967 1,205 1 2,107 829

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2007 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2007, 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. 

Cayman Islands....................... 1,479,280 1,451,328 1,109,497 341,831 534,606 90,874 12,734 27,890 5,213 612,131 167,880 27,952

Dominican Republic7 ............... 3,802 3,786 3,637 149 1,238 2,272 6 77 66 45 82 16

Haiti 7........................................ 442 442 421 21 130 209 - 13 8 76 6 -

Jamaica.................................... 874 846 812 34 487 227 30 - 4 94 4 28

Netherlands Antilles................. 5,148 5,115 3,925 1,190 2,543 567 615 423 145 561 261 33

Trinidad and Tobago................ 3,651 3,640 2,838 802 1,926 502 2 694 11 408 97 11

All other Caribbean 7................ 7,371 7,038 6,643 395 225 4,238 226 143 22 16 2,168 333

Total Caribbean.................. 1,837,754 1,806,634 1,413,776 392,858 729,203 130,802 26,688 53,595 15,743 655,744 194,859 31,120

Asia: China, Mainland....................... 81,537 81,501 24,549 56,952 7,421 1,414 18,301 37,784 736 15,773 72 36

Hong Kong............................... 42,980 39,986 32,166 7,820 12,171 5,101 636 6,141 925 4,162 10,850 2,994

India ......................................... 18,003 17,968 7,820 10,148 2,924 1,186 3,536 6,131 8 3,972 211 35

Indonesia ................................. 4,190 4,190 1,138 3,052 811 235 2,990 41 21 92 - -

Israel ........................................ 8,544 8,527 6,727 1,800 1,192 2,450 735 902 129 3,096 23 17

Japan ....................................... 170,819 148,055 63,968 84,087 25,208 4,898 69,390 9,955 1,791 30,841 5,972 22,764

Jordan 8 .................................... 1,293 1,292 1,090 202 886 46 100 1 101 155 3 1

Korea, South............................ 19,464 19,145 10,195 8,950 5,687 680 463 6,223 2,186 3,770 136 319

Malaysia................................... 3,333 3,273 2,352 921 1,351 108 358 495 49 891 21 60

Pakistan ................................... 2,759 2,748 2,251 497 781 115 271 187 8 1,357 29 11

Philippines................................ 4,573 4,568 3,439 1,129 2,672 384 885 207 37 281 102 5

Singapore................................. 34,782 32,777 27,958 4,819 22,270 1,169 3,462 920 409 4,418 129 2,005

Taiwan...................................... 21,884 21,843 18,443 3,400 7,062 5,324 1,575 428 1,381 6,050 23 41

Thailand ................................... 10,168 10,166 3,485 6,681 631 281 6,609 45 12 2,585 3 2

All other Asia 8.......................... 80,328 80,042 31,048 48,994 13,591 1,566 39,128 8,251 1,492 15,969 45 286

Total Asia............................. 504,657 476,081 236,629 239,452 104,658 24,957 148,439 77,711 9,285 93,412 17,619 28,576

Africa: Egypt........................................ 3,304 3,299 1,842 1,457 925 100 1,406 11 40 817 - 5

Ghana ...................................... 179 179 179 - 90 32 - - - 57 - -

Kenya 9..................................... 267 267 265 2 163 66 - - 2 36 - -

Liberia ...................................... 617 574 348 226 7 267 47 177 2 71 3 43

Morocco ................................... 137 137 123 14 74 30 - - 2 22 9 -

South Africa ............................. 1,854 1,850 1,326 524 850 223 461 37 26 249 4 4

All other Africa 9 ....................... 11,422 11,394 8,638 2,756 5,717 894 2,644 76 35 1,995 33 28

Total Africa........................... 17,780 17,700 12,721 4,979 7,826 1,612 4,558 301 107 3,247 49 80

Other countries: Australia ................................... 22,264 21,941 16,071 5,870 6,291 1,132 543 3,837 1,135 7,391 1,612 323

New Zealand............................ 2,541 2,406 1,382 1,024 56 155 501 509 14 1,144 27 135

All other.................................... 24,381 849 555 294 122 254 104 179 11 177 2 23,532

Total other........................... 49,186 25,196 18,008 7,188 6,469 1,541 1,148 4,525 1,160 8,712 1,641 23,990

All countries.................................. 4,436,911 4,250,741 3,212,660 1,038,081 1,180,667 268,166 255,707 370,895 91,521 1,380,291 703,494 186,170

International and regional orgs: International organizations....... 27,608 25,476 23,461 2,015 - 18,745 240 293 1,482 - 4,716 2,132

Regional organizations10 ......... 3,859 3,849 2,315 1,534 - 1,790 178 1,147 209 - 525 10

Total International and 

 regional organizations ...... 31,467 29,325 25,776 3,549 - 20,535 418 1,440 1,691 - 5,241 2,142

Grand total ...................... 4,468,378 4,280,066 3,238,436 1,041,630 1,180,667 288,701 256,125 372,335 93,212 1,380,291 708,735 188,312

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. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

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 

December 2007 

66 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 2006 Sept. 2007 

 

United Kingdom ...................... 345,235 501,721 590,505 926,008 1,059,242

All other Europe ...................... 462,334 611,774 691,138 641,538 718,732

Caribbean banking centers 1 ........ 955,536 1,186,221 1,200,444 1,666,943 1,808,085

Japan ...................................... 170,315 173,872 161,951 140,402 170,819

All other Asia........................... 214,276 260,142 256,934 299,192 333,838

Subtotal................................. 2,147,696 2,733,730 2,900,972 3,674,388 4,090,716

All other countries ................... 234,774 284,143 285,773 327,615 377,662

Grand total ............................ 2,382,470 3,017,873 3,186,745 4,002,003 4,468,378

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 $4.5 trillion in 

September 2007, an increase of 

$466 billion from yearend 2006. 

U.S. banking liabilities include 

foreign holdings of U.S. shortterm securities but exclude 

foreign holdings of U.S. longterm securities. U.S. banking 

liabilities increased about $815 

billion in 2006, about $169 billion 

in 2005, and about $635 billion in 

2004. 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 $241 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. 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

1700

1800

1900

2003 2004 2005 2006 Sept. 2007

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

December 2007 

67

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 

2006 2007 

Type of Claim 

 Calendar 

 Year 

 2005 June r Sept. r Dec. r Mar. June p 

Total claims.............................................................. 2,500,399 2,931,518 3,023,043 3,132,470 3,358,556 3,576,312 

Payable in dollars.................................................. 2,344,155 2,726,616 2,831,860 2,945,748 3,159,407 3,356,272 

Own claims on foreigners................................... 1,864,834 2,148,403 2,207,809 2,305,591 2,525,274 2,637,323 

Foreign official institutions............................... 72,919 82,209 97,067 98,010 92,666 96,012 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,391,775 1,582,240 1,626,309 1,677,056 1,863,007 1,913,795 

All other foreigners .......................................... 400,140 483,954 484,433 530,525 569,601 627,516 

Claims of domestic customers.............................. 479,321 578,213 624,051 640,157 634,133 718,949 

Payable in foreign currencies .................................. 156,244 204,902 191,183 186,722 199,149 220,040 

Own claims on foreigners ..................................... 100,144 121,111 106,937 123,358 121,891 138,755 

of which: 

Canadian dollars.............................................. 13,613 12,446 10,956 15,962 13,755 24,135 

Euros................................................................ 56,203 63,335 54,064 59,980 65,744 62,906 

United Kingdom pounds sterling...................... 11,739 17,842 17,677 18,816 15,008 15,106 

Japanese yen................................................... 10,338 12,579 11,895 13,239 14,442 16,800 

Claims of domestic customers.............................. 56,100 83,791 84,246 63,364 77,258 81,285 

of which: 

Canadian dollars.............................................. 4,536 4,246 6,000 4,448 4,796 4,261 

Euros................................................................ 38,671 64,953 64,409 47,240 62,721 67,539 

United Kingdom pounds sterling...................... 8,621 11,226 9,917 7,065 4,612 3,348 

Japanese yen................................................... 952 1,104 1,521 1,676 1,345 381 

Memoranda: 

Total own claims on foreigners ............................. 1,964,978 2,269,514 2,314,746 2,428,949 2,647,165 2,776,078 

Non-negotiable deposits .................................... 792,262 960,229 950,499 991,476 1,062,137 1,073,266 

Short-term negotiable instruments 

 (payable in dollars)........................................... 9,738 10,131 10,397 15,508 18,053 19,833 

Resale agreements ............................................ 482,090 611,780 651,613 664,373 739,410 794,401 

Other................................................................... 680,888 687,374 702,237 757,592 827,564 888,553 

Claims on own foreign offices............................... 1,304,277 1,544,474 1,578,206 1,639,462 1,842,075 1,920,328 

Claims reported by IBFs ....................................... 478,683 535,870 545,207 560,423 655,125 644,962 

Payable in dollars............................................... 448,031 498,016 511,023 524,907 619,843 606,879 

Payable in foreign currencies............................. 30,652 37,854 34,184 35,516 35,282 38,083 

Total claims held for domestic customers ............ 535,421 662,004 708,297 703,521 711,391 800,234 

Non-negotiable deposits .................................... 248,616 314,074 297,410 299,490 326,501 343,144 

Short-term negotiable instruments 

 (payable in dollars)........................................... 232,059 266,568 337,401 353,604 335,487 407,302 

Other ..................................................................... 54,746 81,362 73,486 50,427 49,403 49,788 

 

 
CAPITAL MOVEMENTS 

December 2007 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2005 2006 2007 

Country 

 Calendar 

 year 

 2004 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

 

Europe: 

Austria .................................................... 5,732 5,432 6,007 6,915 8,478 8,563 8,309 8,572

Belgium................................................... 11,676 14,095 22,076 27,060 19,955 20,258 33,993 43,170

Bulgaria .................................................. 106 23 40 45 38 38 39 38

Czech Republic ...................................... 746 3,413 3,460 3,849 2,583 3,546 3,232 3,604

Denmark................................................. 2,736 2,619 1,874 3,331 1,845 2,770 5,699 1,757

Finland.................................................... 12,365 9,610 10,156 12,907 15,054 10,360 14,933 15,143

France .................................................... 126,728 131,334 142,517 176,142 171,400 159,074 184,462 194,937

Germany................................................. 47,300 48,290 49,273 57,215 54,150 45,429 59,150 71,014

Greece.................................................... 140 116 243 682 902 1,081 1,421 1,442

Hungary.................................................. 192 121 168 50 133 157 181 183

Ireland..................................................... 23,245 41,916 32,912 34,728 47,427 62,729 69,379 69,480

Italy ......................................................... 21,748 23,200 20,011 25,727 35,173 41,479 38,379 34,823

Kazakhstan 1........................................... n.a. n.a. n.a. 501 446 510 725 863

Luxembourg ........................................... 9,151 14,772 15,299 17,498 17,569 16,033 17,679 25,873

Netherlands ............................................ 35,244 30,557 29,964 34,989 39,309 38,722 45,298 60,368

Norway ................................................... 27,739 19,083 26,448 29,093 32,130 35,117 28,204 25,101

Poland .................................................... 222 1,840 1,191 1,565 1,593 1,115 1,842 3,454

Portugal .................................................. 2,039 1,138 959 1,937 1,953 1,988 2,245 2,506

Romania ................................................. 264 288 272 273 265 290 217 209

Russia..................................................... 1,104 1,320 1,273 1,474 1,765 4,254 1,826 1,777

Spain ...................................................... 11,365 10,809 14,106 11,662 14,942 15,943 32,363 25,159

Sweden................................................... 28,445 27,865 29,693 27,782 37,832 29,377 28,572 31,026

Switzerland............................................. 118,486 151,785 172,232 124,533 141,708 112,027 170,746 183,067

Turkey..................................................... 2,604 3,459 3,342 3,453 4,112 5,429 3,754 3,678

United Kingdom...................................... 567,001 627,105 795,994 826,601 865,767 938,064 975,657 1,046,461

Channel Islands...................................... 31,814 42,827 41,957 40,163 41,027 45,533 48,523 56,782

All other Europe 1.................................... 6,424 18,996 21,754 1,556 2,460 4,193 3,501 3,744

Total Europe ........................................ 1,094,616 1,232,013 1,443,221 1,471,729 1,560,017 1,604,079 1,780,329 1,914,231

Memo: Euro Area 2 .................................... 306,733 331,269 343,523 407,460 426,313 421,659 507,611 552,487

Memo: European Union 3 .......................... n.a. n.a. n.a. 1,270,974 1,336,373 1,397,824 1,524,632 1,641,088

Canada...................................................... 78,707 94,997 93,373 107,385 101,468 106,212 108,872 134,093

Latin America: 

Argentina ................................................ 2,442 2,507 2,464 2,565 2,435 2,980 2,880 3,631

Bolivia 4 ................................................... n.a. n.a. n.a. 155 173 157 139 172

Brazil....................................................... 14,659 15,621 16,473 16,050 15,003 20,455 22,343 25,568

Chile ....................................................... 6,279 6,990 6,863 7,252 7,335 7,153 6,120 6,489

Colombia ................................................ 2,708 2,506 2,993 2,707 2,766 2,926 4,104 4,295

Costa Rica 4 ............................................ n.a. n.a. n.a. 734 721 733 780 782

Ecuador.................................................. 493 602 588 555 589 612 581 777

El Salvador 4 ........................................... n.a. n.a. n.a. 852 874 872 871 901

Guatemala.............................................. 891 903 1,005 925 919 1,055 1,135 1,108

Honduras 4 .............................................. n.a. n.a. n.a. 409 382 433 461 417

Mexico .................................................... 14,179 15,194 15,377 18,507 18,466 17,937 19,257 19,794

Nicaragua 4 ............................................. n.a. n.a. n.a. 101 99 89 89 82

Panama .................................................. 2,020 2,359 2,559 2,725 2,928 2,557 2,641 3,504

Paraguay 4 .............................................. n.a. n.a. n.a. 41 40 41 60 79

Peru ........................................................ 1,550 1,242 1,200 1,284 1,360 1,474 1,416 2,250

Uruguay.................................................. 422 486 481 430 527 362 1,119 341

Venezuela .............................................. 3,086 2,613 2,493 2,205 2,582 2,477 2,632 2,770

All other Latin America 4......................... 2,753 2,632 2,374 26 77 37 147 34

Total Latin America.............................. 51,482 53,655 54,870 57,523 57,276 62,350 66,775 72,994

Caribbean: 

Anguilla 5 ................................................ n.a. n.a. n.a. 3,141 4,373 5,281 2,575 3,481

Bahamas ................................................ 126,048 167,880 192,132 241,032 208,785 194,514 200,233 194,119

Barbados 5 .............................................. n.a. n.a. n.a. 391 429 471 372 794

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2007 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2005 2006 2007 

Country 

 Calendar 

 year 

 2004 Dec. Mar. r June r Sept. r Dec. r Mar. June p

 

Caribbean, con. 

Bermuda....................................... 34,495 20,875 22,960 18,963 22,964 21,725 29,255 18,880

British Virgin Islands 5................... n.a. n.a. n.a. 4,513 4,828 4,270 5,485 6,695

Cayman Islands............................ 587,781 674,769 755,478 772,459 769,663 836,827 881,945 939,620

Dominican Republic 5 ................... n.a. n.a. n.a. 412 488 650 615 571

Haiti 5............................................. n.a. n.a. n.a. 49 34 50 56 67

Jamaica ........................................ 351 448 472 602 721 695 768 592

Netherlands Antilles ..................... 5,610 4,558 4,624 4,412 3,962 2,686 2,897 2,634

Trinidad and Tobago .................... 760 957 822 948 792 1,055 1,034 680

All other Caribbean 5 .................... 7,843 8,687 11,181 252 362 383 563 580

Total Caribbean......................... 762,888 878,174 987,669 1,047,174 1,017,401 1,068,607 1,125,798 1,168,713

Asia: 

China, Mainland. .......................... 9,425 14,957 16,987 19,588 15,413 15,915 19,326 20,709

Hong Kong ................................... 6,316 9,042 8,534 11,046 10,316 8,300 6,473 7,479

India.............................................. 2,298 2,669 2,345 2,108 3,072 3,209 3,209 3,514

Indonesia...................................... 617 523 475 585 477 559 549 525

Israel............................................. 3,119 5,827 4,777 5,363 6,284 6,568 6,390 7,680

Japan............................................ 102,859 114,713 111,806 113,783 139,368 155,587 134,981 129,058

Jordan 6......................................... n.a. n.a. n.a. 23 23 21 21 33

Korea, South ................................ 16,194 17,470 12,171 18,201 29,474 25,258 24,841 26,815

Lebanon........................................ 49 53 33 22 21 20 27 39

Malaysia ....................................... 1,539 834 989 983 851 864 627 1,104

Pakistan........................................ 37 33 29 29 63 29 42 105

Philippines .................................... 1,023 1,820 1,224 1,279 1,177 1,020 1,094 1,123

Singapore ..................................... 6,604 8,210 7,988 6,429 7,745 5,519 5,347 6,810

Taiwan.......................................... 10,935 8,909 6,685 4,402 5,921 3,607 3,880 6,140

Thailand........................................ 1,450 8,183 7,235 8,281 7,798 6,134 6,131 5,607

Asian oil exporters 7 ..................... 10,755 13,670 10,979 13,735 11,951 11,789 13,281 15,470

All other Asia 6 .............................. 240 187 368 166 133 424 614 929

Total Asia................................... 173,460 207,100 192,625 206,023 240,087 244,823 226,833 233,140

Africa: 

Cameroon 8................................... n.a. n.a. n.a. 21 22 20 16 16

Egypt ............................................ 246 661 773 1,156 1,181 1,778 1,692 1,331

Ghana........................................... 22 19 37 32 8 13 19 8

Liberia........................................... 273 267 247 287 316 296 266 322

Morocco........................................ 95 94 84 105 71 84 77 85

South Africa.................................. 631 414 444 662 473 640 416 438

African oil exporters 9 ................... 249 339 307 309 335 414 326 295

All other Africa 8 ............................ 191 252 863 269 447 251 269 388

Total Africa ................................ 1,707 2,046 2,755 2,841 2,853 3,496 3,081 2,883

Other countries: 

Australia........................................ 15,211 18,569 21,590 22,621 29,344 26,591 32,769 36,830

New Zealand ................................ 2,243 3,601 3,973 3,335 3,276 4,147 2,929 2,839

All other ........................................ 82 178 416 402 219 242 364 335

Total other countries.................. 17,536 22,348 25,979 26,358 32,839 30,980 36,062 40,004

Total foreign countries ............ 2,180,396 2,490,333 2,800,492 2,919,033 3,011,941 3,120,547 3,347,750 3,566,058

International and regional orgs: 

International organizations........... 6,856 8,086 9,037 10,950 10,270 11,279 10,236 9,779

Regional organizations 10 ............. 1,189 1,980 2,156 1,535 832 644 570 475

Total international 

 and regional organizations.......... 8,045 10,066 11,193 12,485 11,102 11,923 10,806 10,254

Grand total .............................. 2,188,441 2,500,399 2,811,685 2,931,518 3,023,043 3,132,470 3,358,556 3,576,312

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, Nicaragua and 

Paraguay are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

December 2007 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 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 ............................................... 8,572 3,738 3,713 1,047 2,666 25 4,834 3,414 1,420

Belgium.............................................. 43,170 34,836 34,567 33,483 1,084 269 8,335 5,218 3,117

Czech Republic ................................. 3,604 3,599 3,589 3,577 12 10 5 - 5

Denmark............................................ 1,757 830 762 317 445 68 927 698 229

Finland............................................... 15,143 13,679 13,579 13,494 85 100 1,464 270 1,194

France ............................................... 194,937 150,397 140,602 131,196 9,406 9,795 44,540 31,599 12,941

Germany............................................ 71,014 30,911 24,718 16,809 7,909 6,193 40,103 24,086 16,017

Greece............................................... 1,442 155 135 30 105 20 1,287 8 1,279

Hungary............................................. 183 127 68 - 68 59 56 - 56

Ireland................................................ 69,480 33,387 28,227 15,474 12,753 5,160 36,093 33,409 2,684

Italy .................................................... 34,823 25,588 23,856 23,513 343 1,732 9,235 416 8,819

Kazakhstan1 ...................................... 863 854 826 680 146 28 9 - 9

Luxembourg ...................................... 25,873 12,825 11,573 2,150 9,423 1,252 13,048 10,076 2,972

Netherlands ....................................... 60,368 52,120 49,535 17,545 31,990 2,585 8,247 4,881 3,366

Norway .............................................. 25,101 18,876 18,619 17,911 708 257 6,225 5,674 551

Poland ............................................... 3,454 3,447 3,405 3,400 5 42 7 5 2

Portugal ............................................. 2,506 1,039 987 785 202 52 1,467 251 1,216

Romania ............................................ 209 198 169 10 159 29 11 - 11

Russia................................................ 1,777 1,777 1,731 1,501 230 46 - - -

Spain ................................................. 25,159 17,730 16,617 16,503 114 1,113 7,429 2,049 5,380

Sweden.............................................. 31,026 5,403 4,704 1,887 2,817 699 25,623 24,672 951

Switzerland........................................ 183,067 177,544 172,834 166,515 6,319 4,710 5,523 5,488 35

Turkey................................................ 3,678 3,606 3,304 2,544 760 302 72 1 71

United Kingdom................................. 1,046,461 863,202 830,531 535,384 295,147 32,671 183,259 175,644 7,615

Channel Islands .................................. 56,782 43,577 43,447 37,008 6,439 130 13,205 12,506 699

All other Europe 1............................... 3,782 2,095 906 648 258 1,189 1,687 1,210 477

Total Europe ................................... 1,914,231 1,501,540 1,433,004 1,043,411 389,593 68,536 412,691 341,575 71,116

Memo: Euro Area 2 ............................... 552,487 376,405 348,109 272,029 76,080 28,296 176,082 115,677 60,405

Canada................................................. 134,093 108,265 92,110 76,042 16,068 16,155 25,828 21,672 4,156

Latin America: 

Argentina ........................................... 3,631 3,582 3,473 721 2,752 109 49 34 15

Bolivia 3 .............................................. 172 172 167 1 166 5 - - -

Brazil.................................................. 25,568 25,425 24,630 11,915 12,715 795 143 136 7

Chile .................................................. 6,489 6,484 5,894 2,276 3,618 590 5 3 2

Colombia ........................................... 4,295 4,279 4,266 2,265 2,001 13 16 16 -

Costa Rica 3 ....................................... 782 774 772 222 550 2 8 - 8

Ecuador............................................. 777 777 772 246 526 5 - - -

El Salvador 3 ...................................... 901 900 900 200 700 - 1 1 -

Guatemala......................................... 1,108 1,107 1,074 470 604 33 1 1 -

Honduras 3 ......................................... 417 415 415 160 255 - 2 2 -

Mexico ............................................... 19,794 19,703 18,387 1,127 17,260 1,316 91 41 50

Panama ............................................. 3,504 3,491 3,253 2,350 903 238 13 13 -

Peru ................................................... 2,250 2,249 2,247 619 1,628 2 1 1 -

Uruguay............................................. 341 339 334 76 258 5 2 2 -

Venezuela ......................................... 2,770 2,516 2,429 425 2,004 87 254 254 -

All other Latin America 3.................... 195 193 192 56 136 1 2 2 -

Total Latin America......................... 72,994 72,406 69,205 23,129 46,076 3,201 588 506 82

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2007 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 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 ........................................... 194,119 135,713 133,440 129,602 3,838 2,273 58,406 58,209 197 

Bermuda............................................ 18,880 16,296 14,966 51 14,915 1,330 2,584 2,583 1 

British Virgin Islands 4........................ 6,695 6,570 5,348 46 5,302 1,222 125 125 - 

Cayman Islands................................. 939,620 674,410 643,684 541,056 102,628 30,726 265,210 263,481 1,729 

Dominican Republic 4 ........................ 571 571 567 118 449 4 - - - 

Jamaica ............................................. 592 592 566 135 431 26 - - - 

Netherlands Antilles .......................... 2,634 2,605 2,514 214 2,300 91 29 29 - 

Trinidad and Tobago ......................... 680 680 678 100 578 2 - - - 

All other Caribbean 4 ......................... 4,922 4,916 4,553 332 4,221 363 6 6 - 

Total Caribbean.............................. 1,168,713 842,353 806,316 671,654 134,662 36,037 326,360 324,433 1,927 

Asia: 

China, Mainland ................................ 20,709 20,632 20,279 19,943 336 353 77 67 10 

Hong Kong ........................................ 7,479 7,006 6,249 4,099 2,150 757 473 75 398 

India................................................... 3,514 3,472 3,256 2,506 750 216 42 29 13 

Indonesia........................................... 525 523 488 245 243 35 2 2 - 

Israel.................................................. 7,680 6,424 6,399 6,201 198 25 1,256 1,243 13 

Japan................................................. 129,058 121,866 113,884 100,856 13,028 7,982 7,192 6,338 854 

Korea, South ..................................... 26,815 26,335 25,927 25,282 645 408 480 438 42 

Malaysia ............................................ 1,104 356 320 275 45 36 748 3 745 

Pakistan............................................. 105 105 103 84 19 2 - - - 

Philippines ......................................... 1,123 1,118 1,098 856 242 20 5 1 4 

Singapore .......................................... 6,810 6,635 5,333 4,057 1,276 1,302 175 120 55 

Taiwan............................................... 6,140 6,001 5,650 2,213 3,437 351 139 6 133 

Thailand............................................. 5,607 5,602 5,587 5,559 28 15 5 5 - 

All other Asia ..................................... 16,471 16,368 15,022 14,083 939 1,346 103 76 27 

Total Asia........................................ 233,140 222,443 209,595 186,259 23,336 12,848 10,697 8,403 2,294 

Africa: 

Egypt ................................................. 1,331 400 399 159 240 1 931 7 924 

Ghana................................................ 8888 - - - - - 

Liberia................................................ 322 322 314 7 307 8 - - - 

Morocco............................................. 85 85 58 57 1 27 - - - 

South Africa....................................... 438 378 329 283 46 49 60 50 10 

All other Africa ................................... 699 674 663 219 444 11 25 20 5 

Total Africa ..................................... 2,883 1,867 1,771 733 1,038 96 1,016 77 939 

Other countries: 

Australia............................................. 36,830 16,821 15,065 8,056 7,009 1,756 20,009 19,301 708 

New Zealand ..................................... 2,839 993 867 519 348 126 1,846 1,827 19 

All other ............................................. 335 335 335 4 331 - - - - 

Total other countries....................... 40,004 18,149 16,267 8,579 7,688 1,882 21,855 21,128 727 

Total foreign countries ................. 3,566,058 2,767,023 2,628,268 2,009,807 618,461 138,755 799,035 717,794 81,241 

International and regional orgs: 

International organizations................ 9,779 8,713 8,713 - 8,713 - 1,066 1,048 18 

Regional organizations 5.................... 475 342 342 - 342 - 133 107 26 

Total international and regional 

 organizations ................................ 10,254 9,055 9,055 - 9,055 - 1,199 1,155 44 

Grand total ................................... 3,576,312 2,776,078 2,637,323 2,009,807 627,516 138,755 800,234 718,949 81,285 

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

 Before June 2006, data for Bolivia, Costa Rica, El Salvador, and Honduras are included in 

“All other Latin America.”

4

 Before June 2006, data for the British Virgin Islands and Dominican Republic are 

included in “All other Caribbean.” 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2007 

72 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

2003 2004 2005 2006 June 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 June 2007 

United Kingdom......................... 385,701 567,001 627,105 938,064 1,046,461

All other Europe......................... 401,137 527,615 604,908 666,015 867,770

Caribbean banking centers 1 ..... 612,200 755,954 870,441 1,062,579 1,165,452

Japan ......................................... 74,174 102,859 114,713 155,587 129,058

All other Asia.............................. 65,922 70,601 92,387 89,236 104,082

Subtotal.................................... 1,539,134 2,024,030 2,309,554 2,911,481 3,312,823

All other countries...................... 160,865 164,411 190,845 220,989 263,489

Grand total............................... 1,699,999 2,188,441 2,500,399 3,132,470 3,576,312

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2007, U.S. claims on 

foreigners reported by U.S. banks 

amounted to about $3.6 trillion, 

an increase of $444 billion from 

the level recorded at yearend 

2006. U.S. banking claims 

include holdings of foreign shortterm securities but exclude 

holdings of foreign long-term 

securities. U.S. banking claims 

increased $632 billion in 2006, 

but part of the increase reflects 

changes in coverage in the bankreported 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 $201 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 less than 10 percent 

currently. 
CAPITAL MOVEMENTS 

December 2007 

73

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 June Sept. r Dec. r Mar. June p 

 

Total liabilities ................................................ 73,700 92,009 76,710 78,195 85,780 89,217 89,729 106,789 

Payable in dollars....................................... 43,147 55,386 58,728 61,390 69,494 72,331 66,250 82,317 

Financial................................................. 15,515 29,575 24,003 19,395 29,323 35,033 27,136 31,679 

Short-term negotiable securities........ 1,895 1,410 3,248 6,939 7,876 8,266 3,093 2,220 

Other .................................................. 13,620 28,165 20,755 12,456 21,447 26,767 24,043 29,459 

Commercial............................................ 27,632 25,811 34,725 41,995 40,171 37,298 39,114 50,638 

Trade payables .................................. 16,000 16,705 21,751 28,827 27,299 24,415 25,801 27,472 

Advance receipts and other............... 11,632 9,106 12,974 13,877 13,846 13,903 14,493 24,339 

Payable in foreign currencies .................... 30,553 36,623 17,982 16,805 16,286 16,886 23,479 24,472 

By major foreign currency: 

Canadian dollars................................ 1,630 2,623 2,525 1,763 2,936 3,536 1,860 2,029 

Euros.................................................. 11,159 10,125 5,041 4,131 4,288 5,239 11,315 12,030 

United Kingdom pounds sterling........ 12,031 19,041 3,640 3,356 3,145 4,494 5,862 4,585 

Japanese yen..................................... 2,702 1,860 2,326 1,516 1,560 1,770 1,775 2,778 

Other .................................................. 3,031 2,974 4,450 6,039 4,357 1,847 2,667 3,050 

By type of liability: 

Financial............................................. 28,095 33,272 15,246 13,600 13,233 13,679 19,953 21,060 

Short-term negotiable securities.... 12,107 10,349 5,802 4,547 4,572 3,351 4,599 4,563 

Other .............................................. 15,988 22,923 9,444 9,053 8,661 10,328 15,354 16,497 

Commercial........................................ 2,458 3,351 2,736 3,205 3,053 3,207 3,526 3,412 

Trade payables .............................. 1,174 1,476 1,299 1,292 1,265 1,258 1,364 1,245 

Advance receipts and other........... 1,284 1,875 1,437 1,204 814 929 982 994 

Total claims.................................................... 100,916 143,232 144,950 118,575 124,815 126,032 131,225 136,049 

Payable in dollars....................................... 83,388 94,884 105,700 92,779 96,318 100,031 98,336 105,121 

Financial................................................. 57,894 67,445 75,802 59,240 63,946 66,871 64,047 66,583 

Non-negotiable deposits .................... 33,944 42,005 42,140 36,002 29,750 28,380 25,922 24,649 

Negotiable CDs and short-term 

 negotiable instruments..................... 3,047 9,739 12,888 445 2,044 2,624 498 1,294 

Other .................................................. 21,365 16,314 20,774 22,793 32,152 35,867 37,627 40,640 

Commercial............................................ 25,494 27,439 29,898 33,539 32,372 33,160 34,289 38,538 

Trade receivables .............................. 21,245 24,778 26,080 30,502 29,363 30,225 30,757 34,651 

Advance payments and other............ 4,249 2,661 3,818 3,835 3,889 4,371 4,472 4,825 

Payable in foreign currencies .................... 17,528 48,348 39,250 25,796 28,497 26,001 32,889 30,928 

By major foreign currency: 

Canadian dollars................................ 2,469 1,841 9,829 8,897 10,962 9,194 4,944 4,354 

Euros.................................................. 4,318 22,212 10,643 5,979 7,682 6,951 17,640 16,571 

United Kingdom pounds sterling........ 4,429 10,805 8,341 5,135 4,945 4,675 5,670 4,557 

Japanese yen..................................... 1,420 7,583 3,724 760 889 1,027 998 1,125 

Other .................................................. 4,892 5,907 6,713 5,025 4,019 4,154 3,637 4,321 

By type of claim: 

Financial............................................. 9,453 43,072 35,592 22,421 24,909 21,775 29,026 27,136 

Non-negotiable deposits ................ 1,976 5,878 8,009 5,962 4,628 3,529 2,415 3,351 

Short-term negotiable securities.... 164 153 292 99 108 120 81 82 

Other .............................................. 7,313 37,041 27,291 16,360 20,173 18,126 26,530 23,703 

Commercial........................................ 8,075 5,276 3,658 3,375 3,588 4,226 3,863 3,792 

Trade receivables .......................... 7,373 4,451 3,151 2,075 1,974 2,577 2,503 2,384 

Advance payments and other........ 702 825 507 502 734 213 420 470 

 

 
CAPITAL MOVEMENTS 

December 2007 

74 

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 June Sept. r Dec. r Mar. June p 

Europe: 

Austria.................................. 64 82 146 68 93 41 91 64 97

Belgium 1 .............................. 285 163 74 73 110 118 181 95 434

Bulgaria................................ 4 3 2 - - 34 44 54 48

Czech Republic.................... 13 6 34 17 14 19 14 17 14

Denmark............................... 522 67 41 78 137 76 132 132 133

Finland ................................. 56 47 38 20 74 47 140 28 80

France.................................. 6,008 4,443 2,368 2,631 3,460 2,628 2,562 2,497 2,183

Germany .............................. 3,704 4,386 3,935 3,646 5,019 11,095 12,391 5,729 8,485

Greece ................................. 403 474 248 401 349 338 182 163 180

Hungary................................ 32 11 14 12 15 14 18 13 14

Ireland .................................. 785 856 1,070 1,636 642 315 316 168 592

Italy....................................... 1,271 1,154 795 1,174 989 933 1,040 1,117 1,197

Luxembourg 1....................... n.a. 705 824 378 299 311 977 816 643

Netherlands.......................... 2,415 668 668 895 876 1,067 1,709 1,096 959

Norway................................. 406 445 1,365 3,537 346 460 545 274 480

Poland.................................. 46 26 151 229 326 317 330 360 410

Portugal................................ 17 7 22 39 49 24 27 35 146

Romania............................... 20 30 33 4 5 6 9 14 6

Russia 2 ................................ 38 71 74 64 120 101 110 121 169

Serbia and Montenegro 

(formerly Yugoslavia) 3 .... 9 - 2 4 2 1 1 11 1

Spain.................................... 403 1,068 591 399 353 231 269 268 417

Sweden ................................ 115 656 800 747 168 925 952 912 819

Switzerland .......................... 494 1,884 1,078 1,237 1,225 1,491 1,070 1,807 1,687

Turkey .................................. 101 302 180 137 217 230 261 348 487

United Kingdom ................... 25,180 26,911 32,878 15,093 15,989 15,964 17,339 25,615 29,277

Channel Islands and 

Isle of Man 4 ..................... n.a. - 2 501 35 10 15 - -

Other Europe ....................... 201 188 286 250 260 369 421 310 363

Total Europe .................... 42,592 44,653 47,720 33,271 31,172 37,165 41,146 42,064 49,321

Canada..................................... 2,179 3,405 4,578 4,905 6,399 7,092 7,694 5,953 7,101

Latin America: 

Argentina.............................. 62 125 59 148 183 154 138 183 213

Brazil .................................... 318 475 321 288 269 252 264 165 370

Chile ..................................... 55 60 91 387 444 474 406 440 465

Colombia.............................. 50 118 84 106 218 231 208 222 292

Ecuador................................ 5 21 26 10 29 28 89 35 235

Guatemala ........................... 13 15 10 23 7 15 25 7 18

Mexico.................................. 1,201 1,332 1,968 2,234 2,822 2,551 2,150 2,346 2,522

Panama................................ 61 52 7 56 80 57 57 56 120

Peru...................................... 21 15 17 8 10 11 6 12 51

Uruguay................................ 6 4 2 2 3 1 13 18 44

Venezuela ............................ 178 332 451 681 461 465 353 571 677

Other Latin America 5 ........... 503 98 113 105 112 38 24 53 65

Total Latin America............. 2,473 2,647 3,149 4,048 4,638 4,277 3,733 4,108 5,072

Caribbean: 

Bahamas.............................. 74 14 32 70 65 85 70 109 163

Bermuda................................... 1,528 1,224 9,230 1,704 856 720 777 793 1,317

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 8,361 10,025 12,804 12,663 12,987

Cuba..................................... 29 2 -------

Jamaica................................ 28 17 24 14 17 18 20 22 33

Netherlands Antilles............. 11 3 14 13 2 2 2 5 58

Trinidad and Tobago............ 33 16 15 44 42 19 25 16 21

Other Caribbean 5 ................ n.a. 564 729 936 1,297 1,065 761 1,145 1,030

Total Caribbean ............... 2,104 4,994 17,323 9,303 10,640 11,934 14,459 14,753 15,609

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2007 

75

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 June Sept. r Dec. r Mar. June p 

Asia: 

China, Mainland. .................... 1,252 1,129 3,983 3,825 863 849 1,297 780 3,207

Hong Kong ............................. 495 583 668 746 662 1,129 564 576 697

India........................................ 160 86 103 158 256 360 418 401 1,106

Indonesia................................ 100 60 74 89 48 51 57 48 133

Israel....................................... 350 519 302 613 409 307 385 355 295

Japan...................................... 6,124 6,196 5,869 7,354 7,447 7,254 7,210 7,271 7,082

Korea, South .......................... 548 1,331 723 1,743 1,850 1,620 1,350 1,337 1,665

Lebanon ................................. 53 13 35 42 11 14 11 8 6

Malaysia ................................. 140 188 256 335 416 325 471 419 327

Pakistan.................................. 158 233 171 230 143 151 171 180 324

Philippines.............................. 108 139 117 109 110 125 95 108 53

Singapore............................... 1,796 1,436 822 1,823 2,449 2,590 2,839 2,797 3,792

Syria ....................................... 13 2 21 4 3 5 8 8 7

Taiwan.................................... 659 441 491 1,010 1,081 1,182 1,093 1,161 1,005

Thailand.................................. 118 34 79 212 789 616 599 629 376

Oil-exporting countries 7......... 3,993 3,184 2,946 4,159 5,991 6,178 3,955 4,715 6,870

Other Asia .............................. 247 284 303 298 230 254 156 185 251

Total Asia ........................... 16,314 15,858 16,963 22,750 22,758 23,010 20,679 20,978 27,196

Africa: 

Congo (formerly Zaire)........... 1 86 - - 1 - - - -

Egypt ...................................... 128 28 132 119 131 112 132 159 209

Ghana..................................... 242133622

Liberia..................................... 1 - 14 1 69 2 3 3 1

Morocco.................................. 42 41 44 42 41 39 42 43 90

South Africa............................ 130 52 36 950 798 738 35 35 40

Oil-exporting countries 8......... 496 464 518 590 755 591 283 599 637

Other Africa ............................ 158 230 332 210 280 217 379 141 315

Total Africa ......................... 958 905 1,078 1,913 2,078 1,702 880 982 1,294

Other countries: 

Australia ................................. 732 1,053 1,047 397 471 507 560 843 1,096

New Zealand 9........................ n.a. 71 51 38 18 20 36 17 72

All other .................................. 238 98 98 83 7 47 15 12 5

Total other countries .......... 970 1,222 1,196 518 496 574 611 872 1,173

Total foreign countries ... 67,590 73,684 92,007 76,708 78,181 85,754 89,202 89,710 106,766

International and regional orgs: 

International organizations..... 22 - - - - 3 - 2 -

Regional organizations 10 ....... 52 16 2 2 14 23 15 17 23

Total international and 

 regional organizations...... 74 16 2 2 14 26 15 19 23

Grand total ..................... 67,664 73,700 92,009 76,710 78,195 85,780 89,217 89,729 106,789

 

 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 

December 2007 

76 

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 June r Sept. r Dec. r Mar. June p

Europe: 

Austria....................................... 1,770 1,752 1,816 2,159 1,977 2,041 2,031 2,013 2,037

Belgium 1 ................................... 991 523 2,307 1,822 512 782 419 447 1,864

Bulgaria..................................... 9 14 37 29 17 7 3 - 1

Czech Republic......................... 62 54 64 49 55 51 50 44 52

Denmark.................................... 112 716 494 341 135 158 149 181 240

Finland ...................................... 624 176 617 336 408 521 591 599 515

France....................................... 6,411 5,865 3,713 5,063 5,229 4,622 3,420 4,233 5,511

Germany ................................... 5,447 4,132 6,787 4,238 4,103 10,723 10,148 10,212 10,778

Greece ...................................... 409 204 199 380 192 207 163 170 206

Hungary..................................... 51 53 46 57 84 37 45 49 104

Ireland ....................................... 516 423 1,672 795 940 1,135 858 749 1,384

Italy............................................ 2,963 4,069 2,434 3,702 2,018 2,026 2,337 2,467 2,544

Luxembourg 1............................ n.a. 115 127 391 473 311 352 479 1,618

Netherlands............................... 5,138 3,184 7,883 3,387 2,127 3,137 3,570 5,015 5,804

Norway...................................... 286 315 229 402 235 325 366 316 935

Poland....................................... 79 104 57 58 71 81 99 101 113

Portugal..................................... 222 161 146 60 85 63 64 94 91

Romania.................................... 24 25 47 22 18 28 36 47 39

Russia 2 ..................................... 93 118 157 359 684 723 774 892 918

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 10 13 14 17 12 10 10 4 6

Spain......................................... 1,370 1,803 1,242 2,032 1,381 1,380 1,425 1,469 1,730

Sweden ..................................... 417 779 648 503 448 502 652 722 681

Switzerland ............................... 886 2,538 2,506 1,876 1,523 1,838 1,424 1,552 1,865

Turkey ....................................... 503 474 594 638 472 519 420 454 554

United Kingdom ........................ 14,390 15,366 27,699 24,772 13,671 15,777 17,483 26,081 22,898

Channel Islands and 

Isle of Man 4 .......................... n.a. - 25 16 9 29 19 26 22

Other Europe ............................ 422 546 607 1,315 862 1,024 1,267 1,036 1,241

Total Europe ......................... 43,205 43,522 62,171 54,820 37,741 48,057 48,175 59,452 63,751

Canada.......................................... 7,803 8,381 8,429 16,122 16,138 17,593 17,520 13,027 15,352

Latin America: 

Argentina................................... 602 398 406 350 423 499 470 919 434

Brazil ......................................... 3,036 2,735 2,758 2,972 2,676 2,465 2,927 2,569 2,450

Chile .......................................... 217 382 346 303 277 307 299 374 315

Colombia................................... 240 234 295 299 335 362 349 508 467

Ecuador..................................... 112 117 86 95 124 112 119 136 109

Guatemala ................................ 79 76 90 100 135 120 116 144 141

Mexico....................................... 4,180 2,968 3,756 4,108 3,072 3,252 3,242 3,078 3,121

Panama..................................... 79 232 177 198 233 225 266 188 198

Peru........................................... 69 73 95 117 131 138 164 169 148

Uruguay..................................... 30 16 13 5 12 11 12 17 45

Venezuela ................................. 392 361 474 539 507 466 481 542 599

Other Latin America 5 ................ 1,102 427 504 485 265 311 376 362 358

Total Latin America................... 10,138 8,019 9,000 9,571 8,190 8,268 8,821 9,006 8,385

Caribbean: 

Bahamas................................... 1,069 1,075 1,631 1,631 3,841 4,494 3,949 5,791 2,119

Bermuda......................................... 1,011 1,024 5,358 2,238 2,768 2,095 1,734 1,958 2,278

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 29,468 23,709 26,051 21,286 21,232

Cuba.......................................... - 16 8 12 3 2 2 2 2

Jamaica..................................... 94 84 67 70 72 62 60 93 65

Netherlands Antilles.................. 45 32 37 42 15 17 30 95 8

Trinidad and Tobago................. 54 100 120 119 142 135 125 134 112

Other Caribbean 5 ..................... n.a. 951 1,085 1,721 1,553 1,349 1,264 1,707 1,537

Total Caribbean .................... 23,820 23,349 44,626 42,249 37,862 31,863 33,215 31,066 27,353

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2007 

77

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 June r Sept. r Dec. r Mar. June p

 

Asia: 

China, Mainland..................... 867 1,066 3,688 4,958 1,473 1,504 1,772 1,713 2,128

Hong Kong ............................. 682 832 701 941 1,253 907 1,009 1,125 998

India ....................................... 743 668 643 413 615 437 654 626 597

Indonesia................................ 280 170 393 445 392 308 231 160 136

Israel ...................................... 453 749 482 403 440 406 360 486 540

Japan ..................................... 3,618 2,951 2,848 2,696 2,823 2,986 3,349 4,067 4,605

Korea, South .......................... 1,738 1,456 1,569 1,244 1,063 1,383 1,143 1,191 1,225

Lebanon ................................. 21 34 15 22 16 22 19 15 13

Malaysia................................. 521 497 549 536 385 373 270 303 353

Pakistan ................................. 17 34 43 57 66 41 86 89 59

Philippines.............................. 708 743 503 275 93 103 109 106 110

Singapore............................... 1,044 1,162 1,600 1,944 1,533 1,651 1,811 1,525 1,640

Syria ....................................... 28 6 14 6 3 3 10 - 7

Taiwan.................................... 696 783 892 853 987 873 972 904 1,299

Thailand ................................. 237 250 326 295 340 346 312 323 299

Oil-exporting countries 7......... 897 1,046 1,208 1,800 2,548 2,936 1,814 1,682 2,797

Other Asia .............................. 132 222 309 408 221 290 328 375 368

Total Asia ........................... 12,682 12,669 15,783 17,296 14,251 14,569 14,249 14,690 17,174

Africa: 

Congo (formerly Zaire)........... 18 2 1 1 13 12 11 8 6

Egypt...................................... 155 176 159 194 169 196 165 209 223

Ghana .................................... 9 8 4 16 15 16 3 10 2

Liberia .................................... 50 109 102 98 65 76 73 72 70

Morocco ................................. 24 27 33 23 57 25 21 26 32

South Africa ........................... 273 247 193 1,075 977 964 221 260 240

Oil-exporting countries 8......... 120 150 162 295 351 393 332 299 354

Other Africa............................ 330 336 281 419 426 422 411 443 433

Total Africa......................... 979 1,055 935 2,121 2,073 2,104 1,237 1,327 1,360

Other countries: 

Australia ................................. 3,540 3,619 1,588 2,144 2,099 2,143 2,365 2,374 2,412

New Zealand 9........................ n.a. 208 441 420 160 156 351 181 164

All other.................................. 393 83 245 207 49 50 76 71 23

Total other countries .......... 3,933 3,910 2,274 2,771 2,308 2,349 2,792 2,626 2,599

Total foreign countries ... 102,560 100,905 143,218 144,950 118,563 124,803 126,009 131,194 135,974

International and regional orgs : 

International organizations..... 2 1 3 - 11 4 4 9 26

Regional organizations 10....... 4 10 11 - 1 8 19 22 49

Total international and 

 regional organizations...... 6 11 14 - 12 12 23 31 75

Grand total ..................... 102,566 100,916 143,232 144,950 118,575 124,815 126,032 131,225 136,049

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 

December 2007 

78 

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

Country, June 30, 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 ........................................... 97 27 70 2,037 1,962 75 

Belgium 1 ....................................... 434 332 102 1,864 1,585 279 

Bulgaria ......................................... 48 - 48 1 - 1 

Czech Republic............................. 14 3 11 52 14 38 

Denmark........................................ 133 3 130 240 108 132 

Finland........................................... 80 16 64 515 209 306 

France ........................................... 2,183 621 1,562 5,511 3,557 1,954 

Germany........................................ 8,485 6,264 2,221 10,778 9,058 1,720 

Greece........................................... 180 22 158 206 75 131 

Hungary......................................... 14 8 6 104 65 39 

Ireland ........................................... 592 284 308 1,384 692 692 

Italy................................................ 1,197 98 1,099 2,544 669 1,875 

Luxembourg 1 ................................ 643 531 112 1,618 1,400 218 

Netherlands................................... 959 204 755 5,804 5,138 666 

Norway .......................................... 480 11 469 935 787 148 

Poland ........................................... 410 - 410 113 46 67 

Portugal......................................... 146 105 41 91 17 74 

Romania........................................ 6 - 6 39 13 26 

Russia 2 ......................................... 169 14 155 918 641 277 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 1 - 1 6 - 6 

Spain ............................................. 417 63 354 1,730 776 954 

Sweden ......................................... 819 513 306 681 401 280 

Switzerland.................................... 1,687 313 1,374 1,865 806 1,059 

Turkey ........................................... 487 24 463 554 430 124 

United Kingdom............................. 29,277 24,956 4,321 22,898 18,377 4,521 

Channel Islands and 

Isle of Man 4 .............................. - - - 22 - 22 

Other Europe................................. 363 31 332 1,241 791 450 

Total Europe.............................. 49,321 34,443 14,878 63,751 47,617 16,134 

Canada.............................................. 7,101 2,371 4,730 15,352 11,317 4,035 

Latin America: 

Argentina....................................... 213 3 210 434 15 419 

Brazil ............................................. 370 15 355 2,450 1,580 870 

Chile .............................................. 465 13 452 315 106 209 

Colombia ....................................... 292 - 292 467 66 401 

Ecuador......................................... 235 2 233 109 17 92 

Guatemala..................................... 18 - 18 141 35 106 

Mexico........................................... 2,522 35 2,487 3,121 1,166 1,955 

Panama......................................... 120 15 105 198 102 96 

Peru............................................... 51 - 51 148 12 136 

Uruguay......................................... 44 - 44 45 1 44 

Venezuela ..................................... 677 14 663 599 158 441 

Other Latin America 5 .................... 65 1 64 358 140 218 

Total Latin America ....................... 5,072 98 4,974 8,385 3,398 4,987 

Caribbean: 

Bahamas ....................................... 163 - 163 2,119 2,086 33 

Bermuda............................................. 1,317 5 1,312 2,278 1,264 1,014 

Cayman Islands 6............................. 12,987 12,388 599 21,232 20,747 485 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 33 7 26 65 20 45 

Netherlands Antilles ...................... 58 - 58 8 - 8 

Trinidad and Tobago..................... 21 3 18 112 57 55 

Other Caribbean 5 ......................... 1,030 150 880 1,537 458 1,079 

Total Caribbean......................... 15,609 12,553 3,056 27,353 24,632 2,721 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2007 

79

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

Country, June 30, 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 ............................ 3,207 166 3,041 2,128 503 1,625 

Hong Kong .................................... 697 166 531 998 245 753 

India............................................... 1,106 26 1,080 597 152 445 

Indonesia....................................... 133 11 122 136 55 81 

Israel.............................................. 295 2 293 540 45 495 

Japan............................................. 7,082 1,392 5,690 4,605 1,465 3,140 

Korea, South ................................. 1,665 136 1,529 1,225 487 738 

Lebanon ........................................ 6 2 4 13 - 13 

Malaysia ........................................ 327 8 319 353 93 260 

Pakistan......................................... 324 4 320 59 - 59 

Philippines..................................... 53 4 49 110 51 59 

Singapore...................................... 3,792 111 3,681 1,640 104 1,536 

Syria .............................................. 7 - 7 7 - 7 

Taiwan........................................... 1,005 7 998 1,299 50 1,249 

Thailand......................................... 376 6 370 299 189 110 

Other Asia ..................................... 251 35 216 368 137 231 

Total Asia .................................... 27,196 3,164 24,032 17,174 4,687 12,487 

Africa: 

Congo (formerly Zaire).................. - - - 6 6 - 

Egypt ............................................. 209 - 209 223 9 214 

Ghana............................................ 2 - 2 2 1 1 

Liberia............................................ 1 1 - 70 70 - 

Morocco......................................... 90 - 90 32 13 19 

South Africa................................... 40 8 32 240 89 151 

Other Africa ................................... 315 18 297 433 157 276 

Total Africa ................................ 1,294 27 1,267 1,360 378 982 

Other countries: 

Australia ........................................ 1,096 76 1,020 2,412 1,599 813 

New Zealand 7............................... 72 5 67 164 87 77 

All other ......................................... 5 2 3 23 - 23 

Total other countries ................. 1,173 83 1,090 2,599 1,686 913 

Total foreign countries .......... 106,766 52,739 54,027 135,974 93,715 42,259 

International and regional orgs: 

International organizations............ - - - 26 - 26 

Regional organizations 8 ............... 23 - 23 49 4 45 

Total international and 

 regional organizations............. 23 - 23 75 4 71 

Grand total ............................ 106,789 52,739 54,050 136,049 93,719 42,330 

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 

December 2007 

80

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) 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 ......................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 r ....................................... 207,263 71,831 134,674 758 10,986,214 10,778,951 294,068 1,633,299 1,339,231 

2007 - Jan. - Sept. p ................ 126,872 -12,094 140,452 -1,486 11,266,288 11,139,416 187,886 1,469,433 1,281,547 

 

2006 - Sept............................... 2,293 7,589 -5,285 -11 907,546 905,253 25,452 123,862 98,410 

Oct................................ 25,357 18,463 7,062 -168 956,490 931,133 13,768 127,613 113,845 

Nov. r............................ 40,908 1,639 38,683 586 1,012,666 971,758 19,525 167,177 147,652 

Dec. r............................ 14,554 7,661 7,013 -120 967,606 953,052 31,611 188,706 157,095 

2007 - Jan. r............................. 16,148 -4,860 21,159 -151 882,067 865,919 36,253 158,797 122,544 

Feb. r............................ 17,699 2,172 15,578 -51 1,112,067 1,094,368 5,223 142,900 137,677 

Mar. r ............................ 31,101 1,377 29,512 212 1,490,732 1,459,631 15,148 159,064 143,916 

Apr. r............................. 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 ............................. 24,682 6,433 20,110 -1,861 1,373,277 1,348,595 39,594 171,020 131,426 

July ............................... -9,367 -6,925 -2,518 76 1,244,821 1,254,188 8,666 164,857 156,191 

Aug. p........................... -2,764 -29,685 27,096 -175 1,723,233 1,725,997 8,355 166,107 157,752 

Sept. p.......................... 26,252 14,620 11,489 143 1,216,715 1,190,463 11,482 182,090 170,608 

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) 

 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 r ............................................................................ 513,998 1,684,657 1,170,659 150,615 6,882,746 6,732,131 

2007 - Jan. - Sept. p ..................................................... 301,554 1,481,612 1,180,058 125,198 7,579,916 7,454,718 

 

2006 - Sept. r ................................................................ 62,989 162,018 99,029 14,702 557,610 542,908 

Oct. r.................................................................. 39,900 148,282 108,382 27,103 637,372 610,269 

Nov. r................................................................. 64,883 177,410 112,527 6,734 608,894 602,160 

Dec. r................................................................. 38,471 172,193 133,722 -10,982 576,993 587,975 

2007 - Jan. r .................................................................. 48,505 162,219 113,714 22,377 630,400 608,023 

Feb. r................................................................. 48,566 161,842 113,276 11,956 630,096 618,140 

Mar. r ................................................................. 45,370 188,513 143,143 9,485 880,537 871,052 

Apr. r.................................................................. 33,627 142,698 109,071 27,460 690,355 662,895 

May ................................................................... 78,308 215,879 137,571 42,044 861,753 819,709 

June .................................................................. 28,536 183,722 155,186 28,840 881,343 852,503 

July .................................................................... 4,475 137,269 132,794 21,222 927,052 905,830 

Aug. p................................................................ -934 155,190 156,124 -40,725 1,278,775 1,319,500 

Sept. p............................................................... 15,101 134,280 119,179 2,539 799,605 797,066 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

December 2007 

81

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) 

 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 r ................................................... -251,793 -144,090 1,881,727 2,025,817 -107,703 3,645,363 3,753,066 

2007 - Jan. - Sept. p ............................ -222,557 -119,269 2,329,784 2,449,053 -103,288 3,771,248 3,874,536 

 

2006 - Sept........................................... -23,731 -15,153 146,233 161,386 -8,578 271,458 280,036 

Oct............................................ -16,828 -9,006 162,165 171,171 -7,822 336,651 344,473 

Nov. r........................................ -33,442 -11,355 195,031 206,386 -22,087 335,848 357,935 

Dec. r........................................ -51,447 -31,035 195,946 226,981 -20,412 321,335 341,747 

2007 - Jan. r......................................... -14,272 -938 218,853 219,791 -13,334 337,493 350,827 

Feb. r........................................ -20,764 -4,365 232,982 237,347 -16,399 361,661 378,060 

Mar. r ........................................ -41,752 -34,339 275,843 310,182 -7,413 431,137 438,550 

Apr............................................ -17,324 -9,666 261,522 271,188 -7,658 370,379 378,037 

May........................................... -37,643 -21,190 293,776 314,966 -16,453 448,533 464,986 

June.......................................... -21,764 -8,245 279,057 287,302 -13,519 451,421 464,940 

July ........................................... -5,541 879 290,035 289,156 -6,420 469,307 475,727 

Aug. p....................................... -34,531 -21,679 279,607 301,286 -12,852 544,210 557,062 

Sept. p...................................... -28,966 -19,726 198,109 217,835 -9,240 357,107 366,347 

 
CAPITAL MOVEMENTS 

December 2007 

82

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 2007 2007 2007 

Country 

 Calendar 

 year 

 2006 r 

 (1) 

Jan. 

through 

Sept 

(2) 

July 

 through 

 Sept. p 

 (3) 

Calendar 

year 

2006 r 

(4) 

 Jan. 

 through

 Sept. 

 (5) 

 July 

 through 

 Sept. p 

 (6) 

 Calendar 

 year 

 2006 r 

 (7) 

Jan. 

 through

Sept. 

 (8) 

 July 

 through 

Sept. p 

 (9) 

Calendar 

year 

2006 r 

(10) 

Jan. 

through 

Sept. 

(11) 

July 

through 

Sept. p 

(12) 

Europe: 

Austria............................. -928 -96 -163 -92 -78 -53 372 -1,009 -289 -71 -117 71

Belgium........................... 379 -1,682 -444 -274 -686 -769 -2,097 -6,434 -1,211 1,662 -726 21

Bulgaria........................... -26 -3 - 49 -2 -2 32 5 -1 -9 - -

Cyprus 1 .......................... n.a. -3 -1 n.a. -5 -14 n.a. 66 7 n.a. 142 114

Czech Republic............... 540 -183 4 -317 -238 -159 11 -7 -5 69 143 6

Denmark ......................... -2,901 336 272 -14 -207 -517 -401 1,330 369 2,161 626 222

Finland............................ -39 99 138 77 -48 -69 100 188 14 113 214 101

France............................. -1,597 -7,782 -8,426 -261 2,939 848 22,121 4,537 511 21,727 12,138 1,244

Germany ......................... 2,050 -1,252 -4,324 4,921 1,050 669 -11,754 4,075 1,739 -8,045 -4,617 -5,516

Greece............................ 302 -401 -115 6 -1 14 67 9 -3 -230 197 -18

Hungary .......................... 147 45 74 -3,062 -398 -232 -1,207 -1,219 -497 42 84 3

Ireland............................. -1,368 896 375 4,197 52 452 14,396 6,308 262 -1,802 237 158

Italy ................................. 217 -299 -570 356 -386 -155 -506 59 -233 -2,301 -2,851 424

Kazakhstan 1................... n.a. 1,210 -651 n.a. -279 -1,194 n.a. 42 6 n.a. -10 -14

Luxembourg.................... -1,203 101 94 5,028 -3,455 -2,940 3,346 -11,373 -12,440 11,592 -2,844 -1,759

Monaco 1......................... n.a. -328 -28 n.a. 31 -2 n.a. -27 -58 n.a. -1,284 -1,207

Netherlands .................... 640 1,334 -1,304 -1,465 225 598 3,220 -349 -30 -5,301 8,890 371

Norway............................ 7,723 -29,342 19,443 10,744 2,530 927 5,618 3,107 54 -530 1,023 1,187

Poland............................. -1,323 325 -381 -123 177 -287 -35 -23 1 -38 -41 -29

Portugal .......................... -798 395 254 -130 -450 -28 11 -237 -64 120 113 -37

Romania ......................... 514 -508 -710 592 467 199 2 32 - -12 -12 -10

Russia............................. 5,830 6,313 -1,739 12,738 10,842 964 63 399 28 -1 6 26

Serbia and Montenegro 2... 301 387 197 - 4 - - - - -1 - -

Spain............................... -1,254 499 53 -265 -128 -147 6,580 -1,572 -227 289 640 490

Sweden........................... 972 3,286 -326 707 -322 -236 2,206 1,346 362 668 1,409 671

Switzerland ..................... -2,949 -3,580 -1,876 -160 -1,144 -92 9,735 1,614 -786 1,116 -2,928 -593

Turkey............................. 4,320 69 -347 3 132 87 65 95 14 -78 10 -53

Ukraine 1 ......................... n.a. -455 -195 n.a. 157 157 n.a. 21 -1 n.a. 2 -

United Kingdom .............. 92,824 173,159 71,953 51,343 47,202 13,073 255,764 183,454 16,718 76,188 45,511 -12,092

Channel Islands .............. -267 -270 303 1,637 4,438 541 10,337 -4,634 -14,351 136 1,068 -62

All other Europe 1 ............ 1,052 -385 115 2,106 -105 -190 392 1,134 -66 148 132 22

Total Europe ............... 103,158 141,884 71,676 88,339 62,315 11,444 318,437 180,936 -10,177 97,612 57,155 -16,258

Memo: Euro Area 3.............. -3,599 -8,189 -14,431 12,096 -965 -1,579 35,855 -5,799 -11,971 17,753 11,274 -4,449

Memo: European Union 4 .... n.a. 168,005 56,434 n.a. 45,760 10,123 n.a. 179,113 4,949 n.a. 59,231 -15,576

Canada ............................... 14,144 -3,965 -7,397 9,303 3,547 929 7,966 11,681 3,206 11,909 2,760 2,988

Latin America: 

Argentina ........................ 32 310 -16 81 40 -18 591 15 51 181 438 149

Brazil............................... 23,100 57,396 15,482 5,166 2,902 132 617 1,044 304 -344 -1,336 -314

Chile ............................... 97 3,120 41 307 597 179 713 203 87 254 281 -8

Colombia......................... -1,859 -210 -199 613 1,565 551 957 533 54 117 171 125

Ecuador .......................... n.a. 301 -268 n.a. 167 102 n.a. 218 90 n.a. -34 -7

Costa Rica 5 .................... 40 6 -3 217 17 -74 128 107 66 -28 27 7

Guatemala ...................... -107 -19 -65 33 4 3 -32 -22 -2 -7 4 -6

Mexico ............................ -322 -5,859 -9,816 6,171 1,527 -533 3,863 1,245 885 2,926 1,312 -268

Panama .......................... 34 -55 -169 270 -283 -47 539 159 -59 117 -359 260

Peru ................................ -78 934 631 641 1,184 851 694 597 77 176 -33 129

Uruguay .......................... -116 266 -185 324 -16 80 282 146 43 102 224 115

Venezuela....................... 242 103 35 185 74 19 1,516 -268 -73 -183 6 33

All other Latin America 5 ... 763 56 33 -37 394 198 148 18 16 29 -16 -2

Total Latin America..... 21,826 56,349 5,501 13,971 8,172 1,443 10,016 3,995 1,539 3,340 685 213

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2007 

83

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 2007 2007 2007 

Country 

Calendar 

year 

2006 r 

(1) 

Jan. 

through 

Sept. 

(2) 

July 

through 

Sept. p 

(3) 

Calendar 

year 

2006 r 

(4) 

 Jan. 

 through

 Sept. 

 (5) 

 July 

 through 

 Sept. p 

 (6) 

Calendar 

year 

2006 r 

(7) 

Jan. 

through 

Sept. 

(8) 

July 

 through 

Sept. p 

 (9) 

Calendar 

year 

2006 r 

(10) 

Jan. 

through 

Sept. 

(11) 

July 

through 

Sept. p 

(12) 

Caribbean: 

Anguilla 6 ................................... n.a. 1,078 366 n.a. -111 -51 n.a. -1,168 -373 n.a. 2,552 -2,009

Bahamas ................................... -2,991 -2,258 1,512 307 -226 -27 2,072 1,142 258 -1,978 1,577 1,614

Barbados 6 ................................. n.a. 586 18 n.a. 2,132 382 n.a. 305 86 n.a. 78 -24

Bermuda .................................... 2,777 123 -1,066 5,894 -17,790 -14,069 9,914 6,821 3,539 5,949 4,932 -3,829

British Virgin Islands 6 ................ n.a. 2,990 -462 n.a. 38 -131 n.a. 1,549 349 n.a. 3,179 -1,546

Cayman Islands......................... -17,035 -14,731 10,785 34,604 849 1,769 72,067 14,431 -6,302 26,691 34,290 -5,842

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -174 17 37 216 149 59 40 6 11 4 45 39

Netherlands Antilles................... 12,857 -1,611 541 278 -37 -37 395 369 36 -507 -954 -730

Trinidad and Tobago.................. 626 -450 -51 27 192 49 -63 -80 -73 47 71 34

All other Caribbean 6.................. 1,547 153 8 5,161 774 178 6,314 193 -83 3,518 47 -

Total Caribbean ..................... -2,393 -14,103 11,688 46,487 -14,030 -11,878 90,739 23,568 -2,552 33,724 45,817 -12,293

Asia: 

China, Mainland......................... 41,706 -4,825 -17,158 35,459 61,508 13,245 31,247 28,273 6,182 471 2,557 -133

Hong Kong................................. 16,129 3,450 -4,654 31,967 24,473 8,191 16,149 9,200 2,713 -584 21,808 9,826

India........................................... -730 -85 -707 248 110 73 54 35 -11 -300 -369 -164

Indonesia................................... 2,074 4,474 -23 -1,291 -437 -217 180 434 156 -6 -76 -54

Israel.......................................... 6,004 -1,226 -803 320 173 122 284 -1 -125 955 -500 -339

Japan......................................... 1,119 -39,525 -30,190 45,254 7,631 -1,386 12,660 20,804 11,762 -646 -5,239 -1,119

Korea, South.............................. 6,173 -16,678 -3,950 3,351 18,922 6,365 3,195 6,488 2,758 -142 105 -6

Lebanon..................................... 1 -3 -8 2 -1 - -11 107 106 123 69 5

Malaysia .................................... -2,410 584 -2,131 3,189 3,839 840 1,122 1,794 342 -20 -29 22

Pakistan..................................... -42 -141 -39 -41 -54 -15 -14 -8 -7 -5 -4 -

Philippines ................................. -392 1,718 57 142 151 -6 185 -15 38 9 10 -29

Singapore .................................. -2,155 382 -1,509 -425 214 227 5,953 4,284 1,249 -4,667 -6,521 -1,790

Syria .......................................... - - - 1 - - - - - -4 -2 -

Taiwan....................................... -4,849 -6,870 -4,729 8,697 1,086 -1,038 2,452 936 187 88 267 -72

Thailand..................................... 1,292 -716 771 -11 434 -9 119 25 -20 -48 -26 2

Oil exporting countries 7 ............. 4,323 3,487 -2,108 7,075 9,261 83 4,666 2,185 647 7,964 2,500 2,153

All other Asia.............................. 716 262 -247 218 172 88 169 -48 -14 -12 14 -84

Total Asia .............................. 68,959 -55,712 -67,428 134,155 127,482 26,563 78,410 74,493 25,963 3,176 14,564 8,218

Africa: 

Egypt ......................................... 610 334 227 1 6 -4 32 1 -8 -80 -27 -15

Liberia........................................ 16 -44 -7 -193 34 -2 -115 -61 -18 -28 45 29

Morocco..................................... 199 -29 -43 - 48 10 - - - -9 -10 -5

South Africa ............................... 292 51 -1 25 -13 4 -71 -66 -78 87 -44 48

Oil exporting countries 8 ............. 2,400 4,068 347 -68 -73 2 27 -37 - 11 -7 -5

All other Africa ........................... -31 -179 -52 37 39 -5 -59 -55 -23 108 -127 -57

Total Africa ............................ 3,486 4,201 471 -198 41 5 -186 -218 -127 89 -170 -5

Other countries: 

Australia..................................... -2,619 -318 -483 1,546 362 62 7,280 5,124 -60 1,002 4,197 206

New Zealand.............................. -68 48 55 31 -117 -61 287 711 96 -259 185 -11

All other countries ...................... 12 -26 -6 72 -1 -17 24 -5 3 -22 48 8

Total other ............................. -2,675 -296 -434 1,649 244 -16 7,591 5,830 39 721 4,430 203

Total foreign countries ....... 206,505 128,358 14,077 293,706 187,771 28,490 512,973 300,285 17,891 150,571 125,241 -16,934

International and regional orgs: 

International organizations......... 1,140 -1,041 187 236 -131 -81 239 1,553 908 32 -8 6

Regional organizations 9 ............ -171 -445 -143 174 246 94 751 -284 -157 12 -35 -36

Total international and 

 regional organizations.............. 758 -1,486 44 362 115 13 1,025 1,269 751 44 -43 -30

Grand total......................... 207,263 126,872 14,121 294,068 187,886 28,503 513,998 301,554 18,642 150,615 125,198 -16,964

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

 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 

December 2007 

84

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2007, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,363 1,242 208 328 1,716 461 1,408 5,894 1,406 261 617 1,645 333 1,632 

Belgium...................................... 17,319 1,514 265 604 4,149 1,707 9,079 27,731 1,958 1,034 1,815 4,128 11,450 7,346 

Bulgaria...................................... 62 - - - - 62 - 153 - 2 1 - 2 148 

Cyprus 1 ..................................... 2,059 13 1 12 390 97 1,546 2,089 14 15 5 276 132 1,647 

Czech Republic.......................... 1,468 822 134 - 259 119 134 1,452 818 293 5 253 13 70 

Denmark .................................... 10,078 3,436 556 847 3,206 782 1,251 9,462 3,164 1,073 478 2,984 422 1,341 

Finland....................................... 2,959 676 226 49 384 823 800 2,281 538 295 35 284 32 1,097 

France ....................................... 726,197 353,336 3,427 5,511 324,727 7,200 31,995 733,226 361,762 2,579 5,000 323,483 7,443 32,959 

Germany.................................... 155,952 30,189 3,611 5,149 85,930 18,777 12,295 156,178 34,513 2,942 3,410 91,446 12,968 10,899 

Greece....................................... 1,482 369 21 4 441 42 606 1,598 483 7 7 459 42 600 

Hungary ..................................... 650 74 15 78 147 152 184 1,335 - 247 575 144 267 102 

Ireland........................................ 572,511 227,865 10,622 12,232 10,222 300,642 10,928 572,145 227,490 10,170 11,970 10,064 303,052 9,399 

Italy............................................ 23,712 2,172 388 189 10,631 3,562 6,769 21,362 2,742 543 422 10,207 973 6,475 

Kazakhstan 1.............................. 455 271 119 12 9 2 42 2,331 922 1,313 6 23 32 35 

Luxembourg............................... 88,551 3,931 58,318 6,102 12,398 2,725 5,077 119,187 3,836 61,258 18,542 14,157 15,261 6,133 

Monaco 1.................................... 1,624 174 5 8 1,192 137 108 2,791 202 7 66 2,399 4 113 

Netherlands ............................... 88,909 20,301 4,057 1,804 39,327 3,952 19,469 88,793 21,605 3,459 1,834 38,956 3,942 18,999 

Norway....................................... 91,750 54,978 18,364 3,283 7,140 5,113 2,872 69,678 35,535 17,437 3,229 5,953 4,377 3,147 

Poland ....................................... 4,180 3,430 348 7 50 141 204 4,908 3,811 635 6 79 73 304 

Portugal ..................................... 1,649 464 15 15 723 209 223 2,014 210 43 79 760 680 243 

Romania .................................... 486 277 199 - - 8 2 1,011 987 - - 10 8 6 

Russia........................................ 12,810 7,872 3,269 33 164 132 1,340 13,405 9,611 2,305 5 138 65 1,281 

Serbia and Montenegro 2 ........... 391 391 - - - - - 194 194 - - - - - 

Spain ......................................... 29,775 11,165 72 3,922 2,049 5,172 7,395 28,127 11,112 219 4,149 1,559 5,249 5,839 

Sweden...................................... 46,059 6,044 388 511 12,217 4,145 22,754 40,626 6,370 624 149 11,546 637 21,300 

Switzerland ................................ 57,549 5,539 2,847 4,798 28,250 1,702 14,413 62,876 7,415 2,939 5,584 28,843 2,397 15,698 

Turkey........................................ 4,205 3,117 87 14 210 194 583 4,266 3,464 - - 263 119 420 

Ukraine 1 .................................... 495 231 197 - 12 54 1 570 426 40 1 12 37 54 

United Kingdom ......................... 3,704,547 2,259,847 104,948 196,188 510,781 192,143 440,640 3,651,997 2,187,894 91,875 179,470 522,873 232,396 437,489 

Channel Islands ......................... 16,914 1,279 991 4,046 5,281 2,066 3,251 33,836 976 450 18,397 5,343 5,690 2,980 

All other Europe 1 ....................... 2,716 674 282 76 838 407 439 3,059 559 472 142 817 373 696 

Total Europe.......................... 5,672,877 3,001,693 213,980 245,822 1,062,843 552,730 595,809 5,664,575 2,930,017 202,536 255,999 1,079,101 608,470 588,452 

Memo: Euro Area 3 ......................... 1,714,379 653,224 81,230 35,909 492,697 345,274 106,045 1,758,536 667,655 82,809 47,880 497,145 361,426 101,621 

Canada........................................... 392,226 191,182 6,938 12,663 57,445 64,304 59,694 394,160 198,579 6,009 9,457 54,457 63,712 61,946 

Latin America: 

Argentina ................................... 5,064 264 57 121 1,514 1,583 1,525 5,021 280 75 70 1,365 1,195 2,036 

Brazil.......................................... 56,704 36,327 2,376 443 2,788 5,199 9,571 44,989 20,845 2,244 139 3,102 3,131 15,528 

Chile .......................................... 10,727 5,019 385 238 1,552 1,835 1,698 9,422 4,978 206 151 1,560 867 1,660 

Colombia.................................... 8,331 3,660 1,074 245 1,048 1,656 648 8,848 3,859 523 191 923 2,161 1,191 

Costa Rica 4 ............................... 986 203 132 130 203 245 73 851 471 30 40 210 53 47 

Ecuador ..................................... 996 6 30 192 80 10 678 966 9 104 126 73 11 643 

Guatemala ................................. 319 113 17 3 35 129 22 291 178 14 5 41 22 31 

Mexico ....................................... 32,142 12,149 3,147 1,743 4,297 2,762 8,044 41,485 21,965 3,680 858 4,565 2,175 8,242 

Panama ..................................... 3,525 352 169 324 1,288 657 735 3,442 521 216 383 1,028 536 758 

Peru ........................................... 3,933 1,173 914 264 480 543 559 1,880 542 63 187 351 155 582 

Uruguay ..................................... 6,441 3,004 214 177 1,306 978 762 6,241 3,189 134 134 1,191 758 835 

Venezuela.................................. 1,489 183 60 101 510 453 182 1,685 148 41 174 477 662 183 

All other Latin America 4............. 1,059 487 241 44 128 96 63 771 454 43 28 130 36 80 

Total Latin America................ 131,716 62,940 8,816 4,025 15,229 16,146 24,560 125,892 57,439 7,373 2,486 15,016 11,762 31,816 

Caribbean: 

Anguilla 5.................................... 124,357 3,344 1 416 110,888 350 9,357 127,081 2,978 52 789 112,897 698 9,667 

Bahamas.................................... 185,027 86,001 1,289 4,231 49,767 27,058 16,681 183,403 84,489 1,316 3,973 48,153 26,580 18,892 

Barbados 5 ................................. 1,745 246 681 344 252 96 126 1,505 228 299 258 276 227 217 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2007 

85

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2007, 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 ................................... 538,605 161,384 23,060 16,647 261,987 11,572 63,955 561,843 162,450 37,129 13,108 265,816 11,322 72,018

British Virgin Islands 5 ............... 190,653 22,133 1,347 6,603 121,787 7,579 31,204 193,935 22,595 1,478 6,254 123,333 6,366 33,909

Cayman Islands ........................ 2,188,750 411,369 136,855 92,579 1,223,510 45,448 278,989 2,204,938 400,584 135,086 98,881 1,229,352 45,014 296,021

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,278 351 535 17 54 310 11 982 314 476 6 15 139 32

Netherlands Antilles .................. 39,158 11,495 1,205 432 20,048 916 5,062 41,186 10,954 1,242 396 20,778 830 6,986

Trinidad and Tobago................. 1,689 196 830 45 94 119 405 1,754 247 781 118 60 92 456

All other Caribbean 5 ................. 1,050 135 339 99 207 54 217 1,043 127 161 182 207 38 328

Total Caribbean.................... 3,272,312 696,654 166,142 121,413 1,788,594 93,502 406,007 3,317,670 684,966 178,020 123,965 1,800,887 91,306 438,526

Asia: 

China, Mainland........................ 63,441 20,216 31,378 7,579 1,253 1,309 1,706 60,471 37,374 18,133 1,397 1,386 796 1,385

Hong Kong............................ 148,537 14,649 17,467 4,151 25,357 2,092 84,821 129,995 19,303 9,276 1,438 15,531 2,151 82,296

India...................................... 6,987 1,067 73 21 87 263 5,476 8,300 1,774 - 32 251 107 6,136

Indonesia .............................. 3,947 2,483 - 161 99 117 1,087 3,902 2,506 217 5 153 163 858

Israel..................................... 12,330 2,906 1,495 1,659 3,318 225 2,727 13,643 3,709 1,373 1,784 3,657 200 2,920

Japan.................................... 336,690 138,302 29,350 16,636 13,659 18,363 120,380 351,758 168,492 30,736 4,874 14,778 15,168 117,710

Korea, South......................... 35,162 8,533 13,377 3,356 324 1,725 7,847 29,135 12,483 7,012 598 330 2,072 6,640

Lebanon................................ 590 51 - 108 203 85 143 461 59 - 2 198 - 202

Malaysia................................ 8,817 2,918 2,101 465 169 318 2,846 9,556 5,049 1,261 123 147 509 2,467

Pakistan................................ 365 - 13 3 166 8 175 657 39 28 10 166 3 411

Philippines ............................ 3,087 1,599 151 60 307 290 680 3,217 1,542 157 22 336 317 843

Singapore ............................. 48,649 10,570 5,152 3,554 7,786 4,327 17,260 47,359 12,079 4,925 2,305 9,576 1,738 16,736

Syria ..................................... - - - - -- - - - -- - - -

Taiwan .................................. 14,450 2,265 2,282 599 3,450 522 5,332 20,549 6,994 3,320 412 3,522 407 5,894

Thailand................................ 5,733 3,916 251 28 127 103 1,308 5,480 3,145 260 48 125 525 1,377

All other Asia......................... 27,580 3,249 4,603 1,522 13,921 2,302 1,983 25,569 5,604 4,432 889 11,852 975 1,817

Total Asia.......................... 716,365 212,724 107,693 39,902 70,226 32,049 253,771 710,052 280,152 81,130 13,939 62,008 25,131 247,692

Africa: 

Egypt .................................... 1,526 400 38 3 184 126 775 949 173 42 11 199 64 460

Liberia................................... 1,074 1 152 73 649 8 191 1,334 8 154 91 620 19 442

Morocco................................ 45 25 10 - 2 - 8 86 68 - - 7 - 11

South Africa .......................... 1,740 108 20 11 253 597 751 2,283 109 16 89 205 401 1,463

All other Africa ...................... 2,708 639 80 20 233 940 796 2,607 344 83 43 295 604 1,238

Total Africa ....................... 7,093 1,173 300 107 1,321 1,671 2,521 7,259 702 295 234 1,326 1,088 3,614

Other countries: 

Australia................................ 64,219 15,075 5,837 1,597 9,287 5,473 26,950 61,931 15,558 5,775 1,657 9,081 4,104 25,756

New Zealand......................... 2,845 209 843 166 369 659 599 4,580 154 904 70 380 2,566 506

All other ................................ 115 1 - 12 62 3 37 394 7 17 9 54 2 305

Total other countries ......... 67,179 15,285 6,680 1,775 9,718 6,135 27,586 66,905 15,719 6,696 1,736 9,515 6,672 26,567

Total foreign countries .. 10,259,768 4,181,651 510,549 425,707 3,005,376 766,537 1,369,948 10,286,513 4,167,574 482,059 407,816 3,022,310 808,141 1,398,613

International and regional orgs: 

International organizations.... 4,219 1,504 653 990 38 972 62 2,277 1,317 734 82 32 4 108

Regional organizations 6 ....... 4,382 1,614 1,852 42 18 242 614 4,315 1,757 1,758 199 54 132 415

Total international and 

 regional organizations.... 8,601 3,118 2,505 1,032 56 1,214 676 6,592 3,074 2,492 281 86 136 523

Grand total.................... 10,268,369 4,184,769 513,054 426,739 3,005,432 767,751 1,370,624 10,293,105 4,170,648 484,551 408,097 3,022,396 808,277 1,399,136

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “Other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. 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 American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2007 

86

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006 

[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............................... 22,676 9,961 1,775 2,148 3,719 2,711 2,361 22,782 10,890 1,867 1,776 3,790 1,336 3,123

Belgium............................. 57,586 11,669 779 8,569 19,008 4,922 12,638 75,408 11,290 1,054 10,665 17,346 22,789 12,263

Bulgaria............................. 232 91 49 44 37 - 11 205 117 - 12 46 3 27

Czech Republic................. 5,073 2,892 551 11 965 141 513 4,827 2,352 868 - 896 43 668

Denmark ........................... 25,977 5,849 899 1,406 10,973 2,181 4,669 26,844 8,750 913 1,807 8,812 1,849 4,713

Finland .............................. 9,601 1,437 825 353 2,195 997 3,792 9,735 1,476 748 253 2,082 248 4,928

France............................... 1,616,227 841,989 14,149 38,158 618,115 22,718 81,098 1,580,089 843,586 14,410 16,037 596,388 23,506 86,162

Germany ........................... 286,417 85,154 13,986 19,377 93,936 36,965 36,999 291,234 83,104 9,065 31,132 101,980 25,117 40,837

Greece .............................. 5,537 843 96 109 1,502 678 2,308 5,289 541 91 42 1,732 513 2,371

Hungary ............................ 3,083 404 - 171 444 1,332 732 6,530 257 3,062 1,378 402 690 741

Ireland............................... 817,574 441,813 31,286 40,417 37,537 246,055 20,465 816,922 443,181 27,090 26,021 39,339 260,375 20,916

Italy ................................... 96,371 23,115 3,130 1,523 37,931 8,867 21,805 99,548 22,898 2,774 2,029 40,232 10,637 20,977

Luxembourg ...................... 191,459 15,136 73,032 27,844 47,980 9,945 17,522 185,641 16,339 68,004 24,498 36,389 24,568 15,844

Netherlands....................... 203,912 67,634 14,929 10,056 51,214 14,743 45,337 200,471 66,994 16,394 6,836 56,515 11,550 42,182

Norway.............................. 268,200 149,410 67,351 10,586 18,796 12,169 9,888 245,153 141,687 56,607 4,968 19,326 12,884 9,681

Poland............................... 10,783 8,898 153 17 192 877 646 12,143 10,221 276 52 230 589 775

Portugal............................. 7,455 1,811 188 243 3,239 645 1,329 10,388 2,610 318 232 3,119 2,743 1,367

Romania............................ 5,306 3,508 1,314 2 7 458 17 3,878 2,994 722 - 19 140 3

Russia............................... 31,615 12,013 14,706 113 826 714 3,243 14,240 6,183 1,968 50 827 297 4,915

Serbia and Montenegro 1 .. 1,534 1,444 - - 73 13 4 1,218 1,143 - - 74 - 1

Spain................................. 94,396 25,341 8,028 30,577 5,971 7,105 17,374 104,213 26,595 8,293 23,997 5,682 22,098 17,547

Sweden............................. 121,483 16,608 3,760 3,537 35,202 7,570 54,806 115,554 15,636 3,053 1,331 34,534 5,948 55,052

Switzerland ....................... 180,502 24,040 7,224 23,677 77,885 7,864 39,812 172,926 26,989 7,384 13,942 76,769 8,000 39,842

Turkey............................... 27,110 19,767 4 99 292 2,424 4,524 22,217 15,447 1 34 370 2,020 4,345

United Kingdom................. 9,224,126 5,001,631 350,156 748,447 1,248,303 692,793 1,182,796 8,906,246 4,908,807 298,813 492,683 1,172,115 790,442 1,243,386

Channel Islands ................ 78,258 6,659 4,934 32,386 19,666 5,830 8,783 64,868 6,926 3,297 22,049 19,530 6,178 6,888

All other Europe 1 .............. 60,464 14,581 5,730 1,861 8,349 4,061 25,882 67,633 13,529 3,624 1,469 8,201 12,829 27,981

Total Europe ................. 13,452,956 6,793,699 619,034 1,001,732 2,344,357 1,094,779 1,599,355 13,066,202 6,690,541 530,695 683,295 2,246,745 1,247,391 1,667,535

Memo: Euro Area 2................ 3,409,210 1,525,904 162,203 179,375 922,347 356,352 263,029 3,401,720 1,529,503 150,107 143,520 904,594 405,479 268,517

Canada ................................. 1,043,824 459,161 53,370 39,987 127,850 207,697 155,759 1,018,437 445,017 44,067 32,021 115,941 218,377 163,014

Latin America: 

Argentina........................... 16,660 1,217 313 1,030 4,704 5,129 4,267 16,639 1,185 232 439 4,523 5,781 4,479

Brazil................................. 127,493 77,445 6,417 1,162 5,003 14,989 22,477 106,267 54,345 1,251 545 5,347 16,866 27,913

Chile.................................. 25,388 12,574 1,059 1,322 2,957 3,468 4,008 24,284 12,477 752 609 2,703 3,430 4,313

Colombia........................... 18,825 5,467 1,728 1,414 1,777 6,953 1,486 20,421 7,326 1,115 457 1,660 8,528 1,335

Ecuador............................. 2,285 147 376 524 183 53 1,002 1,931 107 159 396 211 47 1,011

Guatemala ........................ 2,283 1,847 44 35 151 149 57 2,968 1,954 11 67 158 731 47

Mexico .............................. 132,052 45,338 18,799 7,577 17,487 18,761 24,090 116,229 45,660 12,628 3,714 14,561 15,473 24,193

Panama............................. 14,059 1,994 1,150 1,850 3,302 3,318 2,445 13,027 1,960 880 1,311 3,185 3,543 2,148

Peru .................................. 6,470 285 901 938 941 2,505 900 4,382 363 260 244 765 2,002 748

Uruguay ............................ 15,542 7,131 1,283 645 1,645 3,166 1,672 16,124 7,247 959 363 1,543 4,520 1,492

Venezuela......................... 11,513 1,439 407 3,290 2,168 3,380 829 14,155 1,197 222 1,774 2,351 6,318 2,293

All other Latin America ...... 10,579 6,895 330 606 1,076 1,350 322 10,264 6,132 367 458 1,047 1,845 415

Total Latin America ....... 383,149 161,779 32,807 20,393 41,394 63,221 63,555 346,691 139,953 18,836 10,377 38,054 69,084 70,387

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2007 

87

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2006, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Caribbean: 

Bahamas .............................. 457,541 177,866 9,630 26,215 137,065 52,744 54,021 458,846 180,857 9,323 24,143 139,043 51,298 54,182

Bermuda ............................... 1,520,294 475,784 52,864 52,661 741,935 26,172 170,878 1,503,941 473,007 46,970 42,747 735,986 32,182 173,049

Cayman Islands .................... 6,010,708 1,836,477 446,611 357,549 2,532,948 227,049 610,074 5,865,790 1,853,512 412,007 285,482 2,506,257 221,856 586,676

Cuba..................................... --------------

Jamaica ................................ 5,245 1,872 639 276 1,035 1,379 44 5,214 2,046 423 236 1,031 1,440 38

Netherlands Antilles.............. 142,148 59,254 2,813 1,992 54,139 4,898 19,052 127,491 46,397 2,535 1,597 54,646 4,365 17,951

Trinidad and Tobago............. 7,483 3,035 2,374 188 196 999 691 7,399 2,409 2,347 251 149 1,590 653

All other Caribbean ............... 1,002,773 55,181 9,535 34,827 720,747 22,440 160,043 983,644 53,634 4,374 28,513 717,229 24,296 155,598

Total Caribbean................ 9,146,192 2,609,469 524,466 473,708 4,188,065 335,681 1,014,803 8,952,325 2,611,862 477,979 382,969 4,154,341 337,027 988,147

Asia: 

China, Mainland ............... 317,442 144,737 105,560 38,085 5,774 19,108 4,178 201,114 103,031 70,101 6,838 5,303 6,535 9,306

Hong Kong ........................ 452,488 140,249 54,225 21,790 18,359 15,788 202,077 408,399 124,120 22,258 5,641 18,943 14,165 223,272

India .................................. 17,045 2,837 261 132 479 217 13,119 20,680 3,567 13 78 779 473 15,770

Indonesia........................... 12,660 8,418 54 196 550 874 2,568 10,970 6,344 1,345 16 556 481 2,228

Israel ................................. 39,529 14,632 998 2,799 11,544 916 8,640 32,885 8,628 678 2,515 10,589 2,140 8,335

Japan ................................ 1,094,678 409,816 143,307 34,317 43,309 72,384 391,545 1,034,047 408,697 98,053 21,657 43,955 67,953 393,732

Korea, South ..................... 115,390 56,319 23,767 4,082 828 5,401 24,993 100,805 50,146 20,416 887 970 3,089 25,297

Lebanon ............................ 1,490 13 2 4 1,042 64 365 1,299 12 - 15 919 32 321

Malaysia............................ 19,409 5,772 4,994 1,818 747 1,149 4,929 19,409 8,182 1,805 696 767 1,835 6,124

Pakistan ............................ 679 96 5 31 248 21 278 1,780 138 46 45 253 819 479

Philippines......................... 9,732 4,206 495 338 981 2,562 1,150 10,594 4,598 353 153 972 3,113 1,405

Singapore.......................... 160,146 52,818 11,195 15,839 23,938 12,914 43,442 162,305 54,973 11,620 9,886 28,605 8,082 49,139

Syria.................................. 2 -1 -1 - -5 - - -5 - -

Taiwan .............................. 64,349 11,309 15,848 3,797 10,989 3,456 18,950 59,770 16,158 7,151 1,345 10,901 1,212 23,003

Thailand ............................ 14,528 9,658 81 143 560 868 3,218 13,757 8,366 92 24 608 706 3,961

All other Asia..................... 108,228 33,911 18,289 8,571 35,114 6,726 5,617 84,235 28,872 10,996 3,736 27,162 7,794 5,675

Total Asia...................... 2,427,795 894,791 379,082 131,942 154,463 142,448 725,069 2,162,054 825,832 244,927 53,532 151,287 118,429 768,047

Africa: 

Egypt................................. 4,553 2,021 17 72 513 273 1,657 4,521 1,411 16 40 593 308 2,153

Liberia ............................... 5,285 52 1,528 428 1,750 243 1,284 5,816 36 1,721 543 1,778 164 1,574

Morocco ............................ 800 650 - - 79 - 71 581 451 - - 88 2 40

South Africa....................... 5,644 666 61 74 599 865 3,379 7,328 374 36 145 512 550 5,711

All other Africa................... 9,639 4,202 175 1,043 1,367 456 2,396 6,745 1,833 206 1,075 1,248 237 2,146

Total Africa.................... 25,921 7,591 1,781 1,617 4,308 1,837 8,787 24,991 4,105 1,979 1,803 4,219 1,261 11,624

Other countries: 

Australia ............................ 194,782 48,068 16,137 11,967 20,224 23,926 74,460 196,706 50,687 14,591 4,687 19,222 26,917 80,602

New Zealand..................... 6,703 627 1,047 522 1,264 1,581 1,662 6,989 695 1,016 235 1,523 1,932 1,588

All other............................. 1,232 47 133 122 373 23 534 1,299 35 61 98 395 141 569

Total other countries...... 202,717 48,742 17,317 12,611 21,861 25,530 76,656 204,994 51,417 15,668 5,020 21,140 28,990 82,759

Total foreign 

 countries ............... 26,682,554 10,975,232 1,627,857 1,681,990 6,882,298 1,871,193 3,643,984 25,775,694 10,768,727 1,334,151 1,169,017 6,731,727 2,020,559 3,751,513

International and regional orgs: 

International organizations... 13,718 6,739 1,534 1,167 317 3,746 215 11,636 5,599 1,298 928 285 3,124 402

Regional organizations 3 ..... 14,508 1,520 3,440 1,465 131 6,788 1,164 9,075 1,691 3,266 714 119 2,134 1,151

Total international and 

 regional organizations....... 31,452 10,982 5,442 2,667 448 10,534 1,379 24,161 10,224 5,080 1,642 404 5,258 1,553

 Grand total................... 26,714,006 10,986,214 1,633,299 1,684,657 6,882,746 1,881,727 3,645,363 25,799,855 10,778,951 1,339,231 1,170,659 6,732,131 2,025,817 3,753,066

1

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

3

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional organizations. 
88 CAPITAL MOVEMENTS

December 2007 

-200

-100

0

100

200

300

400

500

600

700

2004 2005 2006 2007 

Jan.-Sept.

2007 

July-Sept.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2007 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 

Jan. - Sept.

2007 

July - Sept. 

United Kingdom.............................. 254,112 363,593 476,119 449,326 89,652

All other Europe.............................. 110,153 146,910 131,427 -7,036 -32,967

Caribbean banking centers 1 .......... 87,638 102,259 152,322 34,145 -13,653

Japan .............................................. 247,114 79,814 58,387 -16,329 -20,933

All other Asia................................... 130,399 187,284 226,313 177,156 14,249

Subtotal....................................... 829,416 879,860 1,044,568 637,262 36,348

All other countries........................... 87,040 131,680 121,376 104,248 7,954

Grand total.................................. 916,456 1,011,540 1,165,944 741,510 44,302

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 $2 billion in 2003, $36 

billion in 2004, $6 billion in 2005, 

$4 billion in 2006, and $7 billion in 

the first three quarters 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 website also provides 

estimates from the Federal Reserve 

Bank of New York on principal 

repayment flows on foreign holdings 

of U.S. government agency and 

corporate asset-backed securities 

(ABS). These repayments, also not 

reported under the TIC system, are 

estimated to have reduced foreign 

net purchases of U.S. securities by 

$123 billion in 2003, $86 billion in 

2004, $144 billion in 2005, $155 

billion in 2006, and nearly $148 

billion in the first three quarters of 

2007. 

Net foreign purchases of U.S. 

securities first surpassed $100 

billion in 1993. In 2003, net foreign 

acquisitions of U.S. securities 

(including stock swaps and 

accounting for ABS repayment 

flows) totaled $599 billion. Net 

acquisitions picked up to $866 

billion in 2004, grew a bit further to 

$873 billion in 2005, and reached a 

new record of nearly $1,015 billion 

in 2006. Net purchases were $601 

billion in the first three quarters of 

2007, a pace of acquisition below 

that in 2006 because of a slow third 

quarter. 
 CAPITAL MOVEMENTS 

December 2007 

89

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, $8 

billion in 2005, $21 billion in 2006, 

and $9 billion in the first three quarters 

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. 

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 $180 billion in 

2005. The pace of U.S. acquisitions 

picked up further in 2006, as U.S. 

investors acquired $272 billion in 

foreign securities. This strength 

continued in the first three quarters of 

2007, as U.S. investors acquired $231 

billion in foreign securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-50

0

50

100

150

200

250

300

350

400

2003 2004 2005 2006 2007

Jan.-Sept.

2007

July-Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2003 2004 2005 2006 

2007 

Jan. - Sept. 

2007 

July - Sept.

Foreign bonds ........ -32,046 67,872 45,095 144,090 119,269 40,526

Foreign stocks........ 88,587 84,970 127,296 107,703 103,288 28,512

Total ..................... 56,541 152,842 172,391 251,793 222,557 69,038

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

December 2007 

90 

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. June Sept. Dec. r Mar. June p 

Gross total of holdings with negative fair values ........................... 1,132,114 1,228,111 1,133,857 1,179,159 1,198,603 1,489,898 

Total over-the-counter (OTC) contracts..................................... 1,116,479 1,204,780 1,114,914 1,156,241 1,176,646 1,462,713 

Single-currency interest rate contracts.................................. 815,068 859,969 766,008 749,009 760,432 969,166 

Forwards ............................................................................ 1,461 9,577 1,862 541 550 2,042 

Swaps ................................................................................ 745,319 781,527 696,989 678,413 683,914 885,613 

Options............................................................................... 68,288 68,865 67,157 70,055 75,968 81,511 

Foreign exchange contracts .................................................. 132,101 140,948 131,233 151,046 140,273 166,586 

Forwards ............................................................................ 39,547 44,932 36,822 47,068 41,760 51,084 

Swaps ................................................................................ 69,131 71,149 71,607 78,390 71,766 84,892

Options............................................................................... 23,423 24,867 22,804 25,588 26,747 30,610 

Other contracts ...................................................................... 169,310 203,863 217,673 256,186 275,941 326,961 

Total exchange-traded contracts ............................................... 15,635 23,331 18,943 22,918 21,957 27,185 

Own contracts on foreign exchanges .................................... 2,892 5,163 3,897 4,042 4,052 4,803 

U.S. customers’ contracts on foreign exchanges.................. 3,380 3,153 2,943 2,738 2,845 2,729 

Foreign counterparty contracts on U.S. exchanges .............. 9,363 15,015 12,103 16,138 15,060 19,653 

Memorandum items: 

Contracts with own foreign office........................................... 282,193 265,717 268,397 312,724 335,867 420,988 

Contracts with foreign official institutions .............................. 13,462 13,174 10,123 9,586 8,879 10,572 

Contracts of U.S. depository institutions with foreigners....... 334,677 463,520 397,472 391,948 395,519 485,572 

Gross total of holdings with positive fair values............................. 1,190,029 1,296,050 1,194,164 1,238,995 1,255,575 1,546,712 

Total over-the-counter (OTC) contracts..................................... 1,171,172 1,270,737 1,173,055 1,213,354 1,232,097 1,516,672 

Single-currency interest rate contracts.................................. 853,993 902,011 803,357 793,057 798,480 1,004,345 

Forwards ............................................................................ 1,132 5,240 1,688 1,027 1,003 2,312 

Swaps ................................................................................ 768,817 814,689 715,285 702,386 703,564 908,641 

Options............................................................................... 84,044 82,082 86,384 89,644 93,913 93,392 

Foreign exchange contracts .................................................. 147,057 159,565 148,117 176,267 169,301 196,449 

Forwards ............................................................................ 37,635 40,094 33,783 44,941 38,584 47,015 

Swaps ................................................................................ 84,581 92,413 88,817 102,795 101,064 114,228 

Options............................................................................... 24,841 27,058 25,517 28,531 29,653 35,206 

Other contracts ...................................................................... 170,122 209,161 221,581 244,030 264,316 315,878 

Total exchange-traded contracts ............................................... 18,857 25,313 21,109 25,641 23,478 30,040 

Own contracts on foreign exchanges .................................... 3,557 5,587 4,571 4,590 4,724 6,005 

Customers’ contracts on foreign exchanges ......................... 3,582 3,610 2,793 2,882 2,709 2,192 

Foreign counterparty contracts on U.S. exchanges .............. 11,718 16,116 13,745 18,169 16,045 21,843 

Memorandum items: 

Contracts with own foreign office........................................... 290,693 275,686 277,792 318,870 337,374 427,383 

Contracts with foreign official institutions .............................. 12,281 12,050 10,961 10,385 9,846 10,821 

Contracts of U.S. depository institutions with foreigners....... 353,435 483,430 407,250 407,594 408,855 501,678 

 

 
 CAPITAL MOVEMENTS 

December 2007 

91

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. June Sept. Dec. r Mar. June p 

Europe: 

Belgium.......................................................................... 11,388 8,321 9,533 9,338 8,696 9,409 

France............................................................................ 72,467 76,192 69,565 67,056 67,904 77,359 

Germany ........................................................................ 91,334 87,400 84,216 85,235 86,348 101,391 

Ireland ............................................................................ 34,382 46,594 34,702 115,002 106,725 128,092 

Italy................................................................................. 9,031 6,172 6,235 5,850 5,112 5,379 

Netherlands.................................................................... 19,773 19,777 19,965 21,114 21,285 24,152 

Switzerland .................................................................... 27,999 30,452 27,793 28,036 27,421 31,898 

United Kingdom ............................................................. 679,961 733,364 682,020 632,362 663,276 863,035 

All other Europe ............................................................. 30,659 30,317 29,326 30,383 31,124 37,320 

Total Europe .............................................................. 976,994 1,038,590 963,355 994,376 1,017,891 1,278,035 

Memo: Euro Area 1 ........................................................ 257,799 265,434 243,584 323,436 317,096 371,630 

Memo: European Union 2............................................... n.a. 1,005,123 932,271 963,045 986,853 1,241,915 

Canada............................................................................... 28,926 29,730 28,394 27,239 25,675 32,131 

Total Latin America............................................................ 10,497 10,048 12,599 13,299 11,914 14,668 

Caribbean: 

Cayman Islands ............................................................. 40,066 50,046 44,268 57,234 57,369 69,515 

All other Caribbean ........................................................ 10,849 13,539 12,430 15,655 14,361 16,607 

Total Caribbean ......................................................... 50,915 63,585 56,698 72,889 71,730 86,122 

Asia: 

Japan ............................................................................. 32,273 46,054 35,605 37,077 35,307 38,566 

All other Asia.................................................................. 14,443 20,390 18,576 16,367 17,454 22,725 

Total Asia ................................................................... 46,716 66,444 54,181 53,444 52,761 61,291 

Total Africa......................................................................... 3,013 2,846 2,597 2,153 1,929 2,251 

Other countries: 

Australia ......................................................................... 7,558 11,357 10,384 10,567 11,867 10,909 

All other.......................................................................... 1,121 542 415 576 585 841 

Total other countries .................................................. 8,679 11,899 10,799 11,143 12,452 11,750 

Total foreign countries ........................................... 1,125,740 1,223,142 1,128,623 1,174,543 1,194,352 1,486,248 

Total International and regional organizations .................. 6,370 4,967 5,234 4,616 4,250 3,650 

Grand total ................................................................. 1,132,114 1,228,111 1,133,857 1,179,159 1,198,603 1,489,898 

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 

December 2007 

92 

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] 

2005 2006 2007 

Country Dec. June Sept. Dec. r Mar. June p 

 

Europe: 

Belgium .......................................................................... 11,616 8,904 9,726 9,806 8,912 8,842 

France ............................................................................ 77,606 81,038 73,689 73,478 73,207 83,389 

Germany......................................................................... 101,760 102,194 94,658 97,012 98,356 117,155 

Ireland ............................................................................ 38,558 48,757 37,638 120,433 112,496 133,020 

Italy................................................................................. 14,548 11,372 11,756 12,119 11,957 12,016 

Netherlands.................................................................... 22,789 22,320 23,315 23,547 24,160 26,664 

Switzerland..................................................................... 27,298 30,254 27,953 29,175 29,596 34,479 

United Kingdom.............................................................. 707,004 767,812 710,356 658,948 686,388 886,400 

All other Europe ............................................................. 22,931 24,568 21,894 23,466 23,938 29,745 

Total Europe............................................................... 1,024,110 1,097,219 1,010,985 1,047,984 1,069,011 1,331,710 

Memo: Euro Area 1......................................................... 280,163 288,038 263,663 349,741 342,463 396,621 

Memo: European Union 2............................................... n.a. 1,063,436 979,750 1,015,511 1,036,441 1,293,805 

Canada............................................................................... 33,094 34,436 32,727 31,611 29,244 37,100 

Total Latin America ............................................................ 10,593 10,501 13,623 14,278 13,204 16,905 

Caribbean: 

Cayman Islands ............................................................. 41,723 47,725 45,692 49,702 51,721 58,765 

All other Caribbean ........................................................ 13,394 14,172 14,575 17,461 16,053 16,627 

Total Caribbean.......................................................... 55,117 61,897 60,267 67,163 67,774 75,392 

Asia: 

Japan.............................................................................. 33,410 46,666 36,415 38,327 35,427 40,831 

All other Asia .................................................................. 15,608 22,641 20,401 19,560 19,752 22,538 

Total Asia ................................................................... 49,018 69,307 56,816 57,887 55,179 63,369 

Total Africa ......................................................................... 3,590 3,828 3,734 3,088 3,127 3,075 

Other countries: 

Australia ......................................................................... 9,663 14,180 12,198 13,509 14,605 15,424 

All other .......................................................................... 1,758 549 701 762 766 968 

Total other countries .................................................. 11,421 14,729 12,899 14,271 15,371 16,392 

Total foreign countries ........................................... 1,186,943 1,291,917 1,191,051 1,236,282 1,252,910 1,543,943 

Total international and regional organizations................... 3,087 4,134 3,113 2,713 2,665 2,770 

Grand total ................................................................. 1,190,029 1,296,050 1,194,164 1,238,995 1,255,575 1,546,712 

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 

December 2007 

93

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 Apr. - June July - Sept. Oct. - Dec. r Jan. - Mar. Apr. - June p 

Total over-the-counter (OTC) contracts................................................. 15,516 11,039 9,093 -1,474 10,206 862 

Single-currency interest rate contracts .............................................. 12,092 6,341 6,911 -1,830 507 6,557 

Foreign exchange contracts............................................................... -231 -1,033 -61 122 2,053 -2,814 

Other contracts................................................................................... 3,655 5,731 2,243 234 7,646 -2,881 

Total exchange-traded contracts ........................................................... 14,194 3,051 6,041 327 4,589 -1,869 

Own contracts on foreign exchanges ................................................ 6,613 3,684 2,103 147 1,079 1,229 

U.S. customers’ contracts on foreign exchanges .............................. 3,737 -543 1,516 894 1,418 1,300 

Foreign counterparty contacts on U.S. exchanges ........................... 3,844 -90 2,422 -714 2,092 -4,398 

Total net cash settlements from foreigners ........................................... 29,710 14,090 15,134 -1,147 14,795 -1,007

Memorandum items: 

Contracts with foreign official institutions....................................... 2,120 399 307 211 -443 1,315 

 

 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 
CAPITAL MOVEMENTS 

December 2007 

94 

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 Apr. - June July - Sept. Oct. - Dec. r Jan. - Mar. Apr.- June p 

Europe: 

Belgium .............................................................................................. -317 171 124 -17 -503 139

France................................................................................................ 776 450 66 -554 -728 -1,679

Germany ............................................................................................ -687 -1,182 -412 -1,515 1,974 -424

Ireland ................................................................................................ 4,435 2,741 943 360 -3,114 1,103

Italy..................................................................................................... 216 102 850 -556 -269 55

Netherlands........................................................................................ 1,912 288 614 437 -56 928

Switzerland ........................................................................................ 4,848 1,659 4,004 -1,372 3,458 1,847

United Kingdom ................................................................................. 6,378 5,984 3,150 4,347 11,476 -1,185

All other Europe ................................................................................. 2,164 1,152 1,520 -1,017 -507 3,057

Total Europe .................................................................................. 19,724 11,367 10,859 113 11,731 3,841

Memo: Euro area 1 ............................................................................. 9,200 4,590 3,380 -2,445 -3,380 3,462

Memo: European Union 2................................................................... n.a. 10,105 6,698 2,035 7,958 2,187

Canada................................................................................................... -3,425 -1,159 -1,281 715 2,630 -3,865

Total Latin America................................................................................ -1,464 -591 -69 -1,369 -805 485

Caribbean: 

Cayman Islands ................................................................................. 4,846 1,056 1,677 -699 1,073 -1,238

All other Caribbean ............................................................................ 485 216 -355 97 922 -33

Total Caribbean ............................................................................. 5,331 1,272 1,322 -602 1,995 -1,271

Asia: 

Japan ................................................................................................. -355 742 -412 -942 -14 -936

All other Asia...................................................................................... 6,208 1,329 2,996 1,035 195 2,041

Total Asia ....................................................................................... 5,853 2,071 2,584 93 181 1,105

Total Africa............................................................................................. 610 151 70 243 -263 -212

Other countries: 

Australia ............................................................................................. -2,494 -733 -813 -1,637 -649 -2,012

All other.............................................................................................. 177 -24 -33 94 -136 -38

Total other countries ...................................................................... -2,317 -757 -846 -1,543 -785 -2,050

Total foreign countries ............................................................... 24,312 12,354 12,639 -2,350 14,684 -1,967

Total international and regional organizations....................................... 5,396 1,734 2,491 1,203 112 959

Grand total ..................................................................................... 29,710 14,090 15,134 -1,147 14,795 -1,007

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. 
 December 2007 

95

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2007 

96 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

04/04/07 .................................................................... 658,739 660,755 1,127 1.1583 

04/11/07 .................................................................... 675,021 677,150 -596 1.1449 

04/18/07 .................................................................... 695,210 698,489 -584 1.1288 

04/25/07 .................................................................... 702,591 707,263 -1,152 1.1146 

 

05/02/07 .................................................................... 706,892 714,908 -1,073 1.1087 

05/09/07 .................................................................... 707,184 713,472 -579 1.1063 

05/16/07 .................................................................... 745,680 754,880 -396 1.1028 

05/23/07 .................................................................... 767,489 774,542 -358 1.0816 

05/30/07 .................................................................... 832,781 843,886 -428 1.0753 

 

06/06/07 .................................................................... 878,697 892,137 -28 1.0586 

06/13/07 .................................................................... 988,570 999,242 -682 1.0668 

06/20/07 .................................................................... 718,322 723,194 -1,992 1.0646 

06/27/06 .................................................................... 738,570 747,396 -684 1.0716 

 

07/04/07 .................................................................... 751,805 760,820 125 1.0593 

07/11/07 .................................................................... 761,232 767,484 68 1.0557 

07/18/07 .................................................................... 772,690 780,376 547 1.0435 

07/25/07 .................................................................... 747,118 756,635 119 1.0423 

 

08/01/07 .................................................................... 811,134 821,296 -345 1.0565 

08/08/07 .................................................................... 812,305 815,981 54 1.0497 

08/15/07 .................................................................... 847,923 849,765 -1,377 1.0746 

08/22/07 .................................................................... 858,964 860,173 -839 1.0620 

08/29/07 .................................................................... 885,015 887,463 -216 1.0592 

 

09/05/07 .................................................................... 938,684 943,828 29 1.0508 

09/12/07 .................................................................... 982,460 995,874 -181 1.0372 

09/19/07 .................................................................... 766,386 773,356 163 1.0147 

09/26/07 .................................................................... 792,099 802,467 461 1.0045 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

97

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) 

 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Oct ................... 565,745 580,031 173,293 153,737 74,503 65,361 90,281 95,720 5,738 1.1227 

Nov .................. 654,823 674,367 170,986 155,681 77,995 70,318 108,599 112,230 4,454 1.1413 

Dec .................. 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Jan ................... 693,314 703,213 175,461 161,242 96,374 94,915 105,981 108,696 4,404 1.1792 

Feb .................. 761,098 772,554 195,000 182,669 96,699 98,678 105,174 98,538 -535 1.1700 

Mar .................. 673,062 678,375 179,321 170,772 99,472 99,130 98,946 93,950 1,360 1.1530 

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 

 

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................... 13,202 21,632 63,546 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 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

98 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

04/04/07 .................................................................. 361,988 362,285 -809 118.72 

04/11/07 .................................................................. 353,240 353,741 -188 119.36 

04/18/07 .................................................................. 364,638 364,152 -335 118.27 

04/25/07 .................................................................. 359,117 358,179 -199 118.62 

 

05/02/07 .................................................................. 360,531 361,080 -78 120.05 

05/09/07 .................................................................. 362,384 362,577 -88 119.80 

05/16/07 .................................................................. 368,370 368,745 -190 120.74 

05/23/07 .................................................................. 378,106 379,513 474 121.52 

05/30/07 .................................................................. 390,637 389,095 651 121.48 

 

06/06/07 .................................................................. 406,330 404,549 n.a. 121.08 

06/13/07 .................................................................. 430,354 428,983 743 122.37 

06/20/07 .................................................................. 374,559 372,978 751 123.60 

06/27/07 .................................................................. 386,216 383,699 1,001 122.52 

 

07/04/07 .................................................................. 385,274 383,075 n.a. 122.40 

07/11/07 .................................................................. 406,412 404,296 n.a. 122.13 

07/18/07 .................................................................. 395,453 393,598 1,692 121.83 

07/25/07 .................................................................. 410,428 407,915 1,517 120.33 

 

08/01/07 .................................................................. 432,116 431,285 1,620 118.71 

08/08/07 .................................................................. 435,841 429,420 1,309 119.76 

08/15/07 .................................................................. 454,818 447,744 1,001 117.19 

08/22/07 .................................................................. 461,541 456,258 1,070 114.95 

08/29/07 .................................................................. 472,366 468,254 1,063 115.52 

 

09/05/07 .................................................................. 467,992 464,000 969 115.15 

09/12/07 .................................................................. 465,175 463,375 639 114.24 

09/19/07 .................................................................. 412,650 412,045 445 116.21 

09/26/07 .................................................................. 405,093 399,522 665 115.66 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

99

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) 

 

2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Oct .................. 317,530 315,192 61,954 61,378 83,887 82,683 80,317 79,722 -900 116.82 

Nov ................. 345,933 341,167 58,849 58,313 82,898 85,863 81,961 79,345 -1,470 115.55 

Dec ................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 

2007 - Jan .................. 371,865 367,446 63,810 64,423 84,808 89,996 88,173 85,209 -1,598 121.02 

Feb ................. 406,543 402,221 66,115 66,808 83,615 90,146 89,956 87,565 -995 118.33 

Mar ................. 378,473 376,626 67,960 68,363 101,356 108,874 95,925 93,389 -205 117.56 

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 

 

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................... 4,884 5,052 5,765 2,904 910 n.a. 1,749 1,166 -325 117.56 

June.................. 4,408 5,575 7,463 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

100

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

04/04/07 .................................................................. 748,490 764,738 12,754 1.2194 

04/11/07 .................................................................. 752,283 762,793 13,885 1.2194 

04/18/07 .................................................................. 764,871 776,669 14,035 1.2056 

04/25/07 .................................................................. 746,764 759,898 15,285 1.2030 

 

05/02/07 .................................................................. 833,362 839,758 13,617 1.2138 

05/09/07 .................................................................. 859,142 864,841 13,096 1.2165 

05/16/07 .................................................................. 896,839 902,467 10,013 1.2220 

05/23/07 .................................................................. 915,580 916,693 -3,527 1.2266 

05/30/07 .................................................................. 963,527 970,312 -2,860 1.2259 

 

06/06/07 .................................................................. 1,011,414 1,015,794 -940 1.2176 

06/13/07 .................................................................. 1,128,502 1,129,117 -2,634 1.2447 

06/20/07 .................................................................. 906,050 920,566 1,458 1.2374 

06/27/07 .................................................................. 921,443 930,563 1,080 1.2291 

 

07/04/07 .................................................................. 952,945 963,330 2,641 1.2152 

07/11/07 .................................................................. 983,250 993,809 5,156 1.2044 

07/18/07 .................................................................. 995,806 1,006,269 5,709 1.1997 

07/25/07 .................................................................. 1,047,530 1,059,121 12,322 1.2140 

 

08/01/07 .................................................................. 1,173,880 1,184,064 3,824 1.2013 

08/08/07 .................................................................. 1,126,784 1,129,335 3,531 1.1946 

08/15/07 .................................................................. 1,168,289 1,168,186 4,157 1.2181 

08/22/07 .................................................................. 1,209,905 1,202,483 3,021 1.2062 

08/29/07 .................................................................. 1,233,944 1,227,438 3,426 1.1986 

 

09/05/07 .................................................................. 1,292,568 1,286,788 3,576 1.2025 

09/12/07 .................................................................. 1,390,949 1,386,943 2,651 1.1844 

09/19/07 .................................................................. 1,069,796 1,072,308 2,510 1.1856 

09/26/07 .................................................................. 1,053,870 1,056,755 3,161 1.1710 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

101

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) 

 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Oct ................... 658,618 673,562 65,123 64,107 142,039 128,958 161,356 166,004 12,737 1.2424 

Nov .................. 795,736 813,606 74,946 73,814 139,351 128,709 160,901 169,130 n.a. 1.1966 

Dec .................. 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Jan ................... 792,186 815,128 73,494 72,384 153,153 144,073 181,612 190,993 13,814 1.2470 

Feb .................. 930,899 962,448 93,613 92,812 164,990 148,762 199,482 208,741 n.a. 1.2189 

Mar .................. 800,135 818,490 109,086 102,562 177,461 168,084 215,797 225,404 n.a. 1.2126 

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 

 

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................... 23,635 25,413 46,616 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 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

102

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

04/04/07 .................................................................. 1,017,740 1,042,457 5,153 1.9756 

04/11/07 .................................................................. 985,712 1,010,570 5,284 1.9786 

04/18/07 .................................................................. 1,029,996 1,055,713 3,759 2.0041 

04/25/07 .................................................................. 1,012,421 1,040,100 3,543 2.0042 

 

05/02/07 .................................................................. 1,049,555 1,073,510 4,017 1.9910 

05/09/07 .................................................................. 1,043,067 1,067,855 5,392 1.9963 

05/16/07 .................................................................. 1,065,644 1,093,357 5,255 1.9774 

05/23/07 .................................................................. 1,067,042 1,092,243 6,376 1.9879 

05/30/07 .................................................................. 1,103,906 1,127,136 5,538 1.9747 

 

06/06/07 .................................................................. 1,113,899 1,133,487 5,287 1.9915 

06/13/07 .................................................................. 1,204,417 1,223,012 4,153 1.9728 

06/20/07 .................................................................. 1,030,723 1,050,188 6,231 1.9937 

06/27/07 .................................................................. 1,058,835 1,079,098 5,871 1.9965 

 

07/04/07 .................................................................. 1,052,849 1,076,715 2,641 2.0168 

07/11/07 .................................................................. 1,082,451 1,107,173 3,621 2.0320 

07/18/07 .................................................................. 1,093,380 1,116,807 3,299 2.0534 

07/25/07 .................................................................. 1,120,714 1,144,354 3,073 2.0511 

 

08/01/07 .................................................................. 1,157,041 1,179,818 3,606 2.0309 

08/08/07 .................................................................. 1,136,593 1,159,164 4,007 2.0368 

08/15/07 .................................................................. 1,161,790 1,174,845 2,529 1.9923 

08/22/07 .................................................................. 1,166,114 1,180,563 1,739 1.9916 

08/29/07 .................................................................. 1,191,346 1,204,695 2,973 2.0182 

 

09/05/07 .................................................................. 1,195,386 1,210,141 3,709 2.0221 

09/12/07 .................................................................. 1,261,726 1,272,317 4,979 2.0314 

09/19/07 .................................................................. 1,122,045 1,135,235 4,410 1.9983 

09/26/07 .................................................................. 1,088,366 1,108,019 3,587 2.0159 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

103

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) 

 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Oct ................... 844,905 863,283 405,285 351,894 73,435 67,458 72,904 73,764 3,091 1.9084 

Nov .................. 909,677 934,410 397,105 345,588 86,311 85,218 80,470 80,317 2,279 1.9693 

Dec .................. 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Jan ................... 956,808 983,199 382,640 334,433 102,079 92,769 97,068 93,566 3,065 1.9611 

Feb .................. 1,037,192 1,071,521 385,211 339,747 98,992 86,040 89,867 89,637 2,992 1.9613 

Mar .................. 978,756 1,013,819 420,023 374,801 105,478 89,465 95,554 99,963 3,841 1.9685 

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 

 

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................... 13,187 22,790 61,982 22,609 267 69 n.a. n.a. -441 1.9685 

June.................. 9,617 19,187 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

104

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

04/04/07 ................................................................ 12,073,534 12,117,590 -9,384 n.a. 

04/11/07 ................................................................ 12,017,228 12,062,447 -8,883 n.a. 

04/18/07 ................................................................ 12,276,358 12,327,372 -4,788 n.a. 

04/25/07 ................................................................ 12,353,458 12,414,983 -5,289 n.a. 

 

05/02/07 ................................................................ 13,044,678 13,111,991 -8,296 n.a. 

05/09/07 ................................................................ 12,879,264 12,945,779 -11,130 n.a. 

05/16/07 ................................................................ 13,165,957 13,205,032 -9,908 n.a. 

05/23/07 ................................................................ 13,392,591 13,414,664 -6,186 n.a. 

05/30/07 ................................................................ 13,933,185 13,974,116 -558 n.a. 

 

06/06/07 ................................................................ 14,300,883 14,347,122 -6,584 n.a. 

06/13/07 ................................................................ 15,088,169 15,112,381 34 n.a. 

06/20/07 ................................................................ 13,206,306 13,205,281 8,594 n.a. 

06/27/07 ................................................................ 13,685,759 13,693,932 8,287 n.a. 

 

07/04/07 ................................................................ 13,444,713 13,472,402 12,906 n.a. 

07/11/07 ................................................................ 13,865,235 13,872,631 4,824 n.a. 

07/18/07 ................................................................ 13,764,965 13,785,110 8,496 n.a. 

07/25/07 ................................................................ 14,358,974 14,366,410 3,630 n.a. 

 

08/01/07 ................................................................ 15,046,195 15,039,072 979 n.a. 

08/08/07 ................................................................ 14,840,652 14,854,408 1,380 n.a. 

08/15/07 ................................................................ 15,268,577 15,302,695 13,286 n.a. 

08/22/07 ................................................................ 15,594,702 15,655,099 21,271 n.a. 

08/29/07 ................................................................ 16,231,487 16,292,449 15,277 n.a. 

 

09/05/07 ................................................................ 16,118,918 16,163,701 11,505 n.a. 

09/12/07 ................................................................ 16,805,675 16,852,499 8,307 n.a. 

09/19/07 ................................................................ 15,027,073 15,012,238 14,033 n.a. 

09/26/07 ................................................................ 14,929,534 15,002,653 11,537 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

105

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) 

 

2004 - Dec.................. 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

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 - Oct .................. 10,681,385 10,780,324 - - 1,900,053 1,844,507 1,965,291 1,957,859 -8,833 n.a. 

Nov ................. 11,668,046 11,734,248 - - 1,966,802 1,987,505 2,072,970 2,089,732 919 n.a. 

Dec ................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

2007 - Jan .................. 12,101,309 12,282,778 - - 1,964,664 2,002,753 2,009,474 2,067,275 -13,166 n.a. 

Feb ................. 13,107,346 13,258,898 - - 1,931,196 1,932,102 2,231,096 2,603,339 -13,099 n.a. 

Mar ................. 12,650,037 12,726,566 - - 3,033,699 3,192,309 4,021,879 2,778,976 -14,011 n.a. 

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. 

 

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 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 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................... 233,929 223,369 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 266,817 227,436 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

106

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

04/04/07 ............................................................................. 3,289,367 3,243,942 -3,472 0.7483 

04/11/07 ............................................................................. 3,317,512 3,273,566 -6,605 0.7443 

04/18/07 ............................................................................. 3,376,081 3,333,475 -8,008 0.7367 

04/25/07 ............................................................................. 3,391,604 3,343,647 -8,697 0.7328 

 

05/02/07 ............................................................................. 3,672,687 3,610,025 -7,023 0.7354 

05/09/07 ............................................................................. 3,685,639 3,619,093 -5,734 0.7381 

05/16/07 ............................................................................. 3,671,431 3,585,515 -4,418 0.7395 

05/23/07 ............................................................................. 3,710,805 3,644,910 2,044 0.7417 

05/30/07 ............................................................................. 3,832,212 3,778,293 624 0.7452 

 

06/06/07 ............................................................................. 3,917,990 3,865,346 770 0.7412 

06/13/07 ............................................................................. 4,031,953 3,987,197 4,783 0.7522 

06/20/07 ............................................................................. 3,582,182 3,541,149 3,038 0.7448 

06/27/07 ............................................................................. 3,738,174 3,698,282 2,502 0.7444 

 

07/04/07 ............................................................................. 3,632,132 3,588,403 -231 0.7345 

07/11/07 ............................................................................. 3,671,031 3,637,093 2,430 0.7269 

07/18/07 ............................................................................. 3,651,633 3,610,971 471 0.7242 

07/25/07 ............................................................................. 3,782,383 3,759,003 -482 0.7293 

 

08/01/07 ............................................................................. 3,900,790 3,877,408 2,086 0.7309 

08/08/07 ............................................................................. 3,821,025 3,806,999 4,698 0.7242 

08/15/07 ............................................................................. 3,998,967 3,977,700 1,571 0.7419 

08/22/07 ............................................................................. 4,020,523 3,988,367 1,423 0.7388 

08/29/07 ............................................................................. 4,219,529 4,182,001 445 0.7313 

 

09/05/07 ............................................................................. 4,138,892 4,106,207 -182 0.7316 

09/12/07 ............................................................................. 4,317,331 4,267,461 608 0.7192 

09/19/07 ............................................................................. 3,874,667 3,830,664 -971 0.7169 

09/26/07 ............................................................................. 3,897,185 3,833,087 -1,150 0.7079 

 
FOREIGN CURRENCY POSITIONS 

December 2007 

107

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) 

 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - 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 - Oct ................... 3,106,968 3,102,984 1,450,067 1,392,160 698,951 688,800 476,597 565,953 -2,437 0.7829 

Nov .................. 3,384,224 3,371,697 1,528,203 1,476,998 668,561 727,152 514,595 566,983 -15,568 0.7541 

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 - Jan ................... 3,363,078 3,333,264 1,503,055 1,459,883 664,259 688,121 523,245 617,987 -3,257 0.7694 

Feb .................. 3,592,432 3,550,606 1,542,538 1,508,173 637,575 636,420 512,272 586,248 -3,688 0.7559 

Mar .................. 3,377,403 3,348,012 1,592,041 1,544,266 642,229 633,530 528,043 607,599 -9,520 0.7477 

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 

 

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................... 75,535 84,447 190,307 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June.................. 68,705 81,195 204,439 125,903 7,443 3,408 10,670 3,743 -1,051 0.7396 

 
December 2007 

108

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of March 31, 2007, and June 30, 2007 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital March 31, 2007 

April 1, 2007, 

through June 30, 2007 June 30, 2007 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 16,067,297 186,814 16,254,111 

Special drawing rights 1 ........................................................... 8,947,527 70,524 9,018,051 

Foreign exchange and securities: 

European euro ..................................................................... 12,655,259 239,520 12,894,779 

Japanese yen....................................................................... 8,053,674 -372,552 7,681,122 

Accounts receivable................................................................. 199,445 24,753 224,198 

Total assets.......................................................................... 45,923,202 149,059 46,072,261 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 50,650 1,714 52,364 

Total current liabilities ...................................................... 50,650 1,714 52,364 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,399,221 26,360 7,425,581 

Total other liabilities ......................................................... 9,599,221 26,360 9,625,581 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 36,073,331 120,985 36,194,316 

Total capital...................................................................... 36,273,331 120,985 36,394,316 

Total liabilities and capital............................................ 45,923,202 149,059 46,072,261 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

December 2007 

109

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

April 1, 2007, 

through 

June 30, 2007 

Fiscal year to date 

October 1, 2006, 

through 

June 30, 2007 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -241,532 437,381 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 5,410 39,552 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 16,453 47,110 

U.S. Government securities......................................................... 209,945 627,896 

Foreign exchange ........................................................................ 130,709 357,587 

Commissions ............................................................................... - - 

Income from operations............................................................... 120,985 1,509,526 

Net income (+) or loss (-)............................................................. 120,985 1,509,526 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

 December 2007 

113

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 2008) .............................................................................................................. 86 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 2 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 85 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 145 

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 2008) .............................................................................................................. 13 

less: 

 

Cash balance (fiscal year 2008) ......................................................................................................................................................................................... 6 

Unfunded authorizations (fiscal year 2008)........................................................................................................................................................................ 7 

48-month revenue estimate (fiscal years 2009, 2010, 2011, and 2012)............................................................................................................................ 21 
TECHNICAL PAPERS 

December 2007 

114

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.
TECHNICAL PAPERS 

December 2007 

115

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
December 2007 

116

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 September 2007, 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 

December 2007 

117

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”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“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.) 
GLOSSARY 

December 2007 

118

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-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). 
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