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FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

SEPTEMBER 2009
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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Financial Report of the United States Government. This annual report provides 

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† Subscription order form on inside back cover. 
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Financial Management Service, Governmentwide Accounting, Budget Reports Division. Statistical 

data is compiled from sources within Treasury departmental offices and bureaus, as well as various 

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inquire about any of the published information. Suggestions are welcome. 

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treasury.bulletin@fms.treas.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Financial Management Service’s home page. 

www.fms.treas.gov/ 
September 2009 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 36 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 37 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 38 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 39 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 40

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 41 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 42 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 42 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 43
September 2009 

IV 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 47 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 47 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 48 

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

 Residents of Foreign Countries.............................................................................................................................. 49

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 50 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 53 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 54 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 56 

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

 with Respect to Selected Countries...................................................................................................................... 58 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 59 

CM-II-2.—Total Claims by Country ................................................................................................................................... 60 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 62 

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

 with Respect to Selected Countries...................................................................................................................... 64

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

 in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 65 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 66 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 68 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 70 

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 ............................................ 72 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 73 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 74 

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

 and Country, during (second quarter) ............................................................................................................... 76 

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

 and Country, during (calendar year) ................................................................................................................. 78 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 80 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 81 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 82

CM-V-2. —Gross Total of Holdings with Negative Fair Values, by Country .................................................................... 83 

CM-V-3. —Gross Total of Holdings with Positive Fair Values, by Country...................................................................... 84 

CM-V-4. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract.................. 85 

CM-V-5. —Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Country ................. 86
September 2009 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 87 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 100 

ESF-1.—Balance Sheet ..................................................................................................................................................... 100 

ESF-2.—Income and Expense........................................................................................................................................... 101

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 105 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 105

RESEARCH PAPER SERIES........................................................................................................................................... 106

GLOSSARY ...................................................................................................................................................................... 108

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. 
September 2009 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating 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
September 2009 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of August 14, 2009

Introduction 

The pace of decline in the U.S. economy slowed notably 

during the first half of 2009, as activity in some sectors, 

including the housing sector, began to stabilize. Nonetheless, 

as of August 2009, the economy has been in recession for 21 

months, marking the longest post-war recession to date from 

the business cycle peak of December 2007, as dated by the 

National Bureau of Economic Research (NBER). 

The headline consumer price level has been declining in 

recent months, reflecting the substantial decline in oil and 

commodity prices from peak levels reached in summer 2008. 

Core inflation (a measure excluding food and energy prices) 

has remained contained, falling in July to the lowest level 

since early 2004. Conditions in housing and financial 

markets started improving earlier this year and both have 

consolidated gains in more recent months. Stock market 

indexes have trended higher since early March while 

Treasury bond yields have remained fairly steady. Many 

economists predict positive growth in the second half of 

2009, boosted by a variety of measures implemented under 

the American Recovery and Reinvestment Act of 2009 

(ARRA, or the “Recovery Act”). 

Growth 

During 2008, the U.S. economy experienced its first 

four-quarter contraction since 1991, as real gross domestic 

product (GDP) fell by 0.8 percent. The contraction 

intensified during the first quarter of 2009, with a decline in 

real GDP of 6.4 percent, marking the largest quarterly 

contraction since 1982. The fall reflected steep declines in 

business and residential investment as well as a sharp drop 

in inventory investment. However, the pace of decline 

slowed dramatically in the second quarter, with a contraction 

of 1 percent. Residential investment continued to fall sharply 

in the second quarter (the 14th straight quarterly decline), 

while business and inventory investment fell less 

dramatically. Government spending rose and net exports 

added to growth for the third straight quarter. Consumer 

spending declined modestly. Despite the slowdown in the 

rate of contraction, over the four quarters through the second 

quarter of 2009, real GDP fell 3.9 percent, the largest fourquarter decline in the history of the GDP data series dating 

from 1947. 

In 2008, consumer spending-which accounts for about 70 

percent of GDP–registered its largest four-quarter drop since 

1974, falling by 1.3 percent. After rising by 0.6 percent in 

the first quarter of 2009, personal consumption expenditures 

declined again in the second quarter, by 1.2 percent, 

subtracting 0.9 percentage point from real GDP growth. 

Even so, the pace of decline has lessened in recent quarters. 

Residential investment–mostly residential homebuilding– 

now accounts for only about 3-1/2 percent of GDP after 

declining sharply since early 2006. After plunging 38 

percent in the first quarter of 2009, the largest decline in 

more than 3 years of correction in the housing sector, 

residential investment fell by a somewhat more moderate 29 

percent in the second quarter, subtracting 0.9 percentage 

point from real GDP growth, slightly less than the nearly 1 

percent average decline of the correction’s 14 quarters. 

Despite the steep and ongoing declines in this sector, there 

have been signs of stabilization in recent monthly measures. 

Single-family housing starts have been stable this year 

through June, and single-family permits rose in June at the 

fastest pace in a year; starts have exceeded permits in four of 

the past 5 months. Sales of existing homes rose in June, for 

the third straight month, and are now almost 9 percent above 

January’s record lows. New single family home sales rose 

11 percent in June, posting the strongest growth in 8 years. 

All these measures, however, remain at least 70 percent 

below their late-2005/early 2006 highs. The inventories of 

unsold new and existing homes continued to shrink in June, 

but both remain relatively high. 

Rising home sales and declining inventories have helped 

ease downward pressure on house prices. The Federal 

Housing Financing Authority (FHFA) purchase-only house 

price index has been stable since last November, and rose 

0.9 percent in May (though still down 5.6 percent on a 12-

Growth of Real GDP

3.8

1.3

4.8

2.7

0.8

1.5

4.8

-0.2

0.9

-6.3 -6.4

-1.0 -0.5

4.8

3.0 2.8

0.1

2.6

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2005 2006 2007 2008 2009

(Quarterly percent change at annual rate)
4 Profile of the Economy 

September 2009 

Payroll Employment

-208

-553

-691

-422

-153

-113

71 80 109 105

151

255

88

206

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2006 2009 2007 2008

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

00 01 02 03 04 05 06 07 08 09

(Percent)

July 2009

9.4%

month basis). The 10- and 20-city Standard & Poor’s 

(S&P)/Case-Shiller composite home price indices each rose 

by about 0.5 percent in May, posting their first increases in 

3-1/2 years. Still, each index is down 21 percent from a year 

ago. 

The decline in business activity outside of homebuilding 

in 2008 and earlier this year began to moderate in the second 

quarter of 2009. Nonresidential fixed investment–about 10 

percent of GDP–plunged by nearly 40 percent at an annual 

rate during the first quarter (the largest decline on record) 

but fell by nearly 9 percent in the second quarter. Outlays for 

equipment and software in the first quarter tumbled by more 

than 36 percent, the most since the late 1950s, but fell by 9 

percent in the second quarter. Altogether, the drop in 

business investment subtracted 0.9 percentage point from 

real GDP growth in the second quarter, markedly less than 

the 5.3 percentage point drag it posed in the first quarter. 

Export growth had been a key driver of growth in 2007 

and most of 2008, but in the most recent three quarters, the 

contribution has declined significantly–nonetheless, with 

imports falling more rapidly than exports, net exports have 

continued to add to growth. Exports account for about 12 

percent of GDP, while imports, which are subtracted from 

GDP, account for about 17 percent. In the second quarter, 

the paces of decline in exports as well as imports slowed. 

Real exports fell 7 percent in the second quarter of 2009, 

year-over-year, after declining about 30 percent in the first 

quarter. Real imports declined 15 percent in the second 

quarter of 2009, the eighth consecutive quarterly decline, 

after a plunge of more than 36 percent in the fourth quarter 

(and the largest since early 1975). As a result, net exports 

contributed 2.6 percentage points to first quarter growth in 

real GDP and 1.4 percentage points in the second quarter. 

Public sector purchases–which account for roughly 20 

percent of GDP–rose 5.6 percent at an annual rate in the 

second quarter, adding 1.1 percentage points to real GDP 

growth. Federal spending surged almost 11 percent in the 

second quarter, besting the 8.9 percent quarterly average 

during 2008. State and local government spending rose 2.4 

percent, after two consecutive quarterly declines averaging 

1.8 percent. 

Labor Markets 

Labor market conditions deteriorated throughout 2008 

and conditions worsened during the first part of 2009, 

although there has been some moderation in more recent 

months. Since the recession began in December 2007, a total 

of 6.7 million jobs have been lost through July, including 

over 3.6 million jobs during the first 7 months of this year 

alone. Nonfarm payrolls fell by an average of 158,000 per 

month during the first three quarters of 2008, then dropped 

by an average of 553,000 per month in the final quarter and 

by an average of nearly 700,000 per month during the first 

quarter. Job declines started to slow in the second quarter, 

and in July, the decline in payrolls was less than one-half of 

the 557,000 average monthly job loss during the first 6 

months of 2009, and marked the smallest decline in payrolls 

since August 2008. The unemployment rate trended higher 
Profile of the Economy 5 

September 2009 

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

through June, reaching a 26-year high of 9.5 percent before 

declining, for the first time since April 2008, to 9.4 percent 

in July, still 5 percentage points above the March 2007 low 

of 4.4 percent. A measure of unemployment that includes 

workers who are underemployed and those who are only 

marginally attached to the labor force reached a record high 

of 16.5 percent in June 2009 (series dates from 1994) but 

edged down to 16.4 percent in July–up from 8.7 percent in 

December 2007. 

Job losses have been spread broadly across most sectors. 

Since the start of the recession, manufacturing payrolls have 

declined by nearly 2 million, and construction payrolls have 

declined by 1.4 million. However, a few sectors have 

continued to see job growth, including health care and 

education, which together added nearly 700,000 jobs to 

payrolls between December 2007 and July 2009. 

Inflation 

Headline inflation peaked at 5.6 percent in the year 

through July 2008, boosted by surging food and energy 

prices. Since then, the headline measure has retreated 

noticeably due to declines in energy prices (28 percent over 

the past year) as well as increasing economic slack. Headline 

consumer prices have fallen on a 12-month basis in each of 

the last 5 months, including a decline of 2.1 percent in the 

year ending in July 2009, the largest drop since 1950 and a 

sharp contrast from the year-earlier, 5.6 percent increase. 

The decline in the headline CPI figures on a 12-month basis 

reflects the declines in energy prices that have already 

occurred. More recently, headline prices have turned up. For 

the 3 months ending in July 2009, headline consumer prices 

rose at an annual rate of 3.4 percent (energy prices rose 

nearly 60 percent at an annual rate over that same period). 

Core consumer prices (excluding food and energy) rose by 

1.5 in the year through July 2009, well-below the yearearlier pace of 2.5 percent and the slowest pace since March 

2004. In the 3 months ending in June 2009, core prices 

increased at a 1.2 percent annual rate. 

Energy prices have risen since late 2008, but are wellbelow the record highs reached in mid-summer 2008. The 

retail price of regular gasoline–which hit a record of $4.11 

per gallon in early July 2008, then dropped to $1.61 in late 

December 2008–had risen to $2.50 per gallon in the week 

ended July 27, nearly 90 cents higher than the December low 

but still about $1.45 below the year-ago average. The frontmonth futures price for West Texas Intermediate (WTI) 

crude oil traded to a record $147 per barrel in mid-July 

2008, but has since dropped by about $80 to roughly $66.48 

per barrel as of the week ending July 30. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, but have since 

declined. In July, consumer food prices edged 0.2 percent 

lower and were up just 0.9 percent over the year, compared 

with a 5.3 percent rate in the preceding year. 

Federal Budget 

The federal budget deficit widened to $459 billion in 

fiscal year 2008 (3.2 percent of GDP), following 3 years of 

improvement that had trimmed the deficit to $162 billion 

(1.2 percent of GDP) in fiscal year 2007. Outlays grew by 

9.3 percent in fiscal year 2008 compared with fiscal year 

2007, and included stimulus payments associated with the 

Economic Stimulus Act of 2008. Weak economic growth 

weighed on receipts, which fell by 1.7 percent. 

In fiscal year 2009, the budget deficit is projected to rise 

to $1.75 trillion (12.3 percent of GDP). Expenditures are 

expected to grow by 32 percent, partly reflecting the 

Troubled Assets Relief Program (TARP) outlays and 

spending associated with the stimulus package enacted in 

mid-February. Receipts are projected to fall by 13 percent, 

due in part to falling employment and income and declining 

asset values. The deficit will narrow in subsequent years, 

averaging 3.1 percent of GDP from fiscal year 2012 to fiscal 

year 2019. During the first three quarters of 2009, the deficit 

rose to $1.09 trillion, well above the $270 billion deficit for 

the comparable period of fiscal year 2008. Compared with 

the first 9 months of fiscal year 2008, receipts were down 

nearly 18 percent in the current fiscal year, and outlays were 

up over 21 percent. 
6 Profile of the Economy 

September 2009 

Economic Policy 

Key policy actions taken in the past several months have 

kept the economy from contracting even further, and 

continue to set the stage for recovery in the second half of 

the year and beyond. The ARRA puts $787 billion toward 

stimulating domestic demand; through the end of July, the 

Federal government had paid out more than $70 billion in 

Recovery Act funds, with a total of nearly $200 billion either 

already paid out or obligated to be paid out in the near 

future. This spending will provide an important boost to 

economic activity through the next several months and in 

2010. Specifically, the Recovery Act is expected to create or 

save an estimated 3.5 million jobs in a range of industries 

from clean energy to health care. The ARRA is also helping 

to bolster incomes and support consumer spending: 

government estimates suggest that as of May, nominal 

disposable personal income was about $207 billion (nearly 2 

percent) higher than it otherwise would have been without 

the Making Work Pay tax cuts or the one-time payments to 

eligible recipients (mostly Social Security recipients). 

Financial Markets 

Financial markets came under unprecedented stress last 

fall, but a wide range of measures have been taken as part of 

the Emergency Economic Stabilization Act (EESA) of 2008, 

enacted in early October, as well as the ARRA. Credit 

market conditions have since improved, although some 

indicators still suggest that several important sectors remain 

challenged. 

Partly in response to rising financial market stress, as 

well as, signs of more slowing in the broader economy, the 

Federal Reserve began easing monetary policy in August 

2007, and has since cut the rate to a range of 0 percent to 

0.25 percent, set at the December 2008 Federal Open Market 

Committee (FOMC) meeting, which brought the target to its 

lowest level in history. The target range was maintained at 

the FOMC’s most recent meeting in mid-August, when the 

Committee observed some leveling out of economic activity, 

general improvement in financial market conditions, and 

subdued inflation. The Federal Reserve has greatly expanded 

its tools to increase liquidity in credit markets and ease 

lending terms to sectors that need a temporary injection. 

These include a variety of facilities and funds directed at 

specific financial markets, including commercial paper and 

money market funds. Although these facilities were set to 

expire this spring, the Federal Reserve extended the 

programs through October 30, 2009. The expiration date of 

the Term Asset-Backed Securities Loan Facility (TALF) 

remains December 31, 2009, and other liquidity facilities, 

such as the Term Auction Facility (TAF) do not have a fixed 

expiration date. At the August meeting, the FOMC 

reaffirmed its support of mortgage lending and housing 

markets through purchases of agency mortgage-backed 

securities and agency debt, and also noted that it is in the 

process of buying Treasury securities. It also announced that 

it will gradually slow the pace of Treasury transactions and 

that it expects to complete its Treasury purchases by 

October. 

Equity market indexes fell very sharply last year, and 

volatility rose to record levels. The S&P 500 index declined 

38.5 percent in 2008, compared with a 3.5 percent gain the 

previous year. The loss was the largest since 1931, when an 

earlier version of the index (containing only 90 stocks) 

dropped 47 percent. This year, the S&P 500 reached a 12-

year low in mid-March and since then has risen by about 48 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009

(Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009

(Percent)

TED Spread

Libor-OIS Spread
Profile of the Economy 7 

September 2009 

percent. Year-to-date, the index is 11 percent higher. The 

S&P stock market volatility index (VIX), often used as a 

measure of financial market uncertainty, surged to an alltime high of 80 percent in late October, after hovering in a 

range of 20 to 30 percent for most of 2008. The VIX has 

since retreated to about 25 percent as of mid-August. 

Long- term Treasury interest rates have responded to a 

variety of factors, including flight-to-quality flows in 

response to financial market pressures, as well as concerns 

about the increase in supply that will be necessary to fund 

the government’s emergency support programs. After 

trading between 3.5 percent and 4.5 percent for most of 

2008, the yield dropped off sharply starting in midNovember, reaching a low of 2.1 percent in late December. 

Since then, the 10-year note yield has generally trended 

higher, and in recent months has traded in a more stable 

range. The yield stood at about 3.6 percent as of midAugust. The 3-month Treasury bill yield, by contrast, 

generally trended lower throughout 2008 under the relatively 

steady influence of safe-haven demand for short-term liquid 

assets. The yield reached an all-time low of slightly above 

zero by the end of December, but has risen since then, and 

through much of the past few months, has remained at about 

0.2 percent. The 2-year to 10-year Treasury yield spread, 

one measure of the steepness of the yield curve, has widened 

noticeably since mid-2007, when it was roughly 20 basis 

points. This spread has steepened to an average 250 basis 

points over the past month. A steepening yield curve may 

suggest rising uncertainty about long-term prospects. 

Key interest rates on private securities have risen sharply 

relative to Treasury rates, reflecting an increase in financial 

risk and concerns by financial market participants about 

short-term liquidity difficulties facing a number of 

institutions. The spread between the 3-month London Interbank Offered Rate (LIBOR) and the 3-month Treasury bill 

rate (the TED spread, a measure of inter-bank liquidity and 

credit risk) had averaged less than 50 basis points before the 

crisis began to worsen in August 2007 and rose to an alltime high of nearly 460 basis points in early October 2008. 

Improvements in short-term credit availability have 

narrowed the spread to about 30 basis points in mid-August. 

The spread between the Baa corporate bond yield and the 

10-year Treasury yield averaged 170 basis points through 

most of 2007, before the financial market turmoil emerged. 

It peaked at nearly 620 basis points last December and has 

narrowed since then to about 290 basis points in midAugust–still very high by historical standards. 

Rates for conforming mortgages have trended lower in 

recent months, but jumbo mortgage rates have continued to 

rise. The interest rate for a 30-year conforming fixed-rate 

mortgage rose to about 5.6 percent as of mid-August. The 

jumbo-conforming spread had widened to 160 basis points 

by the end of last year, well up from the more typical 20 to 

25 basis point spread seen prior to the onset of the housing 

and credit market problems. Although this spread had 

widened to about 160 basis points in mid-May, it has since 

narrowed to just under 100 basis points as of mid-August. 

Foreign Trade and Exchange Rates 

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

in goods and services) and current account (which also 

includes investment income flows and unilateral transfers) 

remain in deficit, both deficits have narrowed appreciably in 

recent years, largely due to an improvement in the trade 

balance. The merchandise trade deficit reached $847 billion 

in 2006, but declined to $831 billion in 2007, then widened a 

bit to $840 billion in 2008. The current account balance has 

been in deficit almost continuously since the early 1980s, 

and in 2006, reached a record $804 billion, equivalent to 6.0 

percent of GDP. In 2007, the deficit narrowed to $727 

billion, or 5.3 percent of GDP, and in 2008, the current 

account narrowed further to $706 billion, equivalent to 5.0 

percent of GDP. 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

its peak in February 2002, but most recently, has begun to 

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between July 2007 and 

July 2009, however, the dollar appreciated by 2.0 percent 

against these currencies. Over the longer timeframe, the 

dollar depreciated by about 27 percent against the yen, and 

by 33 percent against the euro. Over the past 2 years, the 

dollar has depreciated by about 22 percent against the yen 

and by roughly 2.5 percent against the euro. The dollar has 

appreciated against an index of currencies of 19 other 

important trading partners (including China, India, and 

Mexico). Between February 2002 and January 2009, the 

dollar appreciated by about 0.5 percent against this basket of 

currencies, and over the past 2 years, firmed by about 5.0 

percent. 
September 2009 

8 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

September 2009 

9

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2009 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $255.8 billion for the third 

quarter of fiscal year 2009. This is a decrease of $118.4 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $35.0 billion and non-withheld 

receipts decreased by $108.4 billion during this period. 

Refunds decreased by $25.0 billion over the comparable 

fiscal year 2008 quarter. There was an increase of $0.6 

billion in accounting adjustments between individual income 

tax receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2008. 

Corporate income taxes—Net corporate income tax 

receipts were $45.7 billion for the third quarter of fiscal year 

2009. This is a decrease of $61.4 billion compared to the 

prior year third quarter. The $61.4 billion change is 

comprised of a decrease of $44.4 billion in estimated and 

final payments, and an increase of $17.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2009 were $235.3 billion, a decrease of $3.7 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by -$1.8 billion, -$0.3 billion, and -$1.5 billion 

respectively. There was a -$3.6 billion accounting 

adjustment for prior years employment tax liabilities 

made in the third quarter of fiscal year 2009, while there 

was a -$3.0 billion adjustment in the third quarter of 

fiscal year 2008. 

Unemployment insurance—Unemployment insurance 

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

2009 were $20.2 billion, a decrease of $0.9 billion over the 

comparable quarter of fiscal year 2008. Net State taxes 

deposited in the U.S. Treasury decreased by $0.7 billion to 

$16.4 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.3 billion to $3.8 billion.
FEDERAL FISCAL OPERATIONS 

September 2009 

10 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

third quarter of fiscal year 2009. This was a negligible 

change from the comparable quarter of fiscal year 2008. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2009 were $17.8 billion, an increase of 

$1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.8 billion, an 

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.4 billion for the third quarter of fiscal year 2009. 

These receipts represent a decrease of $2.5 billion over the 

same quarter in fiscal year 2008. 

Customs duties—Customs duties net of refunds were 

$4.8 billion for the third quarter of fiscal year 2009. This is a 

decrease of $1.8 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2009 were $11.8 billion, a 

decrease of $1.4 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $1.8 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”] 

 Third quarter 

 April - June 

Actual fiscal 

year to date 2009 

Total on- and off-budget results: 

Total receipts ............................................................... 598,837 1,588,671

On-budget receipts .................................................. 415,421 1,085,938

Off-budget receipts .................................................. 183,416 502,733

Total outlays................................................................. 903,713 2,674,934

On-budget outlays.................................................... 797,087 2,320,371

Off-budget outlays.................................................... 106,625 354,563

Total surplus or deficit (-) ............................................. -304,876 -1,086,263

On-budget surplus or deficit (-)................................ -381,666 -1,234,433

Off-budget surplus or deficit (-)................................ 76,791 148,170

Means of financing: 

Borrowing from the public ............................................ 338,389 1,364,700

Reduction of operating cash........................................ -49,036 53,745

Other means ................................................................ 15,523 -332,182

Total on- and off-budget financing........................... 304,876 1,086,263

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2009 

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

Source April May June 

Individual income taxes...................................................... 136.7 26.2 92.9 

Corporate income taxes..................................................... 14.5 -1.4 32.5 

Employment and general retirement.................................. 91.0 67.8 76.5 

Unemployment insurance .................................................. 7.1 12.7 0.4 

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

Excise taxes ....................................................................... 5.6 5.4 6.7 

Estate and gift taxes .......................................................... 4.0 1.5 1.0 

Customs duties .................................................................. 1.9 1.4 1.5 

Miscellaneous receipts....................................................... 5.2 3.3 3.4

Total budget receipts ..................................................... 266.2 117.2 215.4

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

September 2009 

11

0

100

200

300

400

500

600

700

800

900

1000

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise

taxes

Misc. 

receipts 

Estate/gift

taxes

Custom

duties

* Prior-year data are for the comparable year.

2009

2008 *

CHART FFO-B.—

Budget Receipts by Fiscal Year to Date, 2008-2009

(In billions of dollars) 

CHART FFO-A.—

Monthly Receipts and Outlays, 2008-2009

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

J J A SONDJ F MAMJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays
FEDERAL FISCAL OPERATIONS 

September 2009 

12 

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-)

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-)

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public–

Federal securities

Public debt

securities 

(10) 

 

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

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

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

2007 ............................ 2,567,672 1,932,584 635,088 2,729,199 2,275,562 453,636 -161,527 -342,978 181,452 499,976 

2008 ............................ 2,523,642 1,865,597 658,045 2,978,440 2,503,689 474,751 -454,798 -638,092 183,294 1,035,015 2009 - Est.................... 2,156,654 1,501,784 654,870 3,997,842 3,479,621 518,221 -1,841,188 -1,977,837 136,649 2,881,875 

2010 - Est.................... 2,332,645 1,649,422 683,223 3,591,076 3,041,947 549,129 -1,258,431 -1,392,525 134,094 1,589,123 

2008 - June ................. 259,912 199,010 60,902 226,365 228,631 -2,266 33,547 -29,621 63,168 103,474 

July .................. 160,494 110,050 50,444 263,261 217,179 46,082 -102,767 -107,129 4,362 91,775 

Aug .................. 157,016 106,449 50,567 268,930 218,692 50,237 -111,914 -112,243 330 60,044 

Sept................. 272,228 218,144 54,083 226,494 169,541 56,953 45,734 48,604 -2,870 376,498 

Oct................... 164,847 117,998 46,849 r 320,372 r 272,915 47,457 r -155,525 r -154,917 -608 546,654 

Nov .................. 144,782 94,377 50,405 r 269,983 r 219,480 50,503 r -125,201 r -125,103 -98 88,115 

Dec .................. 237,811 191,039 46,772 r 289,566 r 296,073 -6,507 r -51,755 r -105,034 53,279 41,709 

2009 - Jan ................... 226,109 161,462 64,647 r 289,567 r 241,802 47,765 r -63,457 r -80,339 16,882 -64,215 

Feb .................. 87,328 34,133 53,195 r 281,188 r 226,552 54,635 r -193,860 r -192,419 -1,440 245,229 

Mar .................. 128,957 71,507 57,450 r 320,545 r 266,461 54,084 r -191,589 r -194,954 3,365 249,178 

Apr................... 266,232 195,849 70,383 287,139 237,834 49,305 -20,907 -41,985 21,078 114,465 

May.................. 117,241 64,098 53,143 306,892 250,801 56,090 -189,651 -186,703 -2,947 82,882 

June................. 215,364 155,474 59,890 309,682 308,452 1,230 -94,318 -152,978 58,660 221,645 

Fiscal year 2009 to date ... 1,588,671 1,085,937 502,734 2,674,934 2,320,370 354,562 -1,086,263 -1,234,432 148,171 1,525,662 

 

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) 

 

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,669 -4,630 6,517 662 412,986 

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

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

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 782 161,527 

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,354 759 454,795 2009 - Est.............................. -177 153,056 2,728,642 -301,608 * * * -1,189,062 * 1,841,188 

2010 - Est.............................. -278 238,320 1,350,528 - * * * -92,097 * 1,258,431 2008 - June ........................... 356 97,463 6,367 39,414 78 305 125 -107 115 -33,547 

July............................ -183 -24,999 116,591 8,240 -77 320 -304 -5,645 - 102,767 

Aug............................ -101 -15,069 75,012 -54,683 -278 -176 -159 -18,418 24 111,914 

Sept........................... -139 41,472 334,887 364,735 -77 509 -25 -15,777 295 -45,737 

Oct............................. 2,465 54,614 494,505 243,350 -417 440 -314 -14,269 - r 155,525 

Nov............................ -2,317 -5,478 91,276 -112,502 23 -28 2,908 -36,478 - r 125,201 

Dec............................ 100 66,695 -24,887 -135,809 317 577 339 -26,255 190 r 51,755 

2009 - Jan ............................. -265 -15,667 -48,813 -170,896 -293 444 -2 -35,390 - r 63,457 

Feb ............................ -337 -15,802 260,695 30,572 -134 361 -64 -37,177 - r 193,860 

Mar ............................ -196 -4,552 253,534 42,503 168 -661 584 -18,667 - r 191,589 

Apr............................. -145 17,030 97,290 69,302 16 -137 51 -7,151 - 20,907 

May ........................... -145 -4,312 87,049 -120,986 314 -642 3,791 -14,921 - 189,651 

June .......................... 12 67,607 154,050 100,720 25 75 71 41,159 - 94,318 Fiscal year 2009 to date ....... -828 160,135 1,364,699 -53,746 19 429 7,364 -324,560 190 1,086,263 

 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No Transactions 

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

September 2009 

13

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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

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

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

2007 .................. 928,583 437,668 202,779 1,163,472 395,534 25,292 370,243 1,533,715 822,216 2,220 819,996 

2008 .................. 970,195 455,398 279,845 1,145,748 354,293 49,947 304,346 1,450,093 854,485 2,461 852,024 

 

2009 - Est.......... 953,006 - - 953,006 146,758 - 146,758 1,099,764 846,405 - 846,405 

2010 - Est.......... 1,051,431 - - 1,051,431 178,933 - 178,933 1,230,364 879,373 - 879,373 

 

2008 - June ....... 73,436 54,806 19,688 108,554 61,970 3,642 58,328 166,882 78,458 - 78,458 

July ........ 76,858 6,581 17,314 66,124 12,492 2,210 10,282 76,406 64,842 - 64,842 

Aug ........ 70,653 4,611 5,001 70,263 5,466 1,549 3,917 74,180 65,051 - 65,051 

Sept....... 76,035 59,089 3,527 131,597 58,537 4,906 53,631 185,228 73,309 2,461 70,848 

Oct......... 79,525 14,554 7,756 86,323 9,926 9,845 81 86,404 61,916 - 61,916 

Nov ........ 67,870 3,663 11,437 60,095 4,209 2,215 1,994 62,089 66,825 - 66,825 

Dec ........ 103,431 8,187 2,738 108,880 51,345 3,052 48,293 157,173 63,790 - 63,790 

2009 - Jan ......... 75,792 54,612 5,945 124,459 9,734 5,202 4,532 128,991 82,939 - 82,939 

Feb ........ 74,704 4,120 70,107 8,717 4,696 6,751 -2,056 6,661 67,267 - 67,267 

Mar ........ 83,889 8,792 51,455 41,227 22,315 18,923 3,392 44,619 72,657 - 72,657 

Apr......... 62,502 130,795 56,629 136,668 27,519 12,974 14,545 151,213 90,637 - 90,637 

May........ 58,335 4,082 36,198 26,218 6,211 7,615 -1,404 24,814 67,367 - 67,367 

June....... 64,528 33,930 5,523 92,935 40,772 8,243 32,529 125,464 76,604 - 76,604 

 

Fiscal year 2009 

 to date................ 670,576 262,735 247,788 685,522 176,727 74,820 101,906 787,428 650,002 - 650,002 

 

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) 

 

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

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

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

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

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,121 44 4,165 

 

2009 - Est.................... 4,321 - 4,321 850,726 44,030 - 44,030 4,435 26 4,461 

2010 - Est.................... 4,296 - 4,296 883,669 52,364 - 52,364 4,311 26 4,337 

 

2008 - June ................. -68 * -68 78,390 696 10 686 318 3 322 

July.................. 436 1 435 65,277 2,827 12 2,815 384 3 387 

Aug.................. 389 * 389 65,440 4,500 13 4,487 316 4 320 

Sept................. 459 * 459 71,307 2 9 -7 323 4 327 

Oct................... 388 - 388 62,304 2,014 6 2,007 391 3 394 

Nov.................. 383 * 383 67,208 2,980 4 2,976 319 3 322 

Dec.................. 369 * 368 64,158 245 3 242 391 3 394 

2009 - Jan ................... 353 * 353 83,292 1,154 6 1,149 316 4 320 

Feb.................. 538 * 538 67,805 3,349 1 3,348 320 2 323 

Mar.................. 425 * 425 73,081 348 11 338 321 3 324 

Apr................... 352 5 348 90,985 7,078 20 7,058 320 4 323 

May ................. 410 -2 412 67,779 12,694 9 12,685 387 3 390 

June ................ -112 * -113 76,491 424 -23 447 366 3 369 

 

Fiscal year 2009 to date.... 3,106 3 3,102 653,103 30,286 37 30,250 3,131 28 3,159 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2009 

14 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 15,185 47,228 1,932,584 635,088 

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 16,049 49,647 1,865,593 658,045 

2009 -Est................ 66,280 26,341 - 26,341 23,942 - 23,942 24,894 16,216 41,110 1,501,784 654,870 

2010 -Est................ 74,745 19,808 - 19,808 23,911 - 23,911 27,533 15,914 43,447 1,649,422 683,223 

2008 - June ............ 5,942 2,371 73 2,298 2,397 91 2,306 1,952 1,134 3,086 199,010 60,902 

July............. 5,933 2,605 69 2,536 2,732 54 2,678 2,995 1,466 4,461 110,050 50,444 

Aug............. 5,384 1,930 79 1,851 2,306 80 2,226 1,233 1,895 3,128 106,449 50,567 

Sept............ 7,684 2,140 96 2,044 2,585 102 2,483 1,917 1,241 3,158 218,141 54,083 

Oct.............. 3,911 2,181 85 2,097 2,727 94 2,633 3,607 1,489 5,097 117,998 46,849 

Nov............. 5,321 2,387 112 2,274 2,310 85 2,225 1,333 1,033 2,366 94,377 50,405 

Dec............. 5,185 2,293 107 2,186 2,165 127 2,038 4,826 1,609 6,435 191,039 46,772 

2009 - Jan .............. 5,042 2,432 46 2,387 2,134 50 2,085 1,361 1,483 2,844 161,462 64,647 

Feb ............. 4,248 1,438 195 1,244 1,743 61 1,682 192 1,826 2,018 34,133 53,195 

Mar ............. 4,994 2,048 130 1,919 1,636 114 1,522 652 1,507 2,159 71,507 57,450 

Apr.............. 5,642 4,060 84 3,976 1,960 82 1,878 4,005 1,153 5,158 195,849 70,383 

May ............ 5,427 1,549 92 1,457 1,459 76 1,383 1,959 1,346 3,305 64,098 53,143 

June ........... 6,735 1,051 68 983 1,614 116 1,498 1,992 1,385 3,378 155,474 59,890 

Fiscal year 2009 

 to date....................... 46,505 19,439 919 18,523 17,748 805 16,944 19,927 12,831 32,760 1,085,937 502,734 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No transactions. 

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) 

 

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

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

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

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

2008.............................. 900,150 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304 

2009 - Est ..................... 899,217 11,282 - 11,282 371 - 371 35,998 - 35,998 18,629 - 18,629

2010 - Est ..................... 940,370 11,697 - 11,697 670 - 670 37,535 - 37,535 24,843 - 24,843 

2008 - June................... 79,398 1,074 - 1,074 54 - 54 3,251 - 3,251 1,669 107 1,562

July.................... 68,479 1,054 - 1,054 53 - 53 3,190 - 3,190 1,701 65 1,637

Aug.................... 70,247 1,143 12 1,131 32 - 32 2,689 289 2,400 1,955 134 1,821

Sept................... 71,626 1,764 5 1,759 100 - 100 5,574 138 5,436 515 126 389

Oct .................... 64,706 265 - 265 14 - 14 912 - 912 2,782 63 2,720

Nov.................... 70,506 942 - 942 53 - 53 3,171 - 3,171 1,293 137 1,155

Dec.................... 64,794 898 - 898 50 - 50 3,021 - 3,021 1,384 169 1,216

2009 - Jan..................... 84,760 876 - 876 49 - 49 2,946 - 2,946 1,192 21 1,171

Feb.................... 71,476 928 71 857 59 - 59 2,830 355 2,475 1,023 166 857

Mar.................... 73,743 854 - 854 48 - 48 2,736 - 2,736 1,504 148 1,356

Apr .................... 98,366 955 - 955 53 - 53 3,055 - 3,055 1,695 116 1,579

May ................... 80,854 1,092 10 1,082 74 - 74 3,141 300 2,842 1,589 160 1,430

June .................. 77,307 1,167 - 1,167 61 - 61 3,364 - 3,364 2,349 207 2,142 

Fiscal year 2009 to date.... 686,512 7,977 81 7,896 461 - 461 25,176 655 24,522 14,811 1,187 13,626 
FEDERAL FISCAL OPERATIONS 

September 2009 

15

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

2007 ....................... 4,307 6,008 84,427 6,479 528,590 66,372 20,117 672,036 39,172 45,559 10,497 23,351 47,543

2008 ....................... 4,429 6,345 90,786 7,726 594,680 65,957 21,404 700,501 40,683 49,086 9,880 26,544 58,840

 

2009 - Est............... 4,880 6,808 116,243 11,772 665,018 49,684 29,322 817,769 49,183 65,132 11,489 29,024 121,949

2010 - Est............... 5,789 7,202 132,861 15,766 685,096 100,542 46,302 880,751 49,258 54,762 12,954 30,283 106,083 

2008 - June ............ 352 560 6,085 887 45,880 4,542 1,073 45,114 3,918 3,873 869 2,255 3,801

July ............. 359 520 5,762 670 51,475 3,853 1,823 62,356 3,203 3,654 1,011 2,278 5,745

Aug ............. 345 529 6,872 719 51,647 4,630 553 71,118 3,388 3,536 437 1,993 5,863

Sept ............ 389 550 6,271 671 52,024 5,549 4,522 46,577 4,169 3,411 978 2,296 5,528

Oct.............. 378 706 14,704 748 66,078 5,609 2,184 76,469 5,060 3,884 889 2,292 6,492

Nov ............. 343 473 8,064 745 45,627 4,286 1,620 44,875 4,419 3,685 880 2,262 5,566

Dec ............. 706 528 11,518 1,119 60,484 6,042 2,027 63,502 5,907 4,145 988 2,570 8,913

2009 - Jan .............. 343 503 10,852 777 47,009 5,921 1,601 73,151 4,210 3,737 793 1,890 9,750

Feb ............. 324 497 10,278 1,235 48,258 6,591 1,617 61,628 3,631 3,510 835 1,895 9,625

Mar ............. 357 535 9,057 655 49,428 5,351 1,907 60,167 4,333 3,828 866 2,141 12,388

Apr.............. 362 527 7,884 1,035 51,704 5,653 1,909 72,707 3,989 3,507 1,088 1,774 13,000

May............. 356 639 8,026 978 50,490 8,689 2,217 67,703 3,525 3,811 902 2,466 12,194

June............ 437 564 8,881 1,124 53,691 -12,422 1,907 68,526 4,748 20,752 1,597 2,887 14,477 

Fiscal year 2009 to 

 date ......................... 3,606 4,972 89,264 8,416 472,769 35,720 16,989 588,728 39,822 50,859 8,838 20,177 92,405

 

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) 

 

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

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

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

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

2008 ....................... 17,505 64,945 451,154 97,665 84,783 5,077 45,784 7,938 1,172 342 11,403 

2009 - Est............... 22,372 79,723 392,321 640,098 96,477 12,615 48,494 8,421 757 1,423 13,640 

2010 - Est............... 28,553 90,517 454,493 43,864 108,756 9,519 48,563 10,760 747 2,290 21,998 

 

2008 - June ............ 1,220 5,965 110,973 15,380 3,372 364 3,864 637 72 24 1,015 

July............. 1,284 6,521 24,068 2,000 7,261 483 3,948 570 82 -4 1,244 

Aug............. 1,892 6,169 29,937 1,806 10,236 500 3,074 697 272 -97 542 

Sept............ 1,347 6,881 19,883 -5,771 4,284 487 3,875 695 -130 -34 2,282 

Oct.............. 2,372 6,606 18,984 r 35,082 11,568 634 3,922 645 82 20 2,344 

Nov............. 1,697 5,318 18,559 r 52,089 4,059 629 5,238 653 40 -73 2,215 

Dec............. 2,037 6,253 97,775 r 21,895 10,969 906 5,683 743 55 65 -175 

2009 - Jan .............. 1,482 4,245 3,133 r 29,357 7,499 369 6,957 581 71 16 810 

Feb............. 1,384 4,182 10,311 r 37,178 7,672 402 5,469 647 50 -52 924 

Mar............. 1,465 4,451 19,830 r 63,135 4,383 501 4,613 689 58 306 613 

Apr.............. 1,368 4,748 24,847 13,539 8,017 447 3,235 617 57 -8 3,122 

May ............ 1,330 5,382 20,600 21,968 8,827 538 4,599 634 65 -66 1,006 

June ........... 1,765 6,645 106,612 38,133 8,331 544 4,562 838 48 49 2,549 

Fiscal year 2009 to 

 date ......................... 14,900 47,830 320,651 312,376 71,325 4,970 44,278 6,047 526 257 13,408 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

September 2009 

16 

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

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

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

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

2007 .................. 15,861 5,529 58,431 1,175 621,761 18,271 -61,774 -177,963 -6,762 -13,700 2,275,562 453,636 

2008 .................. 17,834 5,848 64,393 527 657,799 45,196 -66,178 -191,537 -18,285 -1,790 2,503,689 474,751 

 

2009 - Est.......... 19,574 6,687 68,453 2,304 724,994 158,701 -68,181 -185,804 -6,259 -17,241 3,479,621 518,221 

2010 - Est.......... 18,444 8,143 71,467 1,320 749,094 76,782 -76,075 -197,627 -7,131 -1,050 3,041,947 549,129 

 

2008 - June ....... 1,618 513 5,432 79 55,573 -1,560 -4,285 -88,768 -2,555 -1,780 228,631 -2,266

July........ 1,550 658 6,039 63 55,137 17,865 -4,537 -1,560 -2,119 -1 217,179 46,082 

Aug........ 1,446 609 6,206 89 58,821 3,528 -4,506 -3,114 -809 * 218,692 50,237 

Sept....... 1,872 570 400 75 52,131 11,560 -4,407 -1,030 -1,413 * 169,541 56,953 

Oct......... 1,483 477 6,008 82 59,153 6,380 -18,701 -1,906 -357 * r 272,915 47,457 

Nov........ 1,426 492 5,604 81 52,073 10,777 -4,260 52 -144 -9,389 r 219,480 50,503 

Dec........ 1,810 452 5,335 101 58,693 304 -4,968 -86,222 -594 - r 296,073 -6,507

2009 - Jan ......... 1,185 437 6,624 74 60,358 7,095 -4,211 3,196 -248 * r 241,802 47,765 

Feb........ 1,345 432 5,870 1,285 59,839 5,677 -4,894 483 -364 -6,577 r 226,552 54,635 

Mar........ 1,677 450 6,730 72 56,394 10,012 -4,569 -864 -414 - r 266,461 54,084 

Apr......... 1,518 458 6,868 73 59,854 1,560 -4,346 -3,658 -317 - 237,834 49,305 

May ....... 1,631 449 5,627 86 73,473 5,953 -5,325 -667 -488 -724 250,801 56,090 

June ...... 1,750 562 5,459 89 64,869 -6,113 -4,903 -88,313 -963 * 308,452 1,230

 

Fiscal year 2009 

to date ............... 13,825 4,209 54,125 1,943 544,706 41,645 -56,177 -177,899 -3,889 -16,690 2,320,370 354,562 

 

Note.—These estimates are based on the President’s Fiscal Year 2010 Budget documents 

released by the Office of Management and Budget on May 7, 2009. 

* Less than $500,000. 

- No transactions. 

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

September 2009 

17

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

June 2009 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............................................... 685,469 53 - 685,523 877,705 58 - 877,763

Corporation income taxes........................................... 101,906 - - 101,906 236,516 - - 236,516

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 502,733 502,733 - - 502,951 502,951

Employment and general retirement (on-budget)... - - 150,370 150,370 - - 151,482 151,482

Unemployment insurance ....................................... - - 30,249 30,249 - - 32,233 32,233

Other retirement...................................................... - - 3,160 3,160 - - 3,131 3,131

Excise taxes ................................................................ 11,161 760 34,584 46,505 12,006 600 35,727 48,333

Estate and gift taxes ................................................... 18,523 - - 18,523 22,413 - - 22,413

Customs duties ........................................................... 10,346 5,672 925 16,943 13,086 5,974 1,122 20,181

Miscellaneous receipts................................................ 21,695 10,280 785 32,760 28,922 9,118 860 38,900

Total receipts....................................................... 849,099 16,766 722,805 1,588,671 1,190,648 15,750 727,506 1,933,904

(On-budget)..................................................... 849,099 16,766 220,072 1,085,938 1,190,648 15,750 224,555 1,430,953

(Off-budget)..................................................... - - 502,733 502,733 - - 502,951 502,951

 

Budget outlays: 

Legislative branch ....................................................... 3,273 324 10 3,606 3,168 152 17 3,337

Judicial branch ............................................................ 4,860 148 -37 4,971 4,801 -28 -28 4,746

Department of Agriculture ........................................... 72,640 15,833 790 89,263 61,435 9,510 936 71,881

Department of Commerce........................................... 7,068 1,349 * 8,417 5,364 302 * 5,666

Department of Defense-military .................................. 469,957 2,756 57 472,769 435,709 3,742 83 439,534

Department of Education ............................................ 36,123 -410 8 35,720 52,414 -506 16 51,924

Department of Energy................................................. 18,428 -1,437 - 16,991 16,950 -2,445 * 14,506

Department of Health and Human Services ............... 430,889 -210 158,048 588,728 378,950 107 141,392 520,449

Department of Homeland Security.............................. 38,123 1,461 238 39,822 32,115 -2,386 194 29,923

Department of Housing and Urban Development....... 51,216 -350 -7 50,859 39,489 -1,000 -4 38,485

Department of the Interior........................................... 8,431 6 402 8,839 7,137 -59 375 7,454

Department of Justice ................................................. 18,908 1,305 -34 20,179 18,664 1,318 -5 19,977

Department of Labor................................................... 28,386 504 63,514 92,404 8,019 1,629 32,057 41,705

Department of State.................................................... 14,161 272 468 14,901 12,287 102 594 12,983

Department of Transportation..................................... 7,711 -352 40,469 47,828 5,679 -269 39,964 45,374

Department of the Treasury: 

Interest on the public debt....................................... 320,651 - - 320,651 377,265 - - 377,265

Other ....................................................................... 311,766 465 145 312,376 100,070 -566 126 99,630

Department of Veterans Affairs .................................. 72,582 -2,045 789 71,326 64,033 -1,783 752 63,002

Corps of Engineers ..................................................... 4,349 -36 658 4,971 3,181 -99 525 3,607

Other defense civil programs...................................... 61,866 -3,913 -13,675 44,278 59,193 -12,196 -12,110 34,887

Environmental Protection Agency............................... 6,868 -62 -760 6,046 6,201 -59 -166 5,977

Executive Office of the President................................ 527 * * 527 948 * * 948

General Services Administration ................................ 14 243 * 258 143 333 * 477

International Assistance Program............................... 14,763 -590 -765 13,408 13,122 -801 -4,986 7,335

National Aeronautics and Space Administration ........ 13,834 -10 * 13,825 12,981 -16 * 12,966

National Science Foundation...................................... 4,104 70 35 4,210 3,931 54 25 4,009

Office of Personnel Management ............................... 6,832 -1,368 48,660 54,125 6,620 -1,242 46,370 51,748

Small Business Administration ................................... 1,951 -8 * 1,943 324 -24 * 300

Social Security Administration .................................... 61,523 -20 483,204 544,706 44,086 -12 447,635 491,710

Other independent agencies....................................... 8,235 23,899 9,509 41,643 6,786 2,405 3,051 12,243

Undistributed offsetting receipts: 

Interest .................................................................... - - -177,900 -177,900 - - -185,833 -185,833

Other ....................................................................... -3,641 -27,583 -45,531 -76,755 -13,705 -13,523 -41,231 -68,459

Total outlays........................................................ 2,096,397 10,240 568,297 2,674,934 1,767,360 -17,358 469,753 2,219,755

(On-budget)..................................................... 2,096,245 10,794 213,332 2,320,371 1,767,360 -14,449 145,365 1,898,276

(Off-budget)..................................................... 152 -554 354,965 354,563 - -2,909 324,388 321,479

Surplus or deficit (-)............................................. -1,247,298 6,526 154,509 -1,086,263 -576,712 33,108 257,753 -285,851

(On-budget)..................................................... -1,247,146 5,972 6,740 -1,234,433 -576,712 30,199 79,190 -467,323

(Off-budget)..................................................... -152 554 147,769 148,170 - 2,909 178,563 181,472

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2009 

18 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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 

2008 ................................................ 9,947,954 530,425 10,151,438 1,602,823 1,633,393 

 

2008 - June ..................................... 822,259 49,684 871,584 156,942 117,886 

July ...................................... 785,812 40,315 825,849 111,929 103,966 

Aug ...................................... 781,045 36,826 818,446 102,232 156,341 

Sept..................................... 1,248,995 48,868 970,065 152,727 115,790 

Oct....................................... 1,513,643 40,509 1,283,783 108,703 135,722 

Nov ...................................... 801,868 35,649 939,874 101,651 111,797 

Dec ...................................... 799,185 55,150 989,379 161,413 162,177 

2009 - Jan ....................................... 912,889 40,310 1,124,877 120,405 119,623 

Feb ...................................... 828,709 34,888 833,021 108,724 108,729 

Mar ...................................... 1,010,666 41,716 1,009,644 133,781 134,015 

Apr....................................... 1,053,394 44,467 1,028,822 125,868 125,604 

May...................................... 830,049 33,823 984,841 95,184 95,201 

June..................................... 1,071,115 41,660 1,012,006 130,518 130,566 

 

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

September 2009 

19

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

and Tax and Loan Note Account Balances, con. 1

[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) 

 

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 

2008 ...................................... 32,988 39,129 32,988 135,752 2,973 - 5,181 17,751 

 

2008 - June ........................... 4,978 48,338 7,413 48,338 4,167 124 5,020 16,190 

July ............................ 5,256 56,300 6,720 56,300 4,024 241 5,070 9,714 

Aug ............................ 4,681 2,192 5,658 25,373 4,275 830 4,806 7,745 

Sept........................... 32,988 39,129 32,988 39,129 3,899 1,177 5,757 16,359 

Oct............................. 43,998 12,109 136,672 79,897 3,987 8,172 33,898 24,884 

Nov ............................ 66,385 1,964 91,193 12,109 17,355 1,722 55,834 5,209 

Dec ............................ 106,123 1,199 132,738 2,181 41,646 1,199 90,197 1,912 

2009 - Jan ............................. 23,548 1,981 106,123 2,043 23,548 1,199 46,983 1,927 

Feb ............................ 23,502 1,976 75,506 2,124 20,266 1,756 36,532 1,960 

Mar ............................ 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 

Apr............................. 136,194 2,005 136,194 2,027 23,684 1,830 59,078 1,973 

May............................ 15,222 1,988 84,855 2,076 11,048 1,746 51,840 1,961 

June........................... 115,984 1,940 132,837 2,140 7,384 1,691 64,483 1,965 

 

 

1 This report does not include Supplementary Financing Program balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3

 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. 

4 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. 
September 2009 

20 

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2009 

21

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

2008............................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

 

2008 - June.................... 9,515,532 9,492,006 23,527 4,206,987 4,206,981 6 5,308,545 5,285,025 23,521 

July..................... 9,608,823 9,585,479 23,344 4,182,264 4,182,258 6 5,426,559 5,403,221 23,338 

Aug..................... 9,668,997 9,645,755 23,243 4,166,662 4,166,656 6 5,502,335 5,479,099 23,237 

Sept.................... 10,047,828 10,024,725 23,104 4,210,491 4,210,485 6 5,837,337 5,814,240 23,098 

Oct ..................... 10,599,663 10,574,094 25,569 4,266,386 4,266,380 6 6,333,277 6,307,714 25,563 

Nov..................... 10,684,427 10,661,175 23,252 4,260,586 4,260,581 6 6,423,841 6,400,594 23,246 

Dec..................... 10,723,156 10,699,805 23,352 4,327,160 4,327,154 6 6,395,996 6,372,651 23,346 

2009 - Jan...................... 10,655,167 10,632,080 23,087 4,311,381 4,311,375 6 6,343,786 6,320,705 23,081 

Feb..................... 10,899,894 10,877,144 22,750 4,295,278 4,295,273 6 6,604,615 6,581,871 22,744 

Mar..................... 11,149,495 11,126,941 22,554 4,290,609 4,290,603 6 6,858,886 6,836,338 22,548 

 Apr ..................... 11,261,000 11,238,592 22,409 4,305,333 4,305,326 6 6,955,667 6,933,266 22,403 

May .................... 11,343,863 11,321,599 22,264 4,301,352 4,301,350 2 7,042,511 7,020,249 22,262 

June ................... 11,567,551 11,545,275 22,276 4,368,813 4,368,811 2 7,198,738 7,176,464 22,274 

 

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) 

 

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

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

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

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

2008 ............................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

 

2008 - June .................... 9,515,532 59,733 9,455,799 4,206,987 25,332 4,181,655 5,308,545 34,401 5,274,145 

July..................... 9,608,823 61,431 9,547,392 4,182,264 25,608 4,156,656 5,426,559 35,823 5,390,736 

Aug..................... 9,668,997 61,663 9,607,334 4,166,662 25,075 4,141,587 5,502,335 36,588 5,465,748 

Sept.................... 10,047,828 64,135 9,983,694 4,210,491 27,432 4,183,059 5,837,337 36,703 5,800,635 

Oct...................... 10,599,663 66,851 10,532,813 4,266,386 28,713 4,237,672 6,333,277 38,138 6,295,140 

Nov..................... 10,684,427 65,816 10,618,610 4,260,586 28,392 4,232,194 6,423,841 37,424 6,386,416 

Dec..................... 10,723,156 62,737 10,660,419 4,327,160 28,271 4,298,889 6,395,996 34,466 6,361,529 

2009 - Jan ...................... 10,655,167 59,228 10,595,939 4,311,381 28,158 4,283,222 6,343,786 31,070 6,312,717 

Feb ..................... 10,899,894 59,063 10,840,831 4,295,278 27,859 4,267,420 6,604,616 31,204 6,573,411 

Mar ..................... 11,149,495 59,682 11,089,813 4,290,609 27,741 4,262,868 6,858,886 31,941 6,826,945 

Apr...................... 11,261,000 56,868 11,204,133 4,305,333 25,434 4,279,898 6,955,667 31,434 6,924,234 

May .................... 11,343,863 56,993 11,286,870 4,301,352 25,766 4,275,585 7,042,511 31,227 7,011,284 

June ................... 11,567,551 59,024 11,508,527 4,368,813 25,620 4,343,192 7,198,738 33,404 7,165,335 

 
FEDERAL DEBT 

September 2009

22 

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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 

2008 ....................................... 194,253 - 2,986 107,498 260,238 29,995 3,569 

 

2008 - June ............................ 195,003 - 3,086 100,989 275,203 29,995 4,214 

July............................. 194,753 - 2,986 103,836 265,534 29,995 4,053 

Aug............................. 194,467 - 2,986 104,441 261,553 29,995 3,972 

Sept............................ 194,253 - 2,986 107,498 260,238 29,995 3,569 

Oct.............................. 194,236 - 3,986 112,814 254,564 29,995 3,058 

Nov............................. 194,216 - 3,986 113,884 253,455 29,995 2,618 

Dec............................. 194,075 - 3,986 115,117 249,318 29,995 2,637 

2009 - Jan .............................. 193,810 - 4,986 115,508 244,800 29,995 2,037 

Feb ............................. 194,057 - 4,986 117,375 241,929 29,995 1,846 

Mar ............................. 193,975 - 5,986 119,543 240,096 29,995 1,594 

Apr.............................. 193,998 - 6,986 119,871 238,195 29,995 1,628 

May ............................ 193,871 - 6,486 119,353 235,523 29,995 1,540 

June ........................... 193,592 - 5,986 119,112 232,965 29,995 1,522 

 

 

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) 

 

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 

2008 .................................. 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

 

2008 - June ....................... 5,285,064 4,676,573 1,055,697 2,542,526 580,995 497,355 608,490 

July........................ 5,403,382 4,802,224 1,130,970 2,573,863 580,982 516,410 601,158 

Aug........................ 5,479,100 4,881,685 1,221,987 2,555,609 582,815 521,274 597,415 

Sept....................... 5,808,692 5,210,151 1,484,332 2,623,364 578,504 523,951 598,540 

Oct......................... 6,302,794 5,704,139 1,904,060 2,685,691 578,915 535,472 598,655 

Nov........................ 6,396,591 5,798,435 1,998,226 2,673,928 591,492 534,789 598,156 

Dec........................ 6,369,319 5,774,190 1,861,187 2,791,514 591,867 529,622 595,129 

2009 - Jan ......................... 6,317,299 5,726,162 1,792,889 2,825,174 591,890 516,209 591,137 

Feb ........................ 6,579,163 5,988,974 1,979,787 2,891,334 606,670 511,183 590,189 

Mar ........................ 6,833,543 6,242,353 2,027,691 3,084,283 617,628 512,751 591,190 

 Apr......................... 6,930,825 6,340,151 1,988,380 3,204,051 618,353 529,367 590,674 

May ....................... 7,019,322 6,432,553 2,059,387 3,210,872 631,734 530,561 586,768 

June ...................... 7,174,912 6,591,740 2,000,458 3,417,319 642,050 531,913 583,173 
FEDERAL DEBT 

September 2009 

23

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

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 

2008 ..................... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

 

2008 - June .......... 3,304 50,137 9,979 9,535 1,200 451 - 79,108 602,547 

 July........... 3,311 58,847 8,831 9,453 1,000 457 - 76,487 604,285 

 Aug........... 3,316 54,265 7,026 9,380 1,000 461 - 77,310 607,055 

 Sept.......... 3,320 59,090 12,811 9,272 1,605 624 - 72,432 614,991 

 Oct............ 3,320 54,795 10,906 9,186 1,200 561 - 68,300 697,150 

 Nov........... 3,319 59,364 10,804 9,119 1,200 367 - 67,362 691,988 

 Dec........... 3,325 59,850 10,386 9,294 1,200 364 - 61,805 689,981 

2009 - Jan ............ 3,325 56,323 9,886 9,205 1,000 469 - 53,958 682,586 

 Feb ........... 3,326 57,782 9,545 9,123 1,000 501 - 48,370 682,383 

 Mar ........... 3,327 63,639 9,738 9,020 1,200 525 - 38,252 683,460 

 Apr............ 3,327 62,801 10,208 8,921 1,000 452 - 30,292 685,674 

 May .......... 3,317 63,006 9,102 8,841 1,200 431 - 38,141 686,004 

 June ......... 3,317 64,716 8,695 8,995 1,200 450 - 30,099 684,649 

 

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) 

 

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 

2008 .............. 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

 

2008 - June ... 4,288,079 7,361 47,778 34,205 16,776 220,133 708,884 337,668 18,770 2,140,243 

 July .... 4,266,035 7,466 33,671 34,234 16,805 218,802 705,751 322,707 18,834 2,145,094 

 Aug .... 4,250,862 7,714 32,182 34,375 16,833 217,423 702,187 314,158 19,081 2,147,096 

 Sept... 4,297,677 7,674 29,937 34,397 16,847 216,487 729,705 318,741 19,093 2,150,651 

 Oct..... 4,358,403 8,432 29,519 34,494 17,184 214,667 726,483 310,991 19,244 2,151,971 

 Nov.... 4,353,747 7,593 24,611 34,963 17,179 213,094 722,953 316,700 19,379 2,153,752 

 Dec.... 4,421,658 7,855 25,496 35,032 17,661 215,810 738,870 321,910 19,415 2,203,404 

2009 - Jan ..... 4,406,044 7,362 24,355 35,079 14,107 216,320 734,906 318,373 19,475 2,219,315 

 Feb .... 4,391,447 7,357 22,681 35,278 14,652 214,514 731,109 314,163 19,698 2,219,965 

 Mar .... 4,388,682 7,186 23,739 35,294 15,004 212,929 727,303 314,082 19,741 2,224,243 

 Apr..... 4,403,906 6,848 21,598 35,298 15,106 213,778 723,442 321,142 19,916 2,244,103 

 May ... 4,399,423 7,371 17,589 35,773 15,102 211,735 720,053 317,045 20,058 2,244,655 

 June .. 4,468,613 7,803 20,675 35,806 15,104 215,111 737,529 324,823 9,974 2,299,667 

 
FEDERAL DEBT 

September 2009

24 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Farm Credit 

System Financial 

Assistance 

Corporation 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other 

(6) 

 

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

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

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

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

2008 ............................ 23,104 69 - 22,680 204 150 

 

2008 - June ................. 23,527 65 - 23,101 210 151 

July.................. 23,344 69 - 22,910 210 155 

Aug.................. 23,243 69 - 22,820 204 149 

Sept................. 23,104 69 - 22,680 204 150 

Oct................... 25,569 69 - 25,146 204 149 

Nov.................. 23,252 69 - 22,828 204 151 

Dec.................. 23,352 69 - 22,926 204 151 

2009 - Jan ................... 23,087 69 - 22,661 204 152 

Feb .................. 22,750 69 - 22,337 199 145 

Mar .................. 22,554 33 - 22,177 199 146 

Apr................... 22,409 33 - 22,031 199 147 

May ................. 22,264 33 - 21,884 199 148 

June ................ 22,276 33 - 21,896 199 149 

 

 

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

September 2009 

25

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

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. 

2008 ............................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

 

2008 - June .................... 4,203,441 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. 

July ..................... 4,328,809 1,668,784 1,439,791 716,694 341,086 162,453 4 yrs. 5 mos. 

Aug ..................... 4,386,440 1,774,790 1,390,479 706,395 351,906 162,870 4 yrs. 5 mos. 

Sept.................... 4,745,256 2,042,003 1,468,455 719,347 352,430 163,022 4 yrs. 1 mo. 

Oct...................... 5,238,827 2,462,352 1,496,698 764,782 352,076 162,919 3 yrs. 10 mos. 

Nov ..................... 5,312,125 2,540,826 1,490,667 761,948 355,148 163,536 3 yrs. 10 mos. 

Dec ..................... 5,307,633 2,406,537 1,607,484 776,147 354,202 163,262 3 yrs. 10 mos. 

2009 - Jan ...................... 5,260,475 2,331,996 1,631,789 773,548 360,402 162,741 3 yrs. 11 mos. 

Feb ..................... 5,505,532 2,543,867 1,659,368 776,956 358,570 166,771 3 yrs. 11 mos. 

Mar ..................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. 

Apr...................... 5,800,248 2,601,043 1,792,321 875,653 376,004 155,227 3 yrs. 11 mos. 

May..................... 5,815,094 2,660,151 1,762,962 856,289 367,080 168,611 3 yrs. 11 mos. 

June.................... 5,943,636 2,611,596 1,891,559 900,239 361,806 178,436 3 yrs. 11 mos. 

 

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

September 2009

26 

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

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 

2008 ................................................ 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

 

2008 - June ..................................... 9,815,000 9,427,901 9,427,850 51 9,492,006 51 64,156 

July ...................................... 10,615,000 9,520,220 9,520,169 51 9,585,480 51 65,310 

Aug ...................................... 10,615,000 9,580,508 9,580,457 51 9,645,755 51 65,299 

Sept..................................... 10,615,000 9,959,850 9,959,799 51 10,024,725 51 64,926 

Oct....................................... 11,315,000 10,504,702 10,504,651 51 10,574,094 51 69,444 

Nov ...................................... 11,315,000 10,595,725 10,595,674 51 10,661,175 51 65,502 

Dec ...................................... 11,315,000 10,640,274 10,640,223 51 10,699,805 51 59,583 

2009 - Jan ....................................... 11,315,000 10,569,310 10,569,296 14 10,632,080 14 62,784 

Feb ...................................... 12,104,000 10,814,630 10,814,616 14 10,877,145 14 62,529 

Mar ...................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 

Apr....................................... 12,104,000 11,178,827 11,178,813 14 11,238,592 14 59,779 

May...................................... 12,104,000 11,260,445 11,260,430 14 11,321,600 14 61,170 

June..................................... 12,104,000 11,487,470 11,487,456 14 11,545,275 14 57,819 

 

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

September 2009 

27

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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 

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

 

2008 - June ..................................... 229,296 11,555 23,959 14,624 447 1,448 

July...................................... 234,242 9,101 23,703 14,789 447 1,448 

Aug...................................... 240,154 9,167 24,588 14,686 467 1,456 

Sept..................................... 252,783 9,691 24,789 14,780 479 1,456 

Oct....................................... 298,445 16,067 25,003 14,908 484 1,456 

Nov...................................... 326,003 18,862 25,155 15,022 488 1,456 

Dec...................................... 357,973 9,673 25,659 15,171 490 1,456 

2009 - Jan ....................................... 410,516 12,043 25,921 15,291 494 1,456 

Feb ...................................... 432,532 12,499 26,194 15,407 495 1,456 

Mar ...................................... 479,064 13,567 26,761 15,533 497 1,456 

Apr....................................... 691,504 11,393 27,145 15,685 499 1,461 

May ..................................... 706,075 11,625 27,584 15,834 502 1,461 

June .................................... 748,498 11,023 26,084 16,599 497 1,461 

 

 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) 

 

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 

2008 ................................................ 128,331 2,186 4,832 - 21,957 

 

2008 - June..................................... 116,026 2,200 4,573 - 15,156 

July...................................... 123,152 2,240 4,573 - 14,567 

Aug...................................... 129,383 2,200 4,573 - 13,664 

Sept..................................... 128,331 2,186 4,832 - 21,957 

Oct....................................... 144,402 2,186 4,832 - 23,148 

Nov...................................... 145,018 2,151 4,832 - 22,948 

Dec...................................... 145,131 2,151 4,832 - 22,868 

2009 - Jan....................................... 167,659 2,246 4,832 - 27,938 

Feb...................................... 168,602 2,246 4,832 - 31,124 

Mar...................................... 174,838 2,161 4,832 - 40,926 

Apr ...................................... 178,690 2,221 4,932 - 39,815 

 May ..................................... 188,280 2,111 5,107 - 41,481 

June .................................... 209,413 2,151 5,107 - 41,884 

 
FEDERAL DEBT 

September 2009

28 

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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 

2008 ...................................... 2,929 3,096 9,463 28,793 

 

2008 - June ........................... 3,552 2,221 9,138 24,397 

July............................ 3,573 2,518 9,138 24,993 

Aug............................ 2,768 2,796 9,463 24,942 

Sept........................... 2,929 3,096 9,463 28,793 

Oct............................. 2,929 3,394 9,463 50,174 

Nov............................ 2,929 3,683 9,463 73,996 

Dec............................ 3,151 3,990 9,463 113,939 

2009 - Jan ............................. 3,309 4,294 9,463 135,570 

Feb ............................ 3,309 4,555 8,310 153,501 

Mar ............................ 3,309 4,857 8,902 181,425 

Apr............................. 3,479 5,160 8,902 392,121 

May ........................... 3,943 5,463 9,632 393,053 

June .......................... 4,028 2,400 10,124 417,727 

 

Note.—Detail may not add to totals due to rounding. 
September 2009 

29

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

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

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. 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. Issues of cash 

management bills also are presented. 

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. 

Note: On April 30, 2008, Treasury announced the 

reintroduction of the 52-week bill. The first auction of this 

security took place on June 3, 2008. 

Note: Cash managements bills that are identified below 

are issued as part of the Supplementary Financing Program 

(SFP). For more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: APRIL-JUNE 

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

A P R I L 

Cash Management Bills 

On March 30, 2009, Treasury announced it would auction 

$35,000 million of 56-day bills. They were issued April 2 and 

matured May 28. The issue was part of the Supplementary 

Financing Program (SFP). Treasury auctioned the bills on 

April 1. Tenders totaled $115,966 million; Treasury accepted 

$35,000 million. The high bank discount rate was 0.230 

percent. 

On March 30, Treasury announced it would auction 

$29,000 million of 13-day bills. They were issued April 3 and 

matured April 16. The issue was to raise new cash. Treasury 

auctioned the bills on April 1. Tenders totaled $97,105 

million; Treasury accepted $29,000 million. The high bank 

discount rate was 0.230 percent. 

On March 30, Treasury announced it would auction 

$35,000 million of 56-day bills. They were issued April 9 and 

matured June 4. The issue was part of the SFP. Treasury 

auctioned the bills on April 3. Tenders totaled $134,995 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.210 percent. 

52-Week Bills 

On April 2, 2009, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

April 9 and will mature April 8, 2010. The issue was to refund 

$122,019 million of all maturing bills and raise new cash of 

approximately $23,981 million. Treasury auctioned the bills 

on April 7. Tenders totaled $82,382 million; Treasury 

accepted $25,000 million. That included $144 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.590 percent. 

Auction of 3-Year Notes 

On April 6, 2009, Treasury announced it would auction 

$35,000 million of 3-year notes of Series X-2012. The issue 

was to refund $15,064 million of securities maturing April 15 

and to raise new cash of approximately $43,936 million. 

The 3-year notes of Series X-2012 were dated and issued 

April 15. They are due April 15, 2012, with interest payable 

on October 15 and April 15 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 
30 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 8. Tenders totaled $84,537 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.385 percent with the 

equivalent price of $99.970714. Treasury accepted in full all 

competitive tenders at yields lower than 1.385 percent. 

Tenders at the high yield were allotted 29.55 percent. The 

median yield was 1.330 percent, and the low yield was 1.190 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$34,961 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $557 million from 

FRBs for their own accounts. The minimum par amount 

required for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of notes of Series X-2012 is 

$100. 

Auction of 9-Year 9-Month 2-1/8 Percent Treasury 

Inflation-Protected Security (TIPS) 

On April 2, 2009, Treasury announced it would auction 

$6,000 million of 9-year 9-month 2-1/8 percent TIPS of Series 

A-2019. The issue was to refund $15,064 million of securities 

maturing April 15 and to raise new cash of approximately 

$43,936 million. 

The 9-year 9-month TIPS of Series A-2019 were dated 

January 15 and issued April 15. They are due January 15, 

2019, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on April 7. Tenders totaled $13,504 

million; Treasury accepted $6,000 million. All noncompetitive 

and successful competitive bidders were allotted securities at 

the high yield of 1.589 percent with an equivalent adjusted price 

of $103.325496. Treasury accepted in full all competitive 

tenders at yields lower than 1.589. Tenders at the high yield 

were allotted 46.54 percent. The median yield was 1.345 

percent, and the low yield was 0.850 percent. Noncompetitive 

tenders totaled $285 million. Competitive tenders accepted 

from private investors totaled $5,715 million. Adjusted accrued 

interest of 5.20771 per $1,000 must be paid for the period from 

January 15 to April 15. Both the unadjusted price of 

$104.822359 and the unadjusted accrued interest of $5.28315 

were adjusted by an index ratio of 0.98572 for the period from 

January 15 to April 15. 

In addition to the $6,000 million of tenders accepted in 

the auction process, Treasury accepted $95 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of Series A-2019 is $100. 

Auction of 9-Year 10-Month 2-3/4 Percent Notes 

On April 6, 2009, Treasury announced it would auction 

$18,000 million of 9-year 10-month 2-3/4 percent notes of 

Series B-2019. The issue was to refund $15,064 million of 

securities maturing April 15 and to raise new cash of 

approximately $43,936 million. 

The 9-year 10-month notes of Series B-2019 were dated 

February 15 and issued April 15. They are due February 15, 

2019, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on April 9. Tenders totaled $44,892 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.950 percent with an 

equivalent price of $98.298568. Treasury accepted in full all 

competitive tenders at yields lower than 2.950 percent. 

Tenders at the high yield were allotted 33.44 percent. The 

median yield was 2.879 percent, and the low yield was 2.550 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$17,880 million. Accrued interest of $4.48204 per $1,000 

must be paid for the period from February 15 to April 15. 

In addition to the $18,000 million of tenders accepted in 

the auction process, Treasury accepted $286 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2019 is $100. 

Auction of 2-Year Notes 

On April 23, 2009, Treasury announced it would auction 

$40,000 million of 2-year notes of Series X-2011. The issue 

was to refund $19,001 million of securities maturing April 30 

and to raise new cash of approximately $89,999 million. 

The 2-year notes of Series X-2011 were dated and issued 

April 30. They are due April 30, 2011, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 27. Tenders totaled $108,877 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.949 percent with an 

equivalent price of $99.853739. Treasury accepted in full all 

competitive tenders at yields lower than 0.949 percent. 

Tenders at the high yield were allotted 11.83 percent. The 

median yield was 0.890 percent, and the low yield was 0.780 

percent. Noncompetitive tenders totaled $411 million. 

Competitive tenders accepted from private investors totaled 

$39,589 million. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009 

31

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,386 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series X-2011 is $100. 

Auction of 5-Year TIPS 

On April 20, 2009, Treasury announced it would auction 

$8,000 million of 5-year TIPS. The issue was to refund 

$19,001 million of securities maturing April 30 and to raise 

new cash of approximately $89,999 million. The 5-year TIPS 

of Series K-2014 were dated April 15 and issued April 30. 

They are due April 15, 2014, with interest payable on October 

15 and April 15 until maturity. Treasury set an interest rate of 

1-1/4 percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on April 23. Tenders totaled $21,280 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.278 percent with an 

equivalent adjusted price of $100.113235. Treasury accepted 

in full all competitive tenders at yields lower than 1.278 

percent. Tenders at the high yield were allotted 0.57 percent. 

The median yield was 1.180 percent, and the low yield was 

0.800 percent. Noncompetitive tenders totaled $532 million. 

Competitive tenders accepted from private investors totaled 

$7,468 million. Adjusted accrued interest of $0.51357 per 

$1,000 must be paid for the period from April 15 to April 30. 

Both the unadjusted price of $99.865568 and the unadjusted 

accrued interest of $0.51230 were adjusted by an index ratio 

of 1.00248, for the period from April 15 to April 30. 

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

the auction process, Treasury accepted $277 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series K-2014 is $100. 

Auction of 5-Year Notes 

On April 23, 2009, Treasury announced it would auction 

$35,000 million of 5-year notes of Series L-2014. The issue 

was to refund $19,001 million of securities maturing April 30 

and to raise new cash of approximately $89,999 million. 

The 5-year notes of Series L-2014 were dated and issued 

April 30. They are due April 30, 2014, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 1-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 28. Tenders totaled $77,548 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.940 percent with an 

equivalent price of $99.691687. Treasury accepted in full all 

competitive tenders at yields lower than 1.940 percent. 

Tenders at the high yield were allotted 73.14 percent. The 

median yield was 1.869 percent, and the low yield was 1.740 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$34,963 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,213 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2014 is $100. 

Auction of 7-Year Notes 

On April 23, 2009, Treasury announced it would auction 

$26,000 million of 7-year notes of Series J-2016. The issue 

was to refund $19,001 million of securities maturing April 30 

and to raise new cash of approximately $89,999 million. 

The 7-year notes of Series J-2016 were dated and issued 

April 30. They are due April 30, 2016, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 2-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 29. Tenders totaled $59,322 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.630 percent with an 

equivalent price of $99.968223. Treasury accepted in full all 

competitive tenders at yields lower than 2.630 percent. 

Tenders at the high yield were allotted 18.93 percent. The 

median yield was 2.550 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$25,993 million. 

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

the auction process, Treasury accepted $901 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2016 is $100. 
32 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009

M A Y 

Cash Management Bills 

On April 27, 2009, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued May 7 and 

will mature July 16. The issue was part of the SFP. Treasury 

auctioned the bills on April 30. Tenders totaled $114,552 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.145 percent. 

On May 11, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued May 14 and 

will mature July 23. The issue was part of the SFP. Treasury 

auctioned the bills on May 13. Tenders totaled $126,768 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.170 percent. 

On May 7, Treasury announced it would auction $35,000 

million of 321-day bills. They were issued May 15 and will 

mature April 1, 2010. The issue was to raise new cash. 

Treasury auctioned the bills on May 12. Tenders totaled 

$103,692 million; Treasury accepted $35,000 million. The 

high bank discount rate was 0.500 percent. 

On May 11, Treasury announced it would auction 

$30,000 million of 70-day bills. They were issued May 21 and 

will mature July 30. The issue was part of the SFP. Treasury 

auctioned the bills on May 15. Tenders totaled $112,880 

million; Treasury accepted $30,000 million. The high bank 

discount rate was 0.175 percent. 

On May 18, Treasury announced it would auction 

$35,000 million of 70-day bills. They were issued May 28 and 

will mature August 6. The issue was part of the SFP. Treasury 

auctioned the bills on May 21. Tenders totaled $132,408 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.170 percent. 

52-Week Bills 

On April 30, 2009, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

May 7 and will mature May 6, 2010. The issue was to refund 

$119,012 million of all maturing bills and to raise new cash of 

approximately $27,988 million. Treasury auctioned the bills 

on May 5. Tenders totaled $85,111 million; Treasury accepted 

$26,000 million. That included $170 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.530 percent. 

May Quarterly Financing 

On April 29, 2009, Treasury announced it would auction 

$35,000 million of 3-year notes of Series Y-2012, $22,000 

million of 10-year notes of Series C-2019 and $14,000 million 

of 30-year bonds of May 2039 to refund $52,156 million of 

securities maturing on May 15 and to raise new cash of 

approximately $18,844 million. 

The 3-year notes of Series Y-2012 were dated and issued 

May 15. They are due May 15, 2012, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 5. Tenders totaled $93,045 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.473 percent with an 

equivalent price of $99.713432. Treasury accepted in full all 

competitive tenders at yields lower than 1.473. Tenders at the 

high yield were allotted 43.00 percent. The median yield was 

1.420 percent, and the low yield was 1.260 percent. 

Noncompetitive tenders totaled $205 million. Competitive 

tenders accepted from private investors totaled $34,795 

million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $6,191 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series Y-2012 is $100. 

The 10-year notes of Series C-2019 were dated and 

issued May 15. They are due May 15, 2019, with interest 

payable on November 15 and May 15 until maturity. Treasury 

set an interest rate of 3-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 6. Tenders totaled $54,442 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.190 percent with an 

equivalent price of $99.447210. Treasury accepted in full all 

competitive tenders at yields lower than 3.190. Tenders at the 

high yield were allotted 22.05 percent. The median yield was 

3.139 percent, and the low yield was 2.900 percent. 

Noncompetitive tenders totaled $73 million. Competitive 

tenders accepted from private investors totaled $21,827 

million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $3,892 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series C-2019 is $100. 

The 30-year bonds of May 2039 were dated and issued 

May 15. They are due May 15, 2039, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 4-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 

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

for competitive tenders on May 7. Tenders totaled $29,906 

million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009 

33

allotted securities at the high yield of 4.288 percent with an 

equivalent price of $99.361980. Treasury accepted in full all 

competitive tenders at yields lower than 4.288. Tenders at the 

high yield were allotted 57.15 percent. The median yield was 

4.185 percent, and the low yield was 4.086 percent. 

Noncompetitive tenders totaled $19 million. Competitive 

tenders accepted from private investors totaled $13,981 

million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $2,477 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of May 2039 is $100. 

J U N E 

Cash Management Bills 

On June 1, 2009, Treasury announced it would auction 

$26,000 million of 11-day bills. They were issued June 4 and 

matured June 15. The issue was to raise new cash. Treasury 

auctioned the bills on June 3. Tenders totaled $86,626 million; 

Treasury accepted $26,000 million. The high bank discount 

rate was 0.160 percent. 

On June 1, Treasury announced it would auction $35,000 

million of 70-day bills. They were issued June 4 and will 

mature August 13. The issue was part of the SFP. Treasury 

auctioned the bills on June 3. Tenders totaled $104,253 

million; Treasury accepted $35,000 million. The high bank 

discount rate was 0.130 percent. 

On June 1, Treasury announced it would auction $30,000 

million of 70-day bills. They were issued June 11 and will 

mature August 20. The issue was part of the SFP. Treasury 

auctioned the bills on June 5. Tenders totaled $96,406 million; 

Treasury accepted $30,000 million. The high bank discount 

rate was 0.180 percent. 

Auction of 2-Year Notes 

On May 21, 2009, Treasury announced it would auction 

$40,000 million of 2-year notes of Series Y-2011. The issue 

was to refund $19,006 million of securities maturing May 31 

and to raise new cash of approximately $81,994 million. 

The 2-year notes of Series Y-2011 were dated May 31 

and issued June 1. They are due May 31, 2011, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 26. Tenders totaled $117,503 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.940 percent with an 

equivalent price of $99.871675. Treasury accepted in full all 

competitive tenders at yields lower than 0.940 percent. 

Tenders at the high yield were allotted 42.94 percent. The 

median yield was 0.910 percent, and the low yield was 0.790 

percent. Noncompetitive tenders totaled $523 million. 

Competitive tenders accepted from private investors totaled 

$39,477 million. Accrued interest of $0.02391 per $1,000 

must be paid for the period from May 31 to June 1. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,378 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Y-2011 is $100. 

Auction of 5-Year Notes 

On May 21, 2009, Treasury announced it would auction 

$35,000 million of 5-year notes of Series M-2014. The issue 

was to refund $19,006 million of securities maturing May 31 

and to raise new cash of approximately $81,994 million. 

The 5-year notes of Series M-2014 were dated May 31 

and issued June 1. They are due May 31, 2014, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 2-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 27. Tenders totaled $81,293 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.310 percent with an 

equivalent price of $99.718283. Treasury accepted in full all 

competitive tenders at yields lower than 2.310 percent. 

Tenders at the high yield were allotted 44.97 percent. The 

median yield was 2.249 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $111 million. 

Competitive tenders accepted from private investors totaled 

$34,889 million. Accrued interest of $0.06148 per $1,000 

must be paid for the period from May 31 to June 1. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $1,206 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series M-2014 is $100. 

Auction of 7-Year Notes 

On May 21, 2009, Treasury announced it would auction 

$26,000 million of 7-year notes of Series K-2016. The issue 

was to refund $19,006 million of securities maturing May 31 

and to raise new cash of approximately $81,994 million. 

The 7-year notes of Series K-2016 were dated May 31 

and issued June 1. They are due May 31, 2016, with interest 

payable on November 30 and May 31 until maturity. Treasury 

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

tenders were accepted on a yield auction basis. 
34 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 28. Tenders totaled $58,729 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.300 percent with an 

equivalent price of $99.689717. Treasury accepted in full all 

competitive tenders at yields lower than 3.300 percent. 

Tenders at the high yield were allotted 78.32 percent. The 

median yield was 3.200 percent, and the low yield was 2.690 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors totaled 

$25,982 million. Accrued interest of $0.08880 per $1,000 

must be paid for the period from May 31 to June 1. 

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

the auction process, Treasury accepted $896 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2016 is $100. 

52-Week Bills 

On May 28, 2009, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

June 4, and will mature June 3, 2010. The issue was to refund 

$173,003 million of all maturing bills and to raise new cash of 

approximately $10,997 million. Treasury auctioned the bills 

on June 2. Tenders totaled $93,589 million; Treasury accepted 

$26,000 million. That included $155 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.445 percent. 

Auction of 3-Year Notes 

On June 4, 2009, Treasury announced it would auction 

$35,000 million of 3-year notes of Series Z-2012. The issue 

was to refund $14,318 million of securities maturing June 15 

and to raise new cash of approximately $50,682 million. 

The 3-year notes of Series Z-2012 were dated and issued 

June 15. They are due June 15, 2012, with interest payable on 

December 15 and June 15 until maturity. Treasury set an 

interest rate of 1-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 9. Tenders totaled $98,693 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.960 percent with the 

equivalent price of $99.753523. Treasury accepted in full all 

competitive tenders at yields lower than 1.960 percent. 

Tenders at the high yield were allotted 52.27 percent. The 

median yield was 1.904 percent, and the low yield was 1.800 

percent. Noncompetitive tenders totaled $92 million. 

Competitive tenders accepted from private investors totaled 

$34,908 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $370 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2012 is $100. 

Auction of 9-Year 11-Month 3-1/8 Percent Notes 

On June 4, 2009, Treasury announced it would auction 

$19,000 million of 9-year 11-month 3-1/8 percent notes of 

Series C-2019. The issue was to refund $14,318 million of 

securities maturing June 15 and to raise new cash of 

approximately $50,682 million. 

The 9-year 11-month notes of Series C-2019 were dated 

May 15 and issued June 15. They are due May 15, 2019, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 10. Tenders totaled $49,862 

million; Treasury accepted $19,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.990 percent with an 

equivalent price of $92.968581. Treasury accepted in full all 

competitive tenders at yields lower than 3.990 percent. 

Tenders at the high yield were allotted 46.85 percent. The 

median yield was 3.915 percent, and the low yield was 3.850 

percent. Noncompetitive tenders totaled $74 million. 

Competitive tenders accepted from private investors totaled 

$18,826 million. Accrued interest of $2.63247 per $1,000 

must be paid for the period from May 15 to June 15. 

In addition to the $19,000 million of tenders accepted in 

the auction process, Treasury accepted $201 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2019 is $100. 

Auction of 29-Year 11-Month 4-1/4 Percent Bonds 

On June 4, 2009, Treasury announced it would auction 

$11,000 million of 29-year 11-month 4-1/4 percent bonds of 

May 2039. The issue was to refund $14,318 million of 

securities maturing June 15 and to raise new cash of 

approximately $50,682 million. 

The 29-year 11-month bonds of May 2039 were dated 

May 15 and issued June 15. They are due May 15, 2039, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

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

for competitive tenders on June 11. Tenders totaled $29,450 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.720 percent with an 

equivalent price of $92.501690. Treasury accepted in full all 

competitive tenders at yields lower than 4.720 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2009 

35

Tenders at the high yield were allotted 83.46 percent. The 

median yield was 4.684 percent, and the low yield was 4.599 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$10,980 million. Accrued interest of $3.58016 per $1,000 

must be paid for the period from May 15 to June 15. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $116 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2039 is $100. 

Auction of 2-Year Notes 

On June 18, 2009, Treasury announced it would auction 

$40,000 million of 2-year notes of Series Z-2011. The issue 

was to refund $19,001 million of securities maturing June 30 

and to raise new cash of approximately $84,999 million. 

The 2-year notes of Series Z-2011 were dated and issued 

June 30. They are due June 30, 2011, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 23. Tenders totaled $127,557 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.151 percent with an 

equivalent price of $99.948740. Treasury accepted in full all 

competitive tenders at yields lower than 1.151 percent. 

Tenders at the high yield were allotted 39.20 percent. The 

median yield was 1.119 percent, and the low yield was 1.030 

percent. Noncompetitive tenders totaled $456 million. 

Competitive tenders accepted from private investors totaled 

$39,544 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,162 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Z-2011 is $100. 

Auction of 5-Year Notes 

On June 18, 2009, Treasury announced it would auction 

$37,000 million of 5-year notes of Series N-2014. The issue 

was to refund $19,001 million of securities maturing June 30 

and to raise new cash of approximately $84,999 million. 

The 5-year notes of Series N-2014 were dated and issued 

June 30. They are due June 30, 2014, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 2-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 24. Tenders totaled $95,345 

million; Treasury accepted $37,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.700 percent with an 

equivalent price of $99.651404. Treasury accepted in full all 

competitive tenders at yields lower than 2.700 percent. 

Tenders at the high yield were allotted 23.37 percent. The 

median yield was 2.619 percent, and the low yield was 2.590 

percent. Noncompetitive tenders totaled $107 million. 

Competitive tenders accepted from private investors totaled 

$36,893 million. 

In addition to the $37,000 million of tenders accepted in 

the auction process, Treasury accepted $1,074 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2014 is $100. 

Auction of 7-Year Notes 

On June 18, 2009, Treasury announced it would auction 

$27,000 million of 7-year notes of Series L-2016. The issue 

was to refund $19,001 million of securities maturing June 30 

and to raise new cash of approximately $84,999 million. 

The 7-year notes of Series L-2016 were dated and issued 

June 30. They are due June 30, 2016, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

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

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 25. Tenders totaled $76,010 

million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.329 percent with an 

equivalent price of $99.510316. Treasury accepted in full all 

competitive tenders at yields lower than 3.329 percent. 

Tenders at the high yield were allotted 13.17 percent. The 

median yield was 3.300 percent, and the low yield was 3.249 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$26,985 million. 

In addition to the $27,000 million of tenders accepted in 

the auction process, Treasury accepted $784 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series L-2016 is $100. 
PUBLIC DEBT OPERATIONS 

September 2009

36 

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) 

2009 - Apr. 02. ................. 2009 - Apr. 30 28 89,014.9 36,418.1 33,548.1 315.9 99.986778 0.170 0.172

 July 02 91 95,685.6 31,000.3 29,385.5 1,414.8 99.950708 0.195 0.198

 Oct. 01 182 83,443.9 29,000.2 27,409.8 1,249.9 99.787667 0.420 0.427

Apr. 09.................. May 07 28 101,426.8 33,938.4 27,658.4 342.0 99.987556 0.160 0.162

 July 09 91 102,817.9 30,000.6 28,229.4 1,406.3 99.949444 0.200 0.203

 Oct. 08 182 93,120.7 28,000.3 26,487.4 1,132.1 99.797778 0.400 0.406

Apr. 16.................. May 14 28 93,443.8 25,781.6 21,556.2 343.9 99.993778 0.080 0.081

 July 16 91 94,987.6 28,000.5 26,328.8 1,321.7 99.954500 0.180 0.183

 Oct. 15 182 100,765.2 27,000.5 25,164.6 1,190.9 99.812944 0.370 0.376

Apr. 23.................. May 21 28 84,486.4 26,285.3 19,117.1 338.8 99.994556 0.070 0.071

 July 23 91 87,249.5 28,000.1 26,110.3 1,535.6 99.965875 0.135 0.137

 Oct. 22 182 84,099.1 27,000.4 25,580.4 1,079.9 99.833167 0.330 0.335

Apr. 30.................. May 28 28 84,020.6 22,418.1 19,002.7 300.2 99.995722 0.055 0.056

 July 30 91 88,264.0 29,000.2 26,863.1 1,487.1 99.965875 0.135 0.137

 Oct. 29 182 83,242.8 28,000.1 26,035.6 1,089.5 99.845806 0.305 0.310

May 07.................. June 04 28 102,150.2 33,938.0 27,711.8 288.3 99.988722 0.145 0.147

 Aug. 06 91 97,225.8 30,000.2 28,204.5 1,445.7 99.950708 0.195 0.198

 Nov. 05 182 84,894.9 28,000.2 26,619.9 959.8 99.833167 0.330 0.335

May 14.................. June 11 28 125,209.5 37,781.8 33,676.6 323.7 99.989111 0.140 0.142

 Aug. 13 91 106,619.1 31,000.3 29,392.0 1,409.0 99.951972 0.190 0.193

 Nov. 12 182 91,600.4 29,000.0 27,652.8 1,072.2 99.845806 0.305 0.310

May 21.................. June 18 28 126,543.7 41,285.1 34,609.2 390.9 99.989889 0.130 0.132

 Aug. 20 91 106,010.6 31,000.2 29,357.7 1,492.5 99.953236 0.185 0.188

 Nov. 19 182 95,787.5 29,000.1 27,931.5 993.6 99.850861 0.295 0.300

May 28.................. June 25 28 115,749.5 37,418.1 33,927.7 338.7 99.990667 0.120 0.122

 Aug. 27 91 105,929.4 31,000.3 28,807.3 1,330.0 99.955764 0.175 0.178

 Nov. 27 183 92,809.4 30,000.2 28,215.8 1,010.1 99.847500 0.300 0.305

June 04................. July 02 28 122,814.6 40,938.5 34,694.9 305.6 99.996111 0.050 0.051

 Sept. 03 91 110,744.5 31,000.1 29,547.8 1,302.3 99.962083 0.150 0.152

 Dec. 03 182 97,247.8 31,000.4 29,768.6 931.8 99.853389 0.290 0.294

June 11................. July 09 28 115,659.2 33,781.6 29,729.6 270.2 99.994167 0.075 0.076

 Sept. 10 91 96,016.2 31,000.2 29,610.3 1,289.9 99.951972 0.190 0.193

 Dec. 10 182 99,345.3 31,000.2 29,891.5 1,008.7 99.825583 0.345 0.350

June 18................. July 16 28 102,953.7 31,285.2 24,671.0 329.2 99.992611 0.095 0.096

 Sept. 17 91 106,080.2 31,000.4 29,538.2 1,362.2 99.959556 0.160 0.162

 Dec. 17 182 92,506.3 30,000.4 29,084.9 815.5 99.853389 0.290 0.294

June 25................. July 23 28 99,466.7 31,418.5 27,676.4 330.3 99.988333 0.150 0.152

Sept. 24 91 86,446.9 31,000.0 28,814.7 1,290.5 99.950708 0.195 0.198

Dec. 24 182 81,712.6 30,000.2 28,105.2 901.5 99.830639 0.335 0.340

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 

September 2009 

37

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

04/01/09 04/02/09 0.230% bill—05/28/09 56d 115,966 35,000 

04/01/09 04/03/09 0.230% bill—04/16/09 13d 97,105 29,000 

04/03/09 04/09/09 0.210% bill—06/04/09 56d 134,995 35,000 

04/07/09 04/09/09 0.590% bill—04/08/10 364d 82,382 25,000 

04/07/09 04/15/09 2-1/8% TIPS—01/15/19-A 9y 9m 13,599 6,096 1.589 - 103.325496 

04/08/09 04/15/09 1-3/8% note—04/15/12-X 3y 85,094 35,557 1.385 - 99.970714 

04/09/09 04/15/09 2-3/4% note—02/15/19-B 9y 10m 45,178 18,287 2.950 - 98.298568 

04/23/09 04/30/09 1-1/4% TIPS—04/15/14-K 5y 21,557 8,277 1.278 - 100.113235 

04/27/09 04/30/09 0-7/8% note—04/30/11-X 2y 110,263 41,386 0.949 - 99.853739 

04/28/09 04/30/09 1-7/8% note—04/30/14-L 5y 78,761 36,213 1.940 - 99.691687 

04/29/09 04/30/09 2-5/8% note—04/30/16-J 7y 60,223 26,901 2.630 - 99.968223 

04/30/09 05/07/09 0.145% bill—07/16/09 70d 114,552 35,000 

05/05/09 05/07/09 0.530% bill—05/06/10 364d 85,111 26,000 

05/13/09 05/14/09 0.170% bill—07/23/09 70d 126,768 35,000 

05/05/09 05/15/09 1-3/8% note—05/15/12-Y 3y 99,236 41,191 1.473 - 99.713432 

05/06/09 05/15/09 3-1/8% note—05/15/19-C 10y 58,334 25,892 3.190 - 99.447210 

05/07/09 05/15/09 4-1/4% bond—05/15/39 30y 32,382 16,477 4.288 - 99.361980 

05/12/09 05/15/09 0.500% bill—04/01/10 321d 103,692 35,001 

05/15/09 05/21/09 0.175% bill—07/30/09 70d 112,880 30,000 

05/21/09 05/28/09 0.170% bill—08/06/09 70d 132,408 35,000 

05/26/09 06/01/09 0-7/8% note—05/31/11-Y 2y 118,881 41,378 0.940 - 99.871675 

05/27/09 06/01/09 2-1/4% note—05/31/14-M 5y 82,499 36,206 2.310 - 99.718283 

05/28/09 06/01/09 3-1/4% note—05/31/16-K 7y 59,625 26,896 3.300 - 99.689717 

06/02/09 06/04/09 0.445% bill—06/03/10 364d 93,589 26,000 

06/03/09 06/04/09 0.160% bill—06/15/09 11d 86,626 26,000 

06/03/09 06/04/09 0.130% bill—08/13/09 70d 104,253 35,000 

06/05/09 06/11/09 0.180% bill—08/20/09 70d 96,406 30,000 

06/09/09 06/15/09 1-7/8% note—06/15/12-Z 3y 99,063 35,370 1.960 - 99.753523 

06/10/09 06/15/09 3-1/8% note—05/15/19-C 9y 11m 50,063 19,201 3.990 - 92.968581 

06/11/09 06/15/09 4-1/4% bond—05/15/39 29y 11m 29,566 11,116 4.720 - 92.501690 

06/23/09 06/30/09 1-1/8% note—06/30/11-Z 2y 128,718 41,162 1.151 - 99.948740 

06/24/09 06/30/09 2-5/8% note—06/30/14-N 5y 96,419 38,075 2.700 - 99.651404 

06/25/09 06/30/09 3-1/4% note—06/30/16-L 7y 76,794 27,784 3.329 - 99.510316 

 

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. 
September 2009 

38 

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 

September 2009 

39

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) 

 

2004 ................................................ 7,403,236 7,379,053 3,075,687 142 3,075,545 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

 

2008 - June ..................................... 9,515,532 9,492,006 4,206,987 - 4,206,987 473,303 

July ...................................... 9,608,823 9,585,479 4,182,264 - 4,182,264 473,303 

Aug ...................................... 9,668,997 9,645,755 4,166,662 - 4,166,662 473,303 

Sept..................................... 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

Oct....................................... 10,599,663 10,574,094 4,266,386 - 4,266,386 483,606 

Nov ...................................... 10,684,427 10,661,175 4,260,586 - 4,260,586 477,868 

Dec ...................................... 10,723,156 10,699,805 4,327,160 - 4,327,160 489,694 

2009 - Jan ....................................... 10,655,167 10,632,080 4,311,381 - 4,311,381 499,079 

Feb ...................................... 10,899,894 10,877,144 4,295,278 - 4,295,278 508,952 

Mar ...................................... 11,149,495 11,126,941 4,290,609 - 4,290,609 538,647 

Apr....................................... 11,261,000 11,238,592 4,305,333 - 4,305,333 612,614 

May...................................... 11,343,863 11,321,599 4,301,352 - 4,301,352 681,000 

June..................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

 

 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) 

 

2004 .................................................................... 3,605,159 3,147,752 457,407 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

 

2008 - June ......................................................... 4,811,716 4,223,123 588,594 23,527 23,527 

July .......................................................... 4,929,913 4,348,820 581,092 23,344 23,344 

Aug .......................................................... 5,005,790 4,428,587 577,203 23,243 23,243 

Sept......................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

Oct........................................................... 5,824,102 5,245,754 578,348 25,569 25,569 

Nov .......................................................... 5,922,721 5,344,797 577,924 23,252 23,252 

Dec .......................................................... 5,882,951 5,307,950 575,001 23,352 23,352 

2009 - Jan ........................................................... 5,821,620 5,250,837 570,783 23,087 23,087 

Feb .......................................................... 6,072,915 5,503,440 569,475 22,750 22,750 

Mar .......................................................... 6,297,685 5,727,474 570,212 22,554 22,554 

Apr........................................................... 6,320,645 5,750,777 569,868 22,409 22,409 

May.......................................................... 6,339,248 5,773,270 565,978 22,264 22,264 

June......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

 
OWNERSHIP OF FEDERAL SECURITIES 

September 2009 

40 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

Other 

investors 9

(12) 

 

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 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,051.2 399.6 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,067.1 378.9 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,135.4 301.5 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,200.8 284.8 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,246.8 266.2 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 165.8 162.1 139.5 296.6 350.0 1,286.3 319.1 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 170.2 161.3 138.7 302.3 347.9 1,382.8 317.0 

 Sept........ 6,783.2 3,515.3 3,268.0 147.0 201.5 167.7 155.5 137.4 287.1 357.7 1,454.2 360.0 

 Dec......... 6,998.0 3,620.1 3,377.9 153.3 203.8 172.1 148.6 136.5 280.8 364.2 1,533.0 385.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.9 204.4 169.8 143.6 141.0 280.8 374.1 1,677.1 349.1 

 June ....... 7,274.3 3,742.8 3,531.5 158.7 204.6 173.3 134.9 144.1 258.7 381.2 1,739.6 336.3 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 173.9 140.8 147.4 255.0 381.7 1,798.7 366.9 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 173.7 151.0 149.7 254.1 389.1 1,853.4 390.1 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 177.4 158.0 152.4 261.1 412.0 1,956.3 392.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 181.0 171.3 155.0 248.7 444.0 1,879.6 392.3 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 184.4 164.8 159.0 244.7 467.6 1,930.6 384.8 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 184.9 153.8 160.4 251.3 481.4 2,036.0 380.4 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 186.6 153.0 161.3 248.7 486.1 2,084.5 472.4 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 192.1 150.9 161.2 244.2 499.4 1,979.8 480.5 

 Sept........ 8,507.0 4,432.8 4,074.2 113.8 203.7 202.0 155.6 160.6 235.7 502.1 2,027.3 473.4 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 207.5 157.1 159.0 250.7 516.9 2,105.0 408.4 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.9 200.3 221.8 159.2 150.8 264.5 535.0 2,196.7 424.9 

 June ....... 8,867.7 4,715.1 4,152.6 110.6 198.6 232.5 160.2 142.1 267.7 550.3 2,193.9 296.6 

 Sept........ 9,007.7 4,738.0 4,269.7 119.8 197.1 246.4 165.6 133.4 306.3 541.4 2,237.2 322.3 

 Dec......... 9,229.2 4,833.5 4,395.7 129.9 196.5 257.6 168.8 123.3 362.9 531.5 2,352.9 272.2 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 127.4 195.4 270.3 169.4 128.6 484.4 523.6 2,507.5 336.2 

 June ....... 9,492.0 4,685.8 4,806.2 114.9 195.0 276.7 169.1 133.9 477.2 522.2 2,635.3 281.9 

 Sept........ 10,024.7 4,692.7 5,332.0 130.5 194.3 291.7 171.6 138.2 656.1 535.7 2,801.9 412.1 

 Dec......... 10,699.8 4,806.4 5,893.4 107.6 194.1 297.2 174.6 141.3 768.8 522.7 3,078.7 608.5 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 127.5 194.0 302.5 177.3 149.5 717.1 526.3 3,267.0 880.5 

 June ....... 11,545.3 5,026.8 6,518.5 n.a. 193.6 n.a. n.a. n.a. n.a. n.a. 3,384.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. 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. 
September 2009 

41

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: 

2008 - July ..................................... 1.60 1.66 1.98 2.28 2.57 2.87 3.30 3.60 4.01 4.62 4.57 

Aug .................................... 1.68 1.75 1.97 2.18 2.42 2.70 3.14 3.46 3.89 4.53 4.50 

Sept ................................... 0.89 1.15 1.64 1.91 2.08 2.32 2.88 3.25 3.69 4.32 4.27 

Oct ..................................... 0.29 0.69 1.23 1.42 1.61 1.86 2.73 3.19 3.81 4.45 4.17 

Nov .................................... 0.09 0.19 0.74 1.07 1.21 1.51 2.29 2.82 3.53 4.27 4.00 

Dec .................................... 0.03 0.03 0.26 0.49 0.82 1.07 1.52 1.89 2.42 3.18 2.87 

2009 - Jan...................................... 0.05 0.13 0.30 0.44 0.81 1.13 1.60 1.98 2.52 3.46 3.13 

Feb..................................... 0.22 0.30 0.46 0.62 0.98 1.37 1.87 2.30 2.87 3.83 3.59 

Mar..................................... 0.10 0.22 0.43 0.64 0.93 1.31 1.82 2.42 2.82 3.78 3.64 

Apr ..................................... 0.10 0.16 0.35 0.55 0.93 1.32 1.86 2.47 2.93 3.84 3.76 

May .................................... 0.14 0.18 0.30 0.50 0.93 1.39 2.13 2.81 3.29 4.22 4.23 

June................................... 0.10 0.18 0.31 0.51 1.18 1.76 2.71 3.37 3.72 4.51 4.52 

 

End of month: 

2008 - July ..................................... 1.55 1.68 1.89 2.27 2.52 2.81 3.25 3.56 3.99 4.63 4.59 

Aug .................................... 1.63 1.72 1.97 2.17 2.36 2.60 3.10 3.45 3.83 4.47 4.43 

Sept ................................... 1.02 0.92 1.60 1.78 2.00 2.28 2.98 3.38 3.85 4.43 4.31 

Oct ..................................... 0.12 0.46 0.94 1.34 1.56 1.80 2.80 3.29 4.01 4.74 4.35 

Nov .................................... 0.02 0.01 0.44 0.90 1.00 1.27 1.93 2.35 2.93 3.71 3.45 

Dec .................................... 0.11 0.11 0.27 0.37 0.76 1.00 1.55 1.87 2.25 3.05 2.69 

2009 - Jan...................................... 0.15 0.24 0.36 0.51 0.94 1.32 1.85 2.27 2.87 3.86 3.58 

Feb..................................... 0.16 0.26 0.45 0.72 1.00 1.40 1.99 2.69 3.02 3.98 3.71 

Mar..................................... 0.17 0.21 0.43 0.57 0.81 1.15 1.67 2.28 2.71 3.61 3.56 

Apr ..................................... 0.04 0.14 0.29 0.49 0.91 1.38 2.02 2.70 3.16 4.10 4.05 

May .................................... 0.14 0.14 0.30 0.47 0.92 1.42 2.34 3.06 3.47 4.34 4.34 

June................................... 0.17 0.19 0.35 0.56 1.11 1.64 2.54 3.19 3.53 4.30 4.32 

 

* Rates are from the Treasury yields curve. 
September 2009 

42 

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, June 30, 2009 

[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 .............................. $1,095,548,566,543 $1,053,606,706,109 $1,053,121,169,155 $240,992,566 $244,544,388

Less amounts held by: 

The Treasury....................................... 379,169,771 16,092,613 16,046,629 7,505 38,479

FRBs ................................................... 185,470,808,438 183,695,818,173 183,695,787,133 - 31,040

Amounts in circulation............................. $909,698,588,334 $869,894,795,323 $869,409,335,393 $240,985,061 $244,474,869

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $41,941,860,434 $5,247,869,008 $36,693,991,426 

Less amounts held by: 

The Treasury....................................... 363,077,158 296,208,208 66,868,950 

FRBs ................................................... 1,774,990,265 703,150,715 1,071,839,550 

Amounts in circulation............................. $39,803,793,011 $4,248,510,085 $35,555,282,926 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2009 

43

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2009 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $9,342,956,896 $9,200,224,898 $143,503 $142,588,495 

$2 ................................................................................ 1,685,300,132 1,553,188,490 132,099,018 12,624 

$5 ................................................................................ 10,667,172,695 10,531,768,135 108,721,310 26,683,250 

$10 .............................................................................. 15,512,236,200 15,491,296,180 6,300 20,933,720 

$20 .............................................................................. 122,731,850,400 122,711,741,240 3,840 20,105,320 

$50 .............................................................................. 63,596,888,850 63,585,386,050 500 11,502,300 

$100 ............................................................................ 646,045,213,050 646,023,211,900 -6 22,001,150 

$500 ............................................................................ 142,271,500 142,066,500 5,500 199,500 

$1,000 ......................................................................... 165,615,000 165,382,000 5,000 228,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,510,000 3,360,000 - 150,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $869,894,795,323 $869,409,335,393 $240,985,061 $244,474,869 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

June 30, 2009 ...................................................................................... 909,697 $2,963 

May 31, 2009 ....................................................................................... 908,504 2,962 

April 30, 2009 ....................................................................................... 903,317 2,947 

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. 

6

 Represents prior month adjustment. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
September 2009 

47

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) 

 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

 

2008 - July.......................................................................... 74,832 11,041 9,772 49,089 4,930 

Aug ......................................................................... 72,560 11,041 9,494 47,252 4,774 

Sept........................................................................ 71,834 11,041 9,418 46,626 4,750 

Oct.......................................................................... 69,763 11,041 9,001 45,288 4,433 

Nov ......................................................................... 73,378 11,041 9,023 45,970 7,344 

Dec ......................................................................... 77,648 11,041 9,340 49,584 7,683 

2009 - Jan .......................................................................... 75,364 11,041 9,047 47,595 7,680 

Feb ......................................................................... 73,199 11,041 8,913 45,628 7,616 

Mar ......................................................................... 74,958 11,041 9,082 46,634 8,201 

Apr.......................................................................... 75,115 11,041 9,098 46,725 8,250 

May......................................................................... 81,738 11,041 9,412 49,247 12,037 

June........................................................................ 81,686 11,041 9,437 49,095 12,113 

July ......................................................................... 82,931 11,041 9,444 49,876 12,571 

 

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. Excludes 

outstanding reciprocal currency swaps with the foreign central banks. At end-July 

2009 swaps outstanding were $76.271 billion: $48.252 billion with the European 

Central Bank, $0.019 billion with the Swiss National Bank, $0.013 billion with the 

Bank of England, $8.113 billion with the Bank of Japan, $4.200 billion with the Bank of 

Sweden, $3.453 billion with the National Bank of Denmark, $1.000 billion with the 

Bank of Norway, $3.221 billion with the Bank of Mexico and $8.0 billion with the Bank 

of Korea. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2009 

48 

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 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June 8 ......... 7,945,287 3,098,974 573,913 1,523,888 1,155 1,000,017 2,542,964 2,260,912 1,544,903 716,009 42,437 

Series Break .......... 7,970,879 3,330,189 573,913 1,683,160 1,155 1,071,960 2,542,964 2,053,862 1,544,903 508,959 43,864 

 

2008 - July ............. 8,007,383 3,349,634 599,271 1,693,228 1,163 1,055,972 2,521,393 2,091,521 1,558,250 533,271 44,834 

Aug ............. 8,055,189 3,351,382 609,819 1,698,076 1,171 1,042,316 2,523,986 2,133,666 1,572,203 561,463 46,154 

Sept ............ 7,958,280 3,371,378 634,690 1,703,020 1,179 1,032,489 2,580,616 1,964,604 1,387,624 576,980 41,681 

Oct .............. 8,147,463 3,386,622 667,018 1,701,936 1,187 1,016,481 2,849,102 1,869,766 1,258,310 611,456 41,972 

Nov ............. 8,090,722 3,378,919 698,082 1,675,731 1,194 1,003,911 2,835,826 1,825,260 1,213,973 611,287 50,717 

Dec ............. 7,980,382 3,383,222 707,855 1,679,582 1,203 994,582 2,711,293 1,832,179 1,209,069 623,110 53,688 

2009 - Jan .............. 7,973,358 3,394,349 728,482 1,677,642 1,211 987,014 2,753,019 1,770,932 1,135,127 635,805 55,057 

Feb ............. 7,870,426 3,407,591 746,910 1,675,683 1,218 983,780 2,637,471 1,772,144 1,112,737 659,407 53,219

Mar ............. 7,923,732 3,428,320 742,003 1,704,709 1,227 980,381 2,639,248 1,808,504 1,122,360 686,144 47,660

Apr .............. 7,931,615 3,440,521 739,137 1,721,834 1,234 978,315 2,636,309 1,812,525 1,101,594 710,931 42,260

May p.......... 7,947,102 3,463,565 785,472 1,700,071 1,243 976,779 2,644,617 1,798,941 1,088,353 710,588 39,978

June p......... 7,898,435 3,465,705 771,386 1,722,569 1,251 970,499 2,533,524 1,862,995 1,074,773 788,222 36,210

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, and end-June 2008 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 

September 2009 

49

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) 

Venezuela 2

(4) 

 

2004 .............................................................................. 1,630 1,630 825 805 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

 

2008 - June ................................................................... 1,155 1,155 92 1,064 

July .................................................................... 1,163 1,163 92 1,071 

Aug .................................................................... 1,171 1,171 93 1,078 

Sept ................................................................... 1,179 1,179 93 1,086 

Oct ..................................................................... 1,187 1,187 94 1,093 

Nov .................................................................... 1,194 1,194 94 1,100 

Dec .................................................................... 1,203 1,203 95 1,108 

2009 - Jan ..................................................................... 1,211 1,211 96 1,115 

Feb..................................................................... 1,218 1,218 96 1,122 

Mar..................................................................... 1,227 1,227 97 1,130 

Apr ..................................................................... 1,234 1,234 97 1,137 

May .................................................................... 1,243 1,243 98 1,145 

June................................................................... 1,251 1,251 98 1,152 

 

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 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. 
 

September 2009 

50 

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 

September 2009 

51

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 

September 2009 

52 

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 

September 2009 

53

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] 

2008 2009 

Type of Liability 

 Calendar 

 Year 

 2007 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 4,706,310 4,665,480 4,655,295 4,534,039 4,535,433 4,503,482 4,543,046 4,400,122 

Payable in dollars............................................... 4,426,409 4,423,832 4,413,647 4,292,391 4,321,897 4,289,946 4,329,510 4,186,586 

Foreign official institutions ............................. 596,660 707,855 728,482 746,910 742,003 739,137 785,472 771,386 

Deposits, excluding negotiable CDs.......... 49,872 60,755 58,261 51,201 45,826 48,480 45,127 41,127 

U.S. Treasury bills and certificates ............ 198,378 457,876 486,912 521,171 542,706 530,566 586,150 571,658 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 182,061 62,665 67,633 56,703 47,942 52,190 49,108 44,495 

Other liabilities............................................ 166,349 126,559 115,676 117,835 105,529 107,901 105,087 114,106 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,802,509 

 

3,679,747 

 

3,647,531 

 

3,509,593 

 

3,548,788 

 

3,525,083 

 

3,520,150 

 

3,395,477 

Deposits, excluding negotiable CDs.......... 1,474,307 1,687,908 1,606,360 1,526,475 1,534,188 1,515,108 1,534,511 1,425,362 

U.S. Treasury bills and certificates ............ 101,872 282,482 234,865 268,471 299,780 272,287 269,941 276,633 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................

 

638,532 

 

540,489 

 

581,555 

 

563,136 

 

552,768 

 

554,101 

 

515,878 

 

513,245 

Other liabilities............................................ 1,587,798 1,168,868 1,224,751 1,151,511 1,162,052 1,183,587 1,199,820 1,180,237 

International and regional organizations 1 ..... 27,240 36,230 37,634 35,888 31,106 25,726 23,888 19,723 

Deposits, excluding negotiable CDs.......... 17,784 9,066 7,003 6,745 8,080 9,930 7,845 9,272 

U.S. Treasury bills and certificates ............ 288 16,196 19,400 19,798 14,838 9,951 9,765 6,314 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................

 

4,023 

 

5,939 

 

6,217 

 

5,849 

 

4,584 

 

3,856 

 

3,183 

 

2,169 

Other liabilities............................................ 5,145 5,029 5,014 3,496 3,604 1,989 3,095 1,968 

Payable in foreign currencies 2 .......................... 279,901 241,648 241,648 241,648 213,536 213,536 213,536 213,536 

Sector: 

Banks and other foreigners........................ 278,807 240,615 240,615 240,615 212,820 212,820 212,820 212,820 

International and regional organizations 1 ...... 1,094 1,033 1,033 1,033 716 716 716 716 

Major currencies: 

Canadian dollars ........................................ 18,855 10,180 10,180 10,180 10,502 10,502 10,502 10,502 

Euro............................................................ 153,143 121,418 121,418 121,418 108,935 108,935 108,935 108,935 

United Kingdom pounds sterling................ 18,176 11,693 11,693 11,693 13,153 13,153 13,153 13,153 

Japanese yen............................................. 49,098 74,161 74,161 74,161 56,652 56,652 56,652 56,652 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 

3,301,255 

 

3,058,185 

 

3,017,065 

 

2,857,263 

 

2,859,279 

 

2,866,995 

 

2,895,485 

 

2,772,072 

Liabilities to own foreign offices..................... 2,021,262 2,024,456 2,036,155 1,922,132 1,958,458 1,949,471 1,986,356 1,847,020 

Liabilities collaterized by repurchase 

agreements ............................................

 

1,109,129 

 

579,124 

 

608,060 

 

590,731 

 

581,900 

 

601,295 

 

602,941 

 

580,304 

Foreign official institutions ..................... 154,617 116,275 104,561 105,364 90,245 94,816 86,964 96,407 

Foreign banks and other foreigners....... 950,367 459,673 500,323 482,520 488,781 505,186 513,801 482,939 

International and regional organizations 1..... 4,145 3,176 3,176 2,847 2,874 1,293 2,176 958 

Reported by IBFs ....................................... 481,998 608,883 568,960 548,388 547,996 509,669 525,304 486,219 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 

261,508 

 

235,100 

 

235,100 

 

235,100 

 

205,830 

 

205,830 

 

205,830 

 

205,830 

Reported by IBFs ....................................... 69,985 62,009 62,009 62,009 50,620 50,620 50,620 50,620 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 

1,143,547 

 

1,372,195 

 

1,403,130 

 

1,441,676 

 

1,470,324 

 

1,430,657 

 

1,441,731 

 

1,422,220 

Payable in dollars....................................... 1,125,154 1,365,647 1,396,582 1,435,128 1,462,618 1,422,951 1,434,025 1,414,514 

of which: other short-term negotiable 

securities and negotiable CDs............ 

503,938 

 

337,176 

 

352,979 

 

331,832 

 

310,696 

 

311,060 

 

293,733 

 

281,510 

 of which: short-term U.S. Government 

agency securities ................................ 

201,286 

 

102,088 

 

108,761 

 

105,244 

 

92,482 

 

100,752 

 

93,995 

 

86,649 

 of which: negotiable CDs ...................... 94,664 87,853 90,880 76,739 78,188 75,516 71,361 67,800 

Payable in foreign currencies 2 .................. 18,393 6,548 6,548 6,548 7,706 7,706 7,706 7,706 

 

 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 

September 2009 

54 

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 2009 

Country 2006 2007 2008 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................... 3,934 3,575 2,666 1,767 1,882 1,812 2,182 2,214

Belgium ............................................ 15,595 22,437 15,804 13,178 14,092 18,155 15,665 16,501

Bulgaria ............................................. 88 148 118 111 415 402 503 460

Cyprus 1 ............................................ 634 1,068 775 1,164 1,287 1,323 929 1,375

Czech Republic................................. 1,353 1,433 679 598 620 584 545 958

Denmark............................................ 969 791 4,497 3,884 6,479 5,516 3,302 3,529

Finland............................................... 3,362 1,456 1,591 1,352 1,812 1,717 1,722 2,283

France ............................................... 83,606 73,355 55,102 45,740 45,354 51,382 55,101 47,600

Germany............................................ 92,815 145,955 150,549 143,141 135,339 136,317 135,569 135,808

Greece............................................... 1,488 1,357 1,997 1,589 923 1,078 1,292 967

Hungary............................................. 820 1,219 780 779 724 759 681 1,611

Iceland 1 ............................................ 431 667 1,089 1,086 746 794 762 642

Ireland ............................................... 84,414 123,913 177,509 169,354 168,964 169,853 160,592 158,859

Italy.................................................... 9,301 10,421 8,536 9,203 9,455 8,948 9,154 11,136

Kazakhstan 1 ..................................... 6,145 5,945 13,743 10,759 9,570 9,773 10,433 10,699

Luxembourg ..................................... 73,989 108,463 118,122 98,895 104,933 95,799 94,322 101,192

Monaco 1 .......................................... 380 206 314 286 347 354 373 279

Netherlands....................................... 26,781 26,125 35,532 38,911 39,977 35,138 39,286 32,377

Norway .............................................. 42,401 48,309 17,927 18,150 11,277 11,173 10,386 9,695

Poland ............................................... 7,475 19,651 4,729 6,171 5,422 7,069 6,748 8,001

Portugal............................................. 2,720 2,999 2,163 2,156 1,700 1,508 1,134 1,974

Romania............................................ 492 581 641 3,618 3,348 2,370 3,230 2,837

Russia .............................................. 62,736 104,741 72,954 77,957 86,245 86,012 74,680 76,174

Serbia and Montenegro 2 .................. 295 532 182 206 228 264 445 280

Spain ................................................. 9,805 13,022 17,282 16,986 14,984 14,653 14,220 13,486

Sweden ............................................. 3,890 7,723 3,895 3,167 3,478 4,186 2,591 5,895

Switzerland........................................ 63,546 58,468 57,117 64,925 60,853 60,133 58,333 68,751

Turkey ............................................... 10,457 12,139 20,278 22,232 19,720 16,961 19,005 18,216

Ukraine 1 ............................................ 919 1,392 4,041 3,861 4,137 3,244 3,655 3,098

United Kingdom................................. 926,069 1,051,764 669,176 643,951 679,067 653,421 674,521 632,570

Channel Islands ............................... 33,857 25,391 11,900 11,124 15,443 14,416 14,316 20,725

All other Europe 1 .............................. 3,852 4,897 7,918 6,686 6,522 6,958 6,368 6,841

Total Europe.................................. 1,574,620 1,880,143 1,479,607 1,422,987 1,455,342 1,422,072 1,422,045 1,397,032

Memo: Euro Area 3 .......................................... 407,811 533,078 587,958 543,920 541,210 538,191 531,705 526,260

Memo: European Union 4 ................ 1,349,799 1,619,013 1,273,401 1,206,681 1,241,337 1,213,436 1,224,334 1,182,763

Canada.................................................. 49,396 68,274 77,206 76,789 69,472 73,199 71,606 70,893

Latin America: 

Argentina........................................... 10,628 12,090 12,819 13,186 14,017 14,064 14,089 14,098

Belize 5 .............................................. 484 307 298 323 291 291 334 351

Bolivia 5 ............................................ 2,123 2,559 4,544 4,496 4,015 3,685 3,611 3,648

Brazil ................................................. 16,271 24,887 17,615 15,281 17,691 19,206 30,469 57,283

Chile .................................................. 16,926 15,731 15,779 16,276 15,535 14,234 14,182 13,187

Colombia ........................................... 11,702 11,038 10,370 12,149 10,919 11,254 11,957 11,672

Costa Rica 5 ..................................... 2,967 2,502 2,004 2,187 2,327 2,437 2,545 2,363

Ecuador............................................. 3,431 3,296 3,597 3,803 4,065 4,051 4,007 4,000

El Salvador 5 ..................................... 1,964 2,352 2,927 2,978 3,104 3,051 3,160 2,956

Guatemala......................................... 1,444 1,851 1,868 1,882 2,082 1,921 2,166 2,456

Guyana 5 .......................................... 98 141 276 255 292 227 220 207

Honduras 5 ....................................... 2,594 2,162 1,546 1,592 1,588 1,741 1,721 1,804

Mexico............................................... 45,846 53,234 70,181 62,996 60,766 63,886 65,297 61,346

Nicaragua 5 ....................................... 238 215 301 338 525 437 376 479

Panama............................................. 7,183 7,062 10,830 10,531 10,703 11,410 10,647 9,222

Paraguay 5 ........................................ 672 693 667 683 739 803 818 820

Peru................................................... 4,281 5,286 4,707 4,025 4,514 5,497 5,637 5,951

Suriname 5 ........................................ 128 128 157 175 130 154 144 155

Uruguay............................................. 6,139 6,503 7,504 7,982 7,356 6,634 6,817 6,858

Venezuela ......................................... 22,883 23,588 26,777 23,049 23,821 23,594 22,686 22,975

All other Latin America 5.................... 8 15 48 47 52 52 52 58

Total Latin America ....................... 158,010 175,640 194,815 184,234 184,532 188,629 200,935 221,889

Caribbean: 

Anguilla 6 .......................................... 3,149 13,065 10,914 8,952 8,161 8,275 8,139 7,885

Antigua and Barbuda 6 ..................... 186 217 115 122 117 104 99 98

Aruba 6 .............................................. 408 265 737 785 859 813 605 612

Bahamas ........................................... 257,200 286,669 336,479 293,267 270,204 256,573 250,140 251,611

Barbados 6 ........................................ 18,680 21,602 17,050 13,877 13,298 12,883 13,014 12,848

Bermuda............................................ 55,502 49,865 50,550 48,191 45,906 43,941 42,163 43,527

British Virgin Islands 6 ...................... 22,082 35,092 44,454 46,025 49,041 42,667 42,413 41,557

Cayman Islands ............................... 1,316,517 1,488,182 1,492,872 1,486,989 1,489,811 1,525,477 1,526,614 1,463,556

Cuba.................................................. 82 80 89 91 92 91 88 91

Dominican Republic 6 ....................... 3,895 3,813 3,088 3,567 3,632 3,626 3,705 3,552

French West Indies 6 ........................ 19 35 26 31 24 27 31 28

Haiti 6 ................................................ 495 555 540 519 608 688 744 465

Jamaica............................................. 1,056 1,358 1,015 931 878 799 860 897

Netherlands Antilles .......................... 8,503 10,131 8,421 10,659 7,102 7,951 7,507 7,199

See footnotes at end of table.
CAPITAL MOVEMENTS 

September 2009 

55

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 2009 

Country 2006 2007 2008 r Feb. r Mar. Apr. May June p

 

Caribbean, con. 

St. Kitts and Nevis 6 ....................... 90 122 138 133 126 125 131 136

Trinidad and Tobago...................... 3,354 3,389 3,950 3,706 3,985 3,816 3,819 3,464

Turks and Caicos Islands 6 ............ 165 213 227 162 150 154 153 345

All other Caribbean 6 ..................... 157 189 170 163 161 211 177 228

Total Caribbean.......................... 1,691,540 1,914,842 1,970,835 1,918,170 1,894,155 1,908,220 1,900,401 1,838,099

Asia: 

Bangladesh 7 ................................. 824 889 3,472 3,615 3,536 3,773 3,746 4,626

China, Mainland ............................ 44,474 94,369 223,749 236,838 248,167 225,945 250,465 190,205

Hong Kong ..................................... 44,639 47,133 54,466 44,895 62,505 67,694 75,491 81,996

India................................................ 18,813 18,257 28,613 36,838 39,291 39,883 40,663 40,946

Indonesia........................................ 4,386 5,223 9,963 11,285 15,018 16,703 18,359 17,896

Israel............................................... 7,327 7,812 20,831 23,840 25,165 25,605 23,339 22,243

Japan.............................................. 141,655 190,122 240,338 218,766 204,614 200,475 196,748 188,557

Jordan 7 ......................................... 2,146 1,179 2,243 2,039 2,546 1,992 2,083 2,100

Korea, South .................................. 28,099 35,215 15,778 15,961 14,513 16,622 16,624 15,027

Laos 7 ............................................ 120 380 66 59 73 74 155 135

Lebanon ......................................... 1,168 1,032 1,434 1,456 1,625 1,894 1,565 1,560

Malaysia ......................................... 3,847 2,852 2,212 2,751 5,361 5,724 5,415 4,780

Pakistan.......................................... 1,282 1,464 4,175 4,003 3,407 5,016 4,474 4,460

Philippines...................................... 3,857 4,927 9,551 7,998 6,741 6,110 6,556 4,512

Singapore....................................... 30,831 38,704 45,041 46,727 45,178 45,176 45,547 43,783

Syria ............................................... 25 24 65 42 48 34 38 37

Taiwan............................................ 22,952 25,952 30,323 30,453 32,125 31,179 35,235 34,123

Thailand.......................................... 8,319 14,189 18,734 26,138 14,894 17,293 15,800 17,497

Yemen 7 ......................................... 179 202 212 347 306 1,416 732 583

Oil exporting countries 8 ................. 70,314 80,593 118,592 109,042 107,283 101,529 105,713 104,264

All other Asia 7 ............................... 5,893 5,052 7,101 6,881 6,559 5,457 5,005 5,423

Total Asia ................................... 441,150 575,570 836,959 829,974 838,955 819,594 853,753 784,753

Africa: 

Botswana 9 .................................... 236 925 375 306 334 284 360 335

Egypt .............................................. 2,252 3,683 9,396 9,913 9,802 9,823 10,750 10,066

Ghana............................................. 389 346 316 294 285 348 333 317

Kenya 9 .......................................... 234 612 341 317 506 492 487 440

Liberia............................................. 469 422 453 463 553 586 1,008 975

Mauritius 9 ...................................... 641 6,436 1,049 862 975 923 1,730 1,385

Morocco.......................................... 198 180 378 675 1,167 799 803 675

Mozambique 9 ............................... 87 126 141 64 74 87 132 120

South Africa.................................... 1,565 1,649 2,928 2,644 2,463 2,604 2,872 2,138

Tanzania 9 ..................................... 363 407 681 367 378 333 285 355

Uganda 9 ....................................... 926 1,233 329 437 468 371 377 440

Zambia 9 ........................................ 143 190 140 133 102 182 146 157

Zimbabwe 9 ................................... 78 105 81 95 97 103 108 113

Oil exporting countries 10 ............... 4,457 6,131 4,374 4,012 4,237 4,143 4,853 4,152

All other Africa 9 ............................. 2,981 3,443 6,446 7,566 7,854 7,261 7,361 8,660

Total Africa ................................. 15,019 25,888 27,428 28,148 29,295 28,339 31,605 30,328

Other countries: 

Australia ......................................... 26,178 14,891 30,234 24,737 18,742 23,587 23,481 22,159

New Zealand ................................. 4,543 3,190 3,815 4,722 4,395 4,703 5,904 5,800

French Polynesia 11 ....................... 63 83 138 136 161 138 153 149

All other 11 ...................................... 18,704 19,455 7,180 7,221 8,562 8,559 8,559 8,581

Total other ................................. 49,488 37,619 41,367 36,816 31,860 36,987 38,097 36,689

All countries........................................ 3,979,223 4,677,976 4,628,217 4,497,118 4,503,611 4,477,040 4,518,442 4,379,683

International and regional orgs: 

International organizations............ 26,862 24,236 32,571 32,572 27,298 21,332 19,768 15,871

Regional organizations 12 ............. 4,274 4,098 4,692 4,349 4,524 5,110 4,836 4,568

Total international and 

 regional organizations............... 31,136 28,334 37,263 36,921 31,822 26,442 24,604 20,439

Grand total ............................. 4,010,359 4,706,310 4,665,480 4,534,039 4,535,433 4,503,482 4,543,046 4,400,122

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United States 

are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

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 

September 2009 

56 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2009, 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 

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 .............................. 2,214 2,201 1,414 787 786 342 517 118 13 413 12 13

Belgium............................. 16,501 16,302 5,832 10,470 3,729 572 3,148 2,298 5,023 1,359 172 199

Cyprus .............................. 1,375 1,374 1,342 31 911 377 31 0 - 3 51 1

Czech Republic................. 958 958 156 802 68 57 801 1 - 31 - -

Denmark........................... 3,529 3,501 3,019 482 294 228 257 51 60 2,611 - 28

Finland.............................. 2,283 2,185 1,110 1,075 946 83 322 170 538 126 - 98

France .............................. 47,600 42,251 36,569 5,681 12,748 2,341 5,027 207 251 11,406 10,270 5,349

Germany........................... 135,808 82,440 71,253 11,187 28,922 1,902 7,170 2,141 907 41,263 135 53,368

Greece.............................. 967 952 727 225 234 408 207 9 9 85 - 15

Hungary............................ 1,611 1,587 198 1,389 68 69 1,357 12 6 71 4 24

Ireland............................... 158,859 157,624 40,373 117,251 16,559 4,701 33,044 64,158 16,596 10,394 12,172 1,235

Italy................................... 11,136 10,432 6,373 4,059 4,492 980 3,809 24 36 1,084 7 704

Kazakhstan....................... 10,699 10,436 2,777 7,659 2,661 115 7,659 - - 1 - 263

Luxembourg...................... 101,192 100,579 19,129 81,450 5,239 2,165 40,937 20,828 18,575 1,989 10,846 613

Monaco............................. 279 278 57 221 8 49 219 1 1 - - 1

Netherlands ...................... 32,377 31,291 17,804 13,488 3,561 3,379 6,214 5,010 1,491 7,872 3,764 1,086

Norway ............................. 9,695 9,560 3,492 6,068 562 100 5,794 183 91 2,823 7 135

Poland .............................. 8,001 7,985 2,948 5,037 360 272 2,267 2,768 2 2,316 - 16

Portugal ............................ 1,974 1,959 1,541 419 947 532 303 103 13 61 1 15

Romania ........................... 2,837 2,837 571 2,266 19 60 2,265 - 1 492 - -

Russia............................... 76,174 74,723 11,736 62,987 10,454 667 58,661 4,320 6 245 370 1,451

Spain ................................ 13,486 12,462 9,480 2,982 4,910 2,309 2,710 123 89 2,301 19 1,024

Sweden............................. 5,895 5,746 2,582 3,164 456 205 1,916 566 219 2,332 52 149

Switzerland ....................... 68,751 67,091 29,060 38,031 10,002 3,473 29,677 8,169 177 14,080 1,513 1,660

Turkey............................... 18,216 18,143 3,680 14,463 2,902 136 14,446 2 13 642 2 73

Ukraine ............................. 3,098 3,095 2,947 148 1,855 65 148 - - 1,027 - 3

United Kingdom ................ 632,570 588,876 562,103 26,773 161,531 17,874 18,892 2,328 1,881 214,886 171,484 43,694

Channel Islands................ 20,725 20,629 6,239 14,390 3,872 1,321 12,618 1,378 217 135 1,088 96

All other Europe.................. 8,223 7,878 5,831 2,047 1,879 800 1,986 39 14 3,158 3 345

Total Europe .................. 1,397,032 1,285,374 850,342 435,032 280,976 45,582 262,403 115,006 46,229 323,206 211,972 111,658

Memo: Euro Area 4 ........ 526,260 462,502 213,296 249,206 84,123 20,261 103,537 95,190 43,544 78,398 37,449 63,758

Canada ................................... 70,893 66,003 50,822 15,181 5,040 8,003 7,008 3,744 3,544 32,314 6,350 4,890

Latin America: 

Argentina............................ 14,098 13,980 11,793 2,187 585 10,622 1,694 97 392 450 140 118

Belize.................................. 351 351 299 52 66 157 30 - 21 76 1 -

Bolivia................................. 3,648 3,588 1,373 2,215 296 1,060 1,586 371 258 14 3 60

Brazil................................... 57,283 57,043 16,703 40,340 4,957 4,804 39,466 706 89 5,354 1,667 240

Chile ................................... 13,187 12,959 8,213 4,746 4,143 3,180 2,185 2,431 72 858 90 228

Colombia ............................ 11,672 11,562 5,796 5,766 1,462 3,768 4,811 645 310 558 8 110

Costa Rica.......................... 2,363 2,360 1,523 837 719 518 779 11 47 285 1 3

Ecuador.............................. 4,000 3,955 3,309 646 740 2,475 435 16 81 62 146 45

El Salvador......................... 2,956 2,951 1,347 1,604 464 654 863 661 80 228 1 5

Guatemala.......................... 2,456 2,408 1,693 715 253 1,116 600 74 41 311 13 48

Honduras............................ 1,804 1,791 1,701 90 900 718 13 14 63 83 - 13

Mexico................................ 61,346 56,778 42,396 14,382 12,735 22,205 11,579 1,579 1,198 6,739 743 4,568

Panama.............................. 9,222 9,126 6,435 2,691 2,562 3,512 2,181 294 214 268 95 96

Paraguay............................ 820 817 782 35 258 490 9 12 14 26 8 3

Peru.................................... 5,951 5,301 2,735 2,566 849 1,402 1,178 1,326 59 458 29 650

Uruguay.............................. 6,858 6,759 5,323 1,436 1,173 2,398 925 227 244 1,601 191 99

Venezuela .......................... 22,975 22,583 20,882 1,701 2,944 16,473 371 676 654 1,179 286 392

All other Latin America....... 899 899 871 28 242 511 1 7 20 115 3 -

Total Latin America........ 221,889 215,211 133,174 82,037 35,348 76,063 68,706 9,147 3,857 18,665 3,425 6,678

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2009 

57

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2009, 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 

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: 

Aruba........................................ 612 612 532 80 92 403 31 14 35 13 24 -

Bahamas.................................. 251,611 251,285 247,549 3,736 205,243 5,489 2,723 582 263 35,969 1,016 326

Barbados.................................. 12,848 12,823 2,584 10,239 2,134 426 4,194 4,838 1,198 24 9 25

Bermuda .................................. 43,527 42,183 15,576 26,607 523 13,800 15,782 9,878 746 110 1,344 1,344

British Virgin Islands ................ 41,557 40,132 21,654 18,478 2 20,018 16,764 858 610 - 1,880 1,425

Cayman Islands....................... 1,463,556 1,443,465 1,111,576 331,889 455,443 122,120 49,341 16,142 3,310 683,371 113,738 20,091

Dominican Republic................. 3,552 3,525 2,316 1,209 377 1,876 784 397 28 48 15 27

Haiti .......................................... 465 464 432 32 126 288 10 4 18 14 4 1

Jamaica.................................... 897 866 826 40 318 390 23 10 7 117 1 31

Netherlands Antilles................. 7,199 7,171 5,958 1,213 1,800 2,539 729 345 125 835 798 28

Trinidad and Tobago................ 3,464 3,239 2,279 960 1,451 564 886 31 8 263 36 225

All other Caribbean 8,811 7,590 7,449 141 97 6,980 74 8 59 7 365 1,221

Total Caribbean.................. 1,838,099 1,813,355 1,418,731 394,624 667,606 174,893 91,341 33,107 6,407 720,771 119,230 24,744

Asia: 

China, Mainland....................... 190,205 190,200 29,844 160,356 16,232 7,314 158,653 1,309 331 6,300 61 5

Hong Kong............................... 81,996 81,149 26,212 54,937 10,923 5,649 36,883 17,340 632 9,277 445 847

India ......................................... 40,946 40,858 9,102 31,756 1,610 1,905 21,388 10,283 13 5,568 91 88

Indonesia ................................. 17,896 17,895 3,606 14,289 2,585 218 11,437 2,829 15 794 17 1

Israel ........................................ 22,243 22,186 8,387 13,799 1,154 1,852 13,561 91 147 5,375 6 57

Japan ....................................... 188,557 134,696 65,840 68,856 29,217 7,524 62,203 4,687 512 29,425 1,128 53,861

Jordan ...................................... 2,100 2,100 1,233 867 964 55 759 - 108 214 - -

Korea, South............................ 15,027 14,842 7,464 7,378 3,083 869 995 5,123 1,222 3,349 201 185

Malaysia................................... 4,780 4,106 1,943 2,163 1,449 147 2,066 73 21 346 4 674

Pakistan ................................... 4,460 4,459 4,099 360 669 195 312 24 2 3,229 28 1

Philippines................................ 4,512 4,503 3,438 1,065 1,498 519 1,020 2 43 1,252 169 9

Singapore................................. 43,783 42,910 31,503 11,407 25,241 1,960 10,361 913 105 4,283 47 873

Taiwan...................................... 34,123 34,081 31,075 3,006 5,788 6,479 2,374 131 480 18,817 12 42

Thailand ................................... 17,497 17,494 2,012 15,482 704 296 15,433 30 12 1,019 - 3

All other Asia............................ 116,628 116,586 44,239 72,347 11,648 1,712 62,688 7,008 2,642 28,691 2,197 42

Total Asia............................. 784,753 728,065 269,997 458,068 112,765 36,694 400,133 49,843 6,285 117,939 4,406 56,688

Africa: 

Egypt........................................ 10,066 10,065 4,580 5,485 1,148 145 5,436 1 48 3,287 - 1

Ghana ...................................... 317 317 317 - 167 51 - - - 99 - -

Kenya....................................... 440 440 376 64 274 73 52 - 12 29 - -

Liberia ...................................... 975 965 401 564 9 283 510 52 1 109 1 10

Morocco ................................... 675 675 651 24 275 59 21 1 - 317 2 -

South Africa ............................. 2,138 2,136 1,658 478 1,067 188 446 7 25 386 17 2

All other Africa.......................... 15,717 15,483 11,993 3,490 6,763 1,317 3,480 8 2 3,892 21 234

Total Africa........................... 30,328 30,081 19,976 10,105 9,703 2,116 9,945 69 88 8,119 41 247

Other countries: 

Australia ................................... 22,159 22,052 14,254 7,798 8,996 1,358 5,801 1,428 356 3,232 881 107

New Zealand............................ 5,800 5,740 2,758 2,982 544 236 2,949 21 11 1,938 41 60

All other.................................... 8,730 982 778 204 230 336 5 149 50 208 4 7,748

Total other........................... 36,689 28,774 17,790 10,984 9,770 1,930 8,755 1,598 417 5,378 926 7,915

All countries.................................. 4,379,683 4,166,863 2,760,832 1,406,031 1,121,208 345,281 848,291 212,514 66,827 1,226,392 346,350 212,820

International and regional 

orgs: International organizations....... 15,871 15,193 7,938 7,255 - 6,760 5,442 855 958 - 1,178 678

Regional organizations5........... 4,568 4,530 3,302 1,228 - 2,512 872 341 15 - 790 38

Total International and 

 regional organizations ...... 20,439 19,723 11,240 8,483 - 9,272 6,314 1,196 973 - 1,968 716

Grand total ...................... 4,400,122 4,186,586 2,772,072 1,414,514 1,121,208 354,553 854,605 213,710 67,800 1,226,392 348,318 213,536

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

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

September 2009 

58 

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 2005 2006 2007 2008 June 2009 

United Kingdom....................... 590,505 926,069 1,051,764 669,176 632,570

All other Europe ...................... 691,138 648,551 828,379 810,431 764,462

Caribbean banking centers 1 .... 1,200,444 1,666,987 1,877,001 1,943,606 1,816,672

Japan....................................... 161,951 141,655 190,122 240,338 188,557

All other Asia ........................... 256,934 299,495 385,448 596,621 596,196

Subtotal ................................. 2,900,972 3,682,757 4,332,714 4,260,172 3,998,457

All other countries ................... 285,773 327,602 373,596 405,308 401,665

Grand total............................. 3,186,745 4,010,359 4,706,310 4,665,480 4,400,122

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 $4.4 trillion in 

June 2009, a decrease of $265 

billion from yearend 2008. 

U.S. banking liabilities 

include foreign holdings of 

U.S. short-term securities but 

exclude foreign holdings of 

U.S. long-term securities. 

U.S. banking liabilities 

decreased about $41 billion in 

2008, but increased about 

$696 billion in 2007 and 

about $824 billion in 2006. 

However, much of the 

increase in liabilities to 

foreigners in 2006 reflects 

changes in coverage in the 

bank-reported data in the first 

and second quarters of 2006. 

Between June and December 

of 2006, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $250 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that almost 60 

percent of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking centers 

in the Caribbean. These 

financial centers recorded 

most of the growth in 

banking liabilities in recent 

years up through 2007. Since 

2007, however, U.S. banking 

liabilities recorded against the 

United Kingdom have 

declined sharply. Meanwhile 

banking liabilities to Asia 

grew at a rapid pace up 

through 2008. In the first 6 

months of 2009, banking 

liabilities to all geographic 

areas in the table declined. 

0

500

1000

1500

2000

2500

 2005 2006 2007 2008 June 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

September 2009 

59

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] 

2008 2009 

Type of Claim 

Calendar 

Year 

2007 r Mar. r June r Sept. r Dec. Mar. p 

 

Total claims.............................................................. 3,816,206 4,141,925 3,928,079 3,769,192 3,411,332 3,483,467 

Payable in dollars.................................................. 3,571,400 3,872,641 3,686,187 3,556,781 3,204,321 3,292,326 

Own claims on foreigners................................... 2,795,389 3,084,209 2,947,575 2,874,737 2,463,838 2,561,496 

Foreign official institutions............................... 110,093 104,446 98,854 79,750 47,272 32,050 

Foreign banks, including own foreign 

offices........................................................... 2,068,427 2,255,221 2,169,369 2,157,699 1,971,069 2,063,791 

All other foreigners .......................................... 616,869 724,542 679,352 637,288 445,497 465,655 

Claims of domestic customers.............................. 776,011 788,432 738,612 682,044 740,483 730,830 

Payable in foreign currencies .................................. 244,806 269,284 241,892 212,411 207,011 191,141 

Own claims on foreigners ..................................... 170,113 184,985 161,328 142,848 163,690 155,072 

of which: 

Canadian dollars.............................................. 32,718 31,010 27,761 22,939 19,078 23,579 

Euros................................................................ 75,137 81,262 62,854 52,191 69,351 64,990 

United Kingdom pounds sterling...................... 15,804 17,965 12,515 10,703 12,865 13,404 

Japanese yen................................................... 23,911 27,717 29,677 28,976 33,429 29,950 

Claims of domestic customers.............................. 74,693 84,299 80,564 69,563 43,321 36,069 

of which: 

Canadian dollars.............................................. 3,008 2,703 3,019 4,637 4,597 4,653 

Euros................................................................ 60,501 67,014 60,000 53,310 31,591 25,172 

United Kingdom pounds sterling...................... 3,160 5,197 5,959 3,618 1,137 1,882 

Japanese yen................................................... 2,817 3,109 5,975 2,799 2,604 1,785 

Memoranda: 

Total own claims on foreigners ............................. 2,965,502 3,269,194 3,108,903 3,017,585 2,627,528 2,716,568 

Non-negotiable deposits .................................... 1,059,631 1,224,089 1,204,274 1,097,436 1,190,849 1,250,799 

Short-term negotiable instruments 

(payable in dollars) .......................................... 48,082 45,855 38,721 31,990 15,256 15,150 

Resale agreements ............................................ 770,703 823,033 750,369 754,280 468,947 549,991 

Other................................................................... 1,087,086 1,176,217 1,115,539 1,133,879 952,476 900,628 

Claims on own foreign offices............................... 1,929,030 2,113,280 1,982,294 1,955,279 1,727,022 1,796,106 

Claims reported by IBFs ....................................... 686,623 646,190 527,208 520,314 514,225 572,135 

Payable in dollars............................................... 644,202 608,558 488,712 493,385 468,962 530,704 

Payable in foreign currencies............................. 42,421 37,632 38,496 26,929 45,263 41,431 

Total claims held for domestic customers ............ 850,704 872,731 819,176 751,607 783,804 766,899 

Non-negotiable deposits .................................... 454,666 470,885 421,521 378,938 456,081 394,464 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 349,448 354,361 352,076 328,402 299,183 349,746 

Other ..................................................................... 46,590 47,485 45,579 44,267 28,540 22,689 

 

 
CAPITAL MOVEMENTS 

September 2009 

60 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009

Country 

Calendar 

year 

2006 Sept. Dec. r. Mar. r June r Sept. r Dec. Mar. p

 

Europe: 

Austria .................................................... 8,563 9,189 8,083 8,017 9,377 8,684 5,133 4,799

Belgium................................................... 20,258 23,449 26,646 28,005 36,454 24,508 14,561 16,733

Bulgaria .................................................. 38 37 30 52 56 55 36 11

Czech Republic ...................................... 3,546 2,113 4,049 2,666 2,276 273 226 106

Denmark................................................. 2,770 2,393 10,314 10,986 10,789 8,478 9,775 9,736

Finland.................................................... 10,360 24,206 30,533 27,748 32,299 29,104 25,197 26,232

France .................................................... 165,030 189,346 205,271 238,651 228,313 210,068 184,918 187,698

Germany................................................. 45,429 86,617 82,120 95,805 99,417 89,449 77,125 99,517

Greece.................................................... 1,081 1,409 1,658 1,967 1,837 1,469 1,229 954

Hungary.................................................. 157 252 378 249 241 336 413 268

Ireland..................................................... 62,881 68,598 80,906 101,304 107,731 92,845 86,268 64,309

Italy ......................................................... 41,462 43,098 51,856 63,532 63,965 61,797 51,941 51,842

Kazakhstan 1........................................... 510 754 688 732 665 544 544 504

Luxembourg ........................................... 16,033 22,636 27,017 25,387 22,512 20,996 19,263 14,961

Netherlands ............................................ 38,723 73,708 63,711 72,611 75,681 67,893 64,808 64,521

Norway ................................................... 35,117 28,281 29,105 27,315 25,063 31,137 18,718 14,568

Poland .................................................... 1,115 3,999 8,242 17,109 17,276 11,678 1,712 1,539

Portugal .................................................. 1,988 2,840 3,113 3,672 2,988 2,392 1,708 4,030

Romania ................................................. 290 200 195 179 204 160 155 150

Russia..................................................... 4,254 3,334 1,869 1,639 2,437 2,776 2,195 1,871

Spain ...................................................... 15,969 26,085 32,753 56,322 62,338 55,674 58,503 49,306

Sweden................................................... 29,377 37,603 34,964 28,652 36,430 30,471 18,063 17,642

Switzerland............................................. 112,020 191,231 201,003 184,176 133,985 123,180 110,674 118,103

Turkey..................................................... 5,429 3,718 3,735 3,989 4,055 4,159 3,691 3,867

United Kingdom...................................... 938,123 1,137,811 1,112,329 1,187,308 1,072,860 1,133,974 858,471 935,580

Channel Islands...................................... 45,533 42,882 35,468 20,776 18,367 16,167 19,460 18,466

All other Europe 1.................................... 4,193 3,689 3,632 3,421 3,185 3,216 2,728 2,758

Total Europe ........................................ 1,610,249 2,029,478 2,059,668 2,212,268 2,070,800 2,031,484 1,637,515 1,710,070

Memo: Euro Area 2 .................................... 427,777 571,182 613,667 724,478 744,225 665,940 591,196 585,766

Memo: European Union 3 .......................... 1,404,001 1,757,330 1,785,832 1,971,714 1,884,380 1,851,456 1,480,137 1,550,809

Canada...................................................... 106,662 141,301 140,166 160,826 141,640 147,158 147,441 137,716

Latin America: 

Argentina ................................................ 2,977 4,197 4,251 4,349 4,550 5,087 4,174 3,830

Bolivia 4 ................................................... 157 166 169 172 166 190 141 139

Brazil....................................................... 20,454 32,740 31,500 28,283 38,986 32,071 32,940 28,214

Chile ....................................................... 7,152 7,887 9,829 10,270 11,379 11,884 10,162 9,955

Colombia ................................................ 2,915 6,208 4,972 4,955 4,781 4,658 4,079 3,244

Costa Rica 4 ............................................ 733 797 1,028 1,217 1,304 1,234 1,305 1,213

Ecuador.................................................. 612 896 993 939 812 852 716 613

El Salvador 4 ........................................... 872 801 831 797 772 801 900 855

Guatemala.............................................. 1,055 1,235 1,348 1,358 1,433 1,411 1,273 1,318

Honduras 4 .............................................. 433 606 494 493 484 506 527 559

Mexico .................................................... 17,936 23,028 24,582 26,865 26,011 27,059 26,474 26,330

Nicaragua ............................................... 89 74 83 93 131 112 134 112

Panama .................................................. 2,556 3,456 4,118 4,813 5,301 5,210 4,820 3,660

Paraguay 4 .............................................. 41 92 108 130 158 174 152 121

Peru ........................................................ 1,474 2,150 3,092 4,487 4,978 4,964 4,589 3,684

Uruguay.................................................. 361 1,083 415 406 396 419 382 350

Venezuela .............................................. 2,477 3,013 2,580 2,153 2,109 2,082 1,634 1,537

All other Latin America 4......................... 37 63 70 194 52 70 92 103

Total Latin America.............................. 62,331 88,492 90,463 91,974 103,803 98,784 94,494 85,837

Caribbean: 

Anguilla 5 ................................................ 5,281 3,140 6,493 8,151 8,252 13,151 10,375 7,785

Bahamas ................................................ 194,510 205,312 238,924 275,145 212,856 219,134 281,027 242,339

Barbados 5 .............................................. 471 352 445 557 595 696 1,323 898

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2009 

61

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2007 2008 2009

Country 

Calendar 

year 

2006 Sept. Dec. r Mar. r June r Sept. r Dec. Mar. p

 

Caribbean, con. 

Bermuda...................................... 21,721 20,419 12,378 22,207 18,220 17,426 10,759 10,231

British Virgin Islands 5.................. 4,270 5,190 4,857 17,010 16,675 18,814 6,742 7,976

Cayman Islands........................... 835,646 932,175 972,317 1,037,505 1,070,359 979,472 1,007,680 1,026,761

Dominican Republic 5 .................. 650 630 686 720 796 763 782 776

Haiti 5............................................ 50 56 46 52 76 76 92 58

Jamaica ....................................... 695 666 687 751 850 832 805 471

Netherlands Antilles .................... 2,686 4,877 4,624 9,826 6,594 6,468 5,942 7,611

Trinidad and Tobago ................... 1,055 524 673 725 810 607 730 535

All other Caribbean 5 ................... 383 584 770 786 672 555 455 501

Total Caribbean........................ 1,067,418 1,173,925 1,242,900 1,373,435 1,336,755 1,257,994 1,326,712 1,305,942

Asia: 

China, Mainland. ......................... 15,915 18,104 19,359 17,655 21,230 11,162 3,238 2,965

Hong Kong .................................. 8,300 7,472 10,263 10,591 10,040 14,755 12,867 6,670

India............................................. 3,209 4,563 4,588 4,620 5,984 6,182 6,181 6,396

Indonesia..................................... 559 583 1,030 1,089 1,243 1,168 1,119 1,097

Israel............................................ 6,568 6,451 5,031 4,912 4,907 3,595 2,604 2,128

Japan........................................... 157,671 106,578 97,856 124,194 98,861 91,210 87,620 130,475

Jordan 6........................................ 21 49 54 21 25 30 23 32

Korea, South ............................... 25,258 14,392 28,247 28,428 22,063 16,459 13,595 12,298

Lebanon....................................... 20 53 51 52 48 66 56 68

Malaysia ...................................... 947 1,914 1,989 1,634 1,586 1,235 478 464

Pakistan....................................... 29 218 164 64 115 195 76 51

Philippines ................................... 1,020 1,233 1,271 1,835 1,517 930 1,080 758

Singapore .................................... 5,519 5,687 6,662 8,176 7,758 7,306 9,460 8,410

Taiwan......................................... 3,607 3,864 1,641 4,036 2,992 3,032 1,337 1,431

Thailand....................................... 6,585 2,369 5,978 2,483 1,194 203 180 134

Asian oil exporters 7 .................... 11,789 15,403 23,932 14,672 13,998 11,437 10,670 10,262

All other Asia 6 ............................. 424 723 799 1,475 937 954 726 2,479

Total Asia.................................. 247,441 189,656 208,915 225,937 194,498 169,919 151,310 186,118

Africa: 

Cameroon 8.................................. 20 12 11 9 10 10 33 33

Egypt ........................................... 1,833 1,713 1,488 1,773 1,940 2,014 1,288 852

Ghana.......................................... 13 31 30 42 53 62 18 60

Liberia.......................................... 296 371 331 341 270 328 355 380

Morocco....................................... 84 47 50 45 55 30 32 9

South Africa................................. 640 431 730 624 525 1,022 681 597

African oil exporters 9 .................. 414 321 453 1,301 834 1,123 923 363

All other Africa 8 ........................... 251 424 6,570 13,669 16,915 1,443 660 499

Total Africa ............................... 3,551 3,350 9,663 17,804 20,602 6,032 3,990 2,793

Other countries: 

Australia....................................... 26,600 42,739 43,465 36,869 44,099 40,826 34,519 39,990

New Zealand ............................... 4,147 2,170 4,541 6,125 6,104 6,170 5,923 6,626

All other ....................................... 242 357 316 486 425 526 598 593

Total other countries................. 30,989 45,266 48,322 43,480 50,628 47,522 41,040 47,209

Total foreign countries ........... 3,128,641 3,671,468 3,800,097 4,125,724 3,918,726 3,758,893 3,402,502 3,475,685

International and regional orgs: 

International organizations.......... 11,279 9,371 14,907 15,158 8,631 8,084 5,665 5,423

Regional organizations 10 ............ 644 660 1,202 1,043 722 2,215 3,165 2,359

Total international 

and regional organizations............ 11,923 10,031 16,109 16,201 9,353 10,299 8,830 7,782

Grand total ............................. 3,140,564 3,681,499 3,816,206 4,141,925 3,928,079 3,769,192 3,411,332 3,483,467

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. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

September 2009 

62 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2009 

[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 ............................................... 11,279 9,371 14,907 15,158 8,631 8,084 5,665 5,423 488

Belgium.............................................. 644 660 1,202 1,043 722 2,215 3,165 2,359 1,383

Czech Republic ................................. 11,923 10,031 16,109 16,201 9,353 10,299 8,830 7,782 6

Denmark............................................ 3,140,564 3,681,499 3,816,206 4,141,925 3,928,079 3,769,192 3,411,332 3,483,467 20

Finland............................................... 26,232 23,925 23,234 23,079 155 691 2,307 1,915 392

France ............................................... 187,698 152,526 136,201 118,934 17,267 16,325 35,172 30,584 4,588

Germany............................................ 99,517 73,064 66,584 60,101 6,483 6,480 26,453 19,732 6,721

Greece............................................... 954 461 74 4 70 387 493 2 491

Hungary............................................. 268 265 237 126 111 28 3 - 3

Ireland................................................ 64,309 51,336 50,656 41,998 8,658 680 12,973 12,357 616

Italy .................................................... 51,842 45,460 43,755 43,571 184 1,705 6,382 3,181 3,201

Kazakhstan........................................ 504 504 503 420 83 1 - - -

Luxembourg ...................................... 14,961 9,339 8,442 3,640 4,802 897 5,622 5,113 509

Netherlands ....................................... 64,521 46,528 41,926 14,137 27,789 4,602 17,993 16,436 1,557

Norway .............................................. 14,568 4,982 4,679 3,923 756 303 9,586 9,525 61

Poland ............................................... 1,539 1,538 1,507 1,502 5 31 1 - 1

Portugal ............................................. 4,030 2,372 2,370 1,837 533 2 1,658 1,220 438

Romania ............................................ 150 150 124 2 122 26 - - -

Russia................................................ 1,871 1,747 1,739 1,515 224 8 124 117 7

Spain ................................................. 49,306 41,017 35,543 35,055 488 5,474 8,289 6,135 2,154

Sweden.............................................. 17,642 4,923 4,697 3,840 857 226 12,719 12,544 175

Switzerland........................................ 118,103 107,588 98,516 92,358 6,158 9,072 10,515 10,368 147

Turkey................................................ 3,867 3,856 3,538 2,867 671 318 11 3 8

United Kingdom................................. 935,580 791,551 763,424 619,810 143,614 28,127 144,029 140,128 3,901

Channel Islands .................................. 18,466 6,970 6,809 2,476 4,333 161 11,496 10,965 531

All other Europe ................................ 2,769 2,091 1,695 1,015 680 396 678 294 384

Total Europe ................................... 1,710,070 1,392,323 1,316,050 1,087,763 228,287 76,273 317,747 289,966 27,781

Memo: Euro Area 1 ............................... 585,766 465,446 427,788 357,222 70,566 37,658 120,320 97,477 22,843

Canada................................................. 137,716 103,266 84,353 68,390 15,963 18,913 34,450 29,824 4,626

Latin America: 

Argentina ........................................... 3,830 3,797 3,711 779 2,932 86 33 19 14

Bolivia 3 .............................................. 139 139 121 4 117 18 - - -

Brazil.................................................. 28,214 28,126 27,063 12,745 14,318 1,063 88 72 16

Chile .................................................. 9,955 9,952 9,521 3,871 5,650 431 3 2 1

Colombia ........................................... 3,244 3,243 2,963 1,349 1,614 280 1 1 -

Costa Rica ........................................ 1,213 1,213 1,203 276 927 10 - - -

Ecuador............................................. 613 613 613 134 479 - - - -

El Salvador ....................................... 855 855 855 376 479 - - - -

Guatemala......................................... 1,318 1,318 1,275 624 651 43 - - -

Honduras .......................................... 559 559 558 232 326 1 - - -

Mexico ............................................... 26,330 26,072 24,951 1,062 23,889 1,121 258 14 244

Panama ............................................. 3,660 3,659 3,579 2,437 1,142 80 1 1 -

Peru ................................................... 3,684 3,674 3,619 1,152 2,467 55 10 6 4

Uruguay............................................. 350 349 331 31 300 18 1 1 -

Venezuela ......................................... 1,537 1,533 1,452 234 1,218 81 4 4 -

All other Latin America ..................... 336 336 336 95 241 - - - -

Total Latin America......................... 85,837 85,438 82,151 25,401 56,750 3,287 399 120 279

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2009 

63

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2009, 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 ........................................... 242,339 176,784 176,043 170,430 5,613 741 65,555 65,528 27 

Bermuda............................................ 10,231 9,923 8,899 204 8,695 1,024 308 308 - 

British Virgin Islands ......................... 7,976 7,911 6,690 20 6,670 1,221 65 65 - 

Cayman Islands................................. 1,026,761 716,145 682,719 591,515 91,204 33,426 310,616 309,152 1,464 

Dominican Republic ......................... 776 776 774 273 501 2 - - - 

Jamaica ............................................. 471 471 451 72 379 20 - - - 

Netherlands Antilles .......................... 7,611 7,584 7,431 698 6,733 153 27 27 - 

Trinidad and Tobago ......................... 535 535 535 153 382 - - - - 

All other Caribbean ........................... 9,242 9,224 6,822 161 6,661 2,402 18 18 - 

Total Caribbean.............................. 1,305,942 929,353 890,364 763,526 126,838 38,989 376,589 375,098 1,491 

Asia: 

China, Mainland ................................ 2,965 2,875 2,261 1,841 420 614 90 44 46 

Hong Kong ........................................ 6,670 6,568 6,277 5,067 1,210 291 102 14 88 

India................................................... 6,396 6,053 5,863 5,133 730 190 343 330 13 

Indonesia........................................... 1,097 1,047 1,021 827 194 26 50 22 28 

Israel.................................................. 2,128 2,120 1,882 1,660 222 238 8 2 6 

Japan................................................. 130,475 122,099 109,366 90,523 18,843 12,733 8,376 7,941 435 

Korea, South ..................................... 12,298 11,466 11,397 11,055 342 69 832 784 48 

Malaysia ............................................ 464 414 374 130 244 40 50 2 48 

Pakistan............................................. 51 51 48 44 4 3 - - - 

Philippines ......................................... 758 723 705 617 88 18 35 15 20 

Singapore .......................................... 8,410 8,249 7,298 5,970 1,328 951 161 19 142 

Taiwan............................................... 1,431 1,329 1,232 950 282 97 102 3 99 

Thailand............................................. 134 122 101 73 28 21 12 6 6 

All other Asia ..................................... 12,841 12,715 12,560 9,133 3,427 155 126 126 - 

Total Asia........................................ 186,118 175,831 160,385 133,023 27,362 15,446 10,287 9,308 979 

Africa: 

Egypt ................................................. 852 466 463 274 189 3 386 4 382 

Ghana................................................ 60 60 60 47 13 - - - - 

Liberia................................................ 380 380 380 1 379 - - - - 

Morocco............................................. 9 9 - - - 9 - - - 

South Africa....................................... 597 569 466 406 60 103 28 15 13 

All other Africa ................................... 895 792 791 206 585 1 103 93 10 

Total Africa ..................................... 2,793 2,276 2,160 934 1,226 116 517 112 405 

Other countries: 

Australia............................................. 39,990 21,746 20,857 16,095 4,762 889 18,244 17,740 504 

New Zealand ..................................... 6,626 2,079 920 707 213 1,159 4,547 4,543 4 

All other ............................................. 593 593 593 2 591 - - - - 

Total other countries....................... 47,209 24,418 22,370 16,804 5,566 2,048 22,791 22,283 508 

Total foreign countries ................. 3,475,685 2,712,905 2,557,833 2,095,841 461,992 155,072 762,780 726,711 36,069 

International and regional orgs: 

International organizations................ 5,423 2,826 2,826 - 2,826 - 2,597 2,597 - 

Regional organizations 2.................... 2,359 837 837 - 837 - 1,522 1,522 - 

Total international and regional 

organizations .................................. 7,782 3,663 3,663 - 3,663 - 4,119 4,119 - 

Grand total ................................... 3,483,467 2,716,568 2,561,496 2,095,841 465,655 155,072 766,899 730,830 36,069 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2009 

64 

0

200

400

600

800

1000

1200

1400

 2005 2006 2007 2008 Mar. 2009

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 2005 2006 2007 2008 Mar. 2009 

United Kingdom ............................... 627,105 938,123 1,112,329 858,471 935,580 

All other Europe ............................... 604,908 672,126 947,339 779,044 774,490 

Caribbean banking centers 1 ........... 870,441 1,061,389 1,237,218 1,316,970 1,298,578 

Japan ............................................... 114,713 157,671 97,856 87,620 130,475 

All other Asia.................................... 92,387 89,770 111,059 63,690 55,643 

Subtotal.......................................... 2,309,554 2,919,079 3,505,801 3,105,795 3,194,766 

All other countries ............................ 190,845 221,485 310,405 305,537 288,701 

Grand total ..................................... 2,500,399 3,140,564 3,816,206 3,411,332 3,483,467 

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 March 2009, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $3.5 

trillion, an increase of $72 

billion from that recorded at 

yearend 2008. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims decreased $405 

billion in 2008, but increased 

$656 billion in 2007 and $640 

billion in 2006. Part of the 2006 

increase reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when 

data were reported on a 

consistent basis, banking claims 

increased about $209 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

More than 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. Since 

2007, however, claims reported 

against the Caribbean banking 

centers have continued to 

increase, although at a modest 

pace, while claims reported 

against the United Kingdom 

have declined somewhat. 
CAPITAL MOVEMENTS 

September 2009 

65

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 2008 2009

Type of liability or claim 2005 2006 2007 Mar. June r Sept. r Dec. Mar. p

Total liabilities ................................................... 76,710 89,217 103,835 111,288 107,738 104,788 80,150 71,927

Payable in dollars.......................................... 58,728 72,331 79,161 85,118 86,917 88,745 69,132 61,249

Financial.................................................... 24,003 35,033 26,474 23,995 21,646 23,021 18,654 16,149

Short-term negotiable securities........... 3,248 8,266 1,983 2,391 3,338 3,020 2,740 2,869

Other ..................................................... 20,755 26,767 24,491 21,604 18,308 20,001 15,914 13,280

Commercial............................................... 34,725 37,298 52,687 61,123 65,271 65,724 50,478 45,100

Trade payables ..................................... 21,751 24,101 26,261 29,875 36,280 32,599 18,812 18,992

Advance receipts and other.................. 12,974 13,197 26,426 31,248 28,991 33,125 31,666 26,108

Payable in foreign currencies ....................... 17,982 16,886 24,674 26,170 20,821 16,043 11,018 10,678

By major foreign currency: 

Canadian dollars................................... 2,525 3,536 2,162 2,655 1,790 1,910 2,123 1,956

Euros..................................................... 5,041 5,239 9,075 10,496 9,624 6,010 3,153 2,376

United Kingdom pounds sterling........... 3,640 4,494 4,267 4,261 4,589 3,395 2,455 2,682

Japanese yen........................................ 2,326 1,770 3,908 4,249 2,597 2,955 1,025 981

Other ..................................................... 4,450 1,847 5,262 4,509 2,221 1,773 2,262 2,683

By type of liability: 

Financial................................................ 15,246 13,679 21,445 22,180 17,639 13,037 8,144 7,501

Short-term negotiable securities....... 5,802 3,351 2,940 5,360 3,036 3,143 2,108 1,294

Other ................................................. 9,444 10,328 18,505 16,820 14,603 9,894 6,036 6,207

Commercial........................................... 2,736 3,207 3,229 3,990 3,182 3,006 2,874 3,177

Trade payables ................................. 1,299 1,572 1,605 2,398 1,515 1,364 1,334 1,277

Advance receipts and other.............. 1,437 1,635 1,624 1,592 1,667 1,642 1,540 1,900

Total claims....................................................... 144,950 126,032 136,416 138,873 156,463 135,088 140,657 140,670

Payable in dollars.......................................... 105,700 100,031 110,070 115,053 133,269 112,254 111,156 112,738

Financial.................................................... 75,802 66,871 66,726 72,084 85,051 66,672 70,570 68,449

Non-negotiable deposits ....................... 42,140 28,380 28,393 32,439 51,361 34,979 34,455 35,346

Negotiable CDs and short-term 

negotiable instruments.......................... 12,888 2,624 1,168 1,282 1,276 857 1,133 945

Other ..................................................... 20,774 35,867 37,165 38,363 32,414 30,836 34,982 32,158

Commercial............................................... 29,898 33,160 43,344 42,969 48,218 45,582 40,586 44,289

Trade receivables ................................. 26,080 29,388 37,108 35,803 41,111 39,565 31,162 32,592

Advance payments and other............... 3,818 3,772 6,236 7,166 7,107 6,017 9,424 11,697

Payable in foreign currencies ....................... 39,250 26,001 26,346 23,820 23,194 22,834 29,501 27,932

By major foreign currency: 

Canadian dollars................................... 9,829 9,194 5,371 5,751 4,911 5,546 4,613 4,950

Euros..................................................... 10,643 6,951 10,833 8,962 9,846 8,310 11,518 11,408

United Kingdom pounds sterling........... 8,341 4,675 4,210 3,612 4,036 3,701 2,972 3,149

Japanese yen........................................ 3,724 1,027 1,378 1,139 1,064 1,117 2,918 2,929

Other ..................................................... 6,713 4,154 4,554 4,356 3,337 4,160 7,480 5,496

By type of claim: 

Financial................................................ 35,592 21,775 21,305 19,754 20,059 19,661 25,686 24,052

Non-negotiable deposits ................... 8,009 3,529 1,498 1,613 1,464 1,566 7,585 7,705

Short-term negotiable securities....... 292 120 77 72 111 93 65 111

Other ................................................. 27,291 18,126 19,730 18,069 18,484 18,002 18,036 16,236

Commercial........................................... 3,658 4,226 5,041 4,066 3,135 3,173 3,815 3,880

Trade receivables ............................. 3,151 3,414 4,684 3,797 2,900 2,910 3,595 3,647

Advance payments and other........... 507 812 357 269 235 263 220 233
CAPITAL MOVEMENTS 

September 2009 

66 

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 2008 2009

Country 2004 2005 2006 2007 Mar. June r Sept. r Dec. Mar. p

Europe: 

Austria.................................. 146 68 91 230 90 115 78 95 97

Belgium ................................... 74 73 181 492 308 1,194 873 427 389

Bulgaria................................... 2 - 44 36 34 6 4 1 2

Czech Republic....................... 34 17 14 25 52 48 34 46 50

Denmark.................................. 41 78 132 937 269 156 164 90 82

Finland .................................... 38 20 140 63 69 160 192 52 109

France..................................... 2,368 2,631 2,562 3,165 3,296 2,173 2,727 2,884 2,478

Germany ................................. 3,935 3,646 12,391 4,977 3,127 2,912 3,077 3,385 3,182

Greece .................................... 248 401 182 187 199 348 300 240 249

Hungary................................... 14 12 18 46 16 21 24 30 22

Ireland ..................................... 1,070 1,636 316 1,569 925 1,315 1,271 1,367 1,211

Italy.......................................... 795 1,174 1,040 1,196 1,106 448 1,398 485 379

Luxembourg ............................ 824 378 977 235 197 168 366 250 249

Netherlands............................. 668 895 1,709 1,194 1,036 1,417 1,153 1,255 1,012

Norway.................................... 1,365 3,537 545 721 517 1,129 475 385 380

Poland..................................... 151 229 330 385 371 359 350 269 240

Portugal................................... 22 39 27 205 122 41 43 35 35

Romania.................................. 33 4 9 6 10 42 57 71 85

Russia ..................................... 74 64 110 306 411 498 523 529 428

Serbia and Montenegro 

(formerly Yugoslavia).......... 2 4 1 3 6 2 1 6 5

Spain....................................... 591 399 269 533 754 692 787 772 635

Sweden ................................... 800 747 952 438 237 271 264 275 246

Switzerland ............................. 1,078 1,237 1,070 1,705 2,027 2,834 2,983 1,456 1,567

Turkey ..................................... 180 137 261 754 754 749 757 709 769

United Kingdom ...................... 32,878 15,093 17,339 23,350 25,261 22,946 17,753 13,095 11,136

Channel Islands and 

Isle of Man .......................... 2 501 15 208 149 117 120 95 82

Other Europe .......................... 286 250 421 539 505 466 623 435 534

Total Europe ....................... 47,720 33,271 41,146 43,505 41,848 40,627 36,397 28,739 25,653

Canada........................................ 4,578 4,905 7,694 7,767 7,329 7,237 7,304 5,606 5,585

Latin America: 

Argentina................................. 59 148 138 156 173 158 114 90 84

Brazil ....................................... 321 288 264 940 1,169 1,113 1,109 626 656

Chile ........................................ 91 387 406 546 647 605 437 353 378

Colombia................................. 84 106 208 356 372 360 393 332 456

Ecuador................................... 26 10 89 33 128 140 142 30 74

Guatemala .............................. 10 23 25 10 8 8 10 8 11

Mexico..................................... 1,968 2,234 2,150 2,848 3,112 4,200 2,655 1,580 1,664

Panama................................... 7 56 57 85 196 87 104 166 119

Peru......................................... 17 8 6 36 11 113 57 34 36

Uruguay................................... 2 2 13 20 7 26 13 12 14

Venezuela ............................... 451 681 353 575 886 1,187 1,338 413 575

Other Latin America................ 113 105 24 106 97 73 50 50 61

Total Latin America................ 3,149 4,048 3,733 5,711 6,806 8,070 6,422 3,694 4,128

Caribbean: 

Bahamas................................. 32 70 70 89 180 163 108 49 58

Bermuda...................................... 9,230 1,704 777 707 1,322 1,103 782 723 758

Cayman Islands ...................... 7,279 6,522 12,804 15,969 15,830 13,494 14,490 10,303 8,337

Cuba........................................ - - - - - - - - 10

Jamaica................................... 24 14 20 18 21 26 35 37 30

Netherlands Antilles................ 14 13 2 4 5 5 5 6 2

Trinidad and Tobago............... 15 44 25 74 100 93 72 60 45

Other Caribbean ..................... 729 936 761 803 514 894 778 446 762

Total Caribbean .................. 17,323 9,303 14,459 17,664 17,972 15,778 16,270 11,624 10,002

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2009 

67

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 2008 2009

Country 2004 2005 2006 2007 Mar. June r Sept. r Dec. Mar. p

Asia: 

China, Mainland. ....................... 3,983 3,825 1,297 857 4,041 4,746 5,437 4,789 4,610

Hong Kong ................................ 668 746 564 981 845 922 989 606 579

India........................................... 103 158 418 1,447 1,350 1,289 1,263 1,169 1,201

Indonesia................................... 74 89 57 172 250 253 414 366 369

Israel.......................................... 302 613 385 293 264 280 315 292 244

Japan......................................... 5,869 7,354 7,210 6,888 8,030 6,579 7,554 6,059 6,027

Korea, South ............................. 723 1,743 1,350 1,213 1,348 1,237 1,585 1,421 880

Lebanon .................................... 35 42 11 9 5 18 11 15 6

Malaysia .................................... 256 335 471 562 566 555 348 363 462

Pakistan..................................... 171 230 171 172 50 62 71 28 45

Philippines................................. 117 109 95 89 89 91 117 107 87

Singapore.................................. 822 1,823 2,839 4,255 4,445 2,279 4,485 3,818 1,808

Syria .......................................... 21 4 8 8 8 8 9 3 3

Taiwan....................................... 491 1,010 1,093 1,019 975 877 815 726 681

Thailand..................................... 79 212 599 380 392 341 396 295 271

Oil-exporting countries1............. 2,946 4,159 3,955 7,158 10,068 12,304 10,382 6,380 5,720

Other Asia ................................. 303 298 156 377 424 245 302 460 258

Total Asia .............................. 16,963 22,750 20,679 25,880 33,150 32,086 34,493 26,897 23,251

Africa: 

Congo (formerly Zaire).............. - - - - - - - - -

Egypt ......................................... 132 119 132 280 259 291 297 293 289

Ghana........................................ 2 1 6 12 1 18 2 5 4

Liberia........................................ 14 1 3 6 63 75 85 64 65

Morocco..................................... 44 42 42 190 210 124 120 112 102

South Africa............................... 36 950 35 52 83 68 76 54 74

Oil-exporting countries 2............ 518 590 283 655 1,069 1,108 919 764 774

Other Africa ............................... 332 210 379 294 544 332 529 341 379

Total Africa ............................ 1,078 1,913 880 1,489 2,229 2,016 2,028 1,633 1,687

Other countries: 

Australia .................................... 1,047 397 560 1,658 1,824 1,784 1,717 1,794 1,482

New Zealand ............................. 51 38 36 91 80 75 78 92 97

All other ..................................... 98 83 15 25 32 31 33 30 31

Total other countries ............. 1,196 518 611 1,774 1,936 1,890 1,828 1,916 1,610

Total foreign countries ...... 92,007 76,708 89,202 103,790 111,270 107,704 104,742 80,109 71,916

International and regional orgs: 

International organizations........ - - - 2 1 - - 7 2

Regional organizations 3 ........... 2 2 15 43 17 34 46 34 9

Total international and 

regional organizations........... 2 2 15 45 18 34 46 41 11

Grand total ........................ 92,009 76,710 89,217 103,835 111,288 107,738 104,788 80,150 71,927

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2009 

68 

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 2008 2009

Country 2004 2005 2006 2007 Mar. June r Sept. r Dec. Mar. p

Europe: 

Austria.......................................... 1,816 2,159 2,031 2,039 1,994 1,998 2,461 1,950 1,913

Belgium ........................................ 2,307 1,822 419 807 3,336 2,683 3,039 5,104 5,439

Bulgaria........................................ 37 29 3 6 9 7 6 15 13

Czech Republic............................ 64 49 50 134 128 93 93 85 92

Denmark....................................... 494 341 149 184 193 677 172 136 166

Finland ......................................... 617 336 591 805 628 1,724 427 802 655

France.......................................... 3,713 5,063 3,420 6,061 5,549 6,979 3,472 3,467 4,291

Germany ...................................... 6,787 4,238 10,148 4,926 5,834 13,704 5,295 8,493 8,324

Greece ......................................... 199 380 163 250 218 260 244 195 194

Hungary........................................ 46 57 45 153 163 165 107 95 94

Ireland .......................................... 1,672 795 858 968 781 3,821 2,792 948 1,225

Italy............................................... 2,434 3,702 2,337 2,515 3,024 2,217 1,669 4,551 5,255

Luxembourg ................................. 127 391 352 919 777 577 470 219 230

Netherlands.................................. 7,883 3,387 3,570 3,989 2,772 4,674 3,136 2,475 3,761

Norway......................................... 229 402 366 325 355 602 320 274 324

Poland.......................................... 57 58 99 153 146 167 165 135 124

Portugal........................................ 146 60 64 89 75 116 82 76 87

Romania....................................... 47 22 36 60 51 41 57 54 53

Russia .......................................... 157 359 774 1,326 1,329 664 714 705 629

Serbia and Montenegro 

(formerly Yugoslavia)............... 14 17 10 15 23 17 13 14 15

Spain............................................ 1,242 2,032 1,425 1,625 2,082 2,070 2,124 1,290 1,208

Sweden ........................................ 648 503 652 689 1,160 553 514 743 736

Switzerland .................................. 2,506 1,876 1,424 2,143 2,020 2,100 1,597 1,877 1,790

Turkey .......................................... 594 638 420 732 548 604 589 594 548

United Kingdom ........................... 27,699 24,772 17,483 23,662 21,796 25,837 19,326 14,417 14,271

Channel Islands and 

Isle of Man ............................... 25 16 19 109 115 102 91 85 70

Other Europe ............................... 607 1,315 1,267 1,465 1,157 931 2,166 1,034 555

Total Europe ............................ 62,171 54,820 48,175 56,149 56,263 73,383 51,141 49,833 52,062

Canada............................................. 8,429 16,122 17,520 16,418 15,304 16,044 15,885 13,781 13,220

Latin America: 

Argentina...................................... 406 350 470 463 563 596 506 479 441

Brazil ............................................ 2,758 2,972 2,927 2,682 2,667 2,823 2,729 2,620 2,363

Chile ............................................. 346 303 299 404 805 641 644 575 532

Colombia...................................... 295 299 349 449 566 497 558 463 488

Ecuador........................................ 86 95 119 160 166 250 250 173 132

Guatemala ................................... 90 100 116 200 198 218 189 180 152

Mexico.......................................... 3,756 4,108 3,242 3,505 3,541 4,360 4,095 3,376 3,173

Panama........................................ 177 198 266 323 302 463 441 408 420

Peru.............................................. 95 117 164 196 239 278 349 271 233

Uruguay........................................ 13 5 12 33 30 74 110 106 88

Venezuela .................................... 474 539 481 669 695 671 608 657 732

Other Latin America..................... 504 485 376 431 553 480 453 438 369

Total Latin America...................... 9,000 9,571 8,821 9,515 10,325 11,351 10,932 9,746 9,123

Caribbean: 

Bahamas...................................... 1,631 1,631 3,949 2,200 1,909 1,725 6,703 7,671 8,426

Bermuda............................................ 5,358 2,238 1,734 1,704 1,776 1,793 1,851 1,722 1,789

Cayman Islands ........................... 36,320 36,416 26,051 16,987 28,363 26,742 22,230 31,538 25,647

Cuba............................................. 8 12 2 10 - - - - 1

Jamaica........................................ 67 70 60 106 92 82 86 80 79

Netherlands Antilles..................... 37 42 30 118 187 46 62 112 92

Trinidad and Tobago.................... 120 119 125 172 146 111 92 111 110

Other Caribbean .......................... 1,085 1,721 1,264 1,518 1,609 1,711 1,272 1,013 1,122

Total Caribbean ....................... 44,626 42,249 33,215 22,815 34,082 32,210 32,296 42,247 37,266

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2009 

69

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 2008 2009

Country 2004 2005 2006 2007 Mar. June r Sept. r Dec. Mar. p

Asia: 

China, Mainland........................ 3,688 4,958 1,772 1,913 1,886 2,156 2,165 1,926 3,011

Hong Kong ................................ 701 941 1,009 8,762 1,289 1,205 1,220 1,892 1,868

India .......................................... 643 413 654 812 707 824 891 735 686

Indonesia................................... 393 445 231 206 260 259 332 275 343

Israel ......................................... 482 403 360 601 620 610 586 590 447

Japan ........................................ 2,848 2,696 3,349 5,518 5,251 5,526 5,296 6,930 6,519

Korea, South ............................. 1,569 1,244 1,143 1,272 1,242 1,229 1,247 1,022 2,147

Lebanon .................................... 15 22 19 19 22 26 34 44 28

Malaysia.................................... 549 536 270 362 308 311 271 419 383

Pakistan .................................... 43 57 86 115 83 67 48 33 49

Philippines................................. 503 275 109 109 105 131 89 70 74

Singapore.................................. 1,600 1,944 1,811 2,809 1,985 2,187 2,253 1,486 3,641

Syria .......................................... 14 6 10 1 3 2 - 12 4

Taiwan....................................... 892 853 972 1,240 1,400 1,174 1,100 998 1,017

Thailand .................................... 326 295 312 416 492 441 373 330 351

Oil-exporting countries 1............ 1,208 1,800 1,814 2,552 2,070 2,081 2,846 3,393 3,160

Other Asia ................................. 309 408 328 513 446 174 197 176 130

Total Asia .............................. 15,783 17,296 14,249 27,220 18,169 18,403 18,948 20,331 23,858

Africa: 

Congo (formerly Zaire).............. 1 1 11 6 6 5 55 -

Egypt......................................... 159 194 165 296 315 302 267 363 179

Ghana ....................................... 4 16 3 8 4 10 3 7 2

Liberia ....................................... 102 98 73 54 54 51 53 54 51

Morocco .................................... 33 23 21 21 30 30 23 24 13

South Africa .............................. 193 1,075 221 254 266 320 331 360 334

Oil-exporting countries 2............ 162 295 332 350 352 396 396 301 318

Other Africa............................... 281 419 411 400 724 736 717 495 498

Total Africa............................ 935 2,121 1,237 1,389 1,751 1,850 1,795 1,609 1,395

Other countries: 

Australia .................................... 1,588 2,144 2,365 2,467 2,567 2,710 3,705 2,872 3,510

New Zealand............................. 441 420 351 145 155 152 167 103 99

All other..................................... 245 207 76 37 30 17 17 13 14

Total other countries ............. 2,274 2,771 2,792 2,649 2,752 2,879 3,889 2,988 3,623

Total foreign countries ...... 143,218 144,950 126,009 136,155 138,646 156,120 134,886 140,535 140,547

International and regional orgs: 

International organizations........ 3 - 4 150 209 231 28 21 46

Regional organizations 3 ........... 11 - 19 111 18 112 174 101 77

Total international and 

regional organizations........... 14 - 23 261 227 343 202 122 123

Grand total ........................ 143,232 144,950 126,032 136,416 138,873 156,463 135,088 140,657 140,670

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

September 2009 

70 

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

Country, March 31, 2009, 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 46 51 1,913 1,832 81 

Belgium ......................................... 389 99 290 5,439 5,282 157 

Bulgaria ......................................... 2 - 2 13 9 4 

Czech Republic............................. 50 1 49 92 4 88 

Denmark........................................ 82 10 72 166 64 102 

Finland........................................... 109 17 92 655 200 455 

France ........................................... 2,478 638 1,840 4,291 2,361 1,930 

Germany........................................ 3,182 1,779 1,403 8,324 5,118 3,206 

Greece........................................... 249 27 222 194 114 80 

Hungary......................................... 22 11 11 94 39 55 

Ireland ........................................... 1,211 301 910 1,225 646 579 

Italy................................................ 379 6 373 5,255 3,370 1,885 

Luxembourg .................................. 249 54 195 230 192 38 

Netherlands................................... 1,012 210 802 3,761 2,478 1,283 

Norway .......................................... 380 100 280 324 157 167 

Poland ........................................... 240 1 239 124 24 100 

Portugal......................................... 35 7 28 87 - 87 

Romania........................................ 85 - 85 53 8 45 

Russia ........................................... 428 79 349 629 261 368 

Serbia and Montenegro 

(formerly Yugoslavia) ................ 5 - 5 15 - 15 

Spain ............................................. 635 193 442 1,208 656 552 

Sweden ......................................... 246 4 242 736 469 267 

Switzerland.................................... 1,567 181 1,386 1,790 1,004 786 

Turkey ........................................... 769 27 742 548 392 156 

United Kingdom............................. 11,136 8,476 2,660 14,271 8,774 5,497 

Channel Islands and 

Isle of Man................................. 82 81 1 70 67 3 

Other Europe................................. 534 55 479 555 320 235 

Total Europe.............................. 25,653 12,403 13,250 52,062 33,841 18,221 

Canada.............................................. 5,585 1,260 4,325 13,220 9,935 3,285 

Latin America: 

Argentina....................................... 84 10 74 441 26 415 

Brazil ............................................. 656 42 614 2,363 1,375 988 

Chile .............................................. 378 14 364 532 106 426 

Colombia ....................................... 456 106 350 488 54 434 

Ecuador......................................... 74 2 72 132 11 121 

Guatemala..................................... 11 - 11 152 43 109 

Mexico........................................... 1,664 64 1,600 3,173 1,263 1,910 

Panama......................................... 119 15 104 420 226 194 

Peru............................................... 36 - 36 233 44 189 

Uruguay......................................... 14 - 14 88 2 86 

Venezuela ..................................... 575 14 561 732 165 567 

Other Latin America ...................... 61 1 60 369 118 251 

Total Latin America........................ 4,128 268 3,860 9,123 3,433 5,690 

Caribbean: 

Bahamas ....................................... 58 - 58 8,426 8,394 32 

Bermuda............................................. 758 25 733 1,789 625 1,164 

Cayman Islands................................ 8,337 7,589 748 25,647 25,302 345 

Cuba.............................................. 10 - 10 1 - 1 

Jamaica......................................... 30 6 24 79 12 67 

Netherlands Antilles ...................... 2 - 2 92 - 92 

Trinidad and Tobago..................... 45 3 42 110 44 66 

Other Caribbean............................ 762 103 659 1,122 399 723 

Total Caribbean......................... 10,002 7,726 2,276 37,266 34,776 2,490 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2009 

71

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

Country, March 31, 2009, 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 ............................ 4,610 78 4,532 3,011 1,627 1,384 

Hong Kong .................................... 579 63 516 1,868 1,154 714 

India............................................... 1,201 118 1,083 686 216 470 

Indonesia....................................... 369 18 351 343 171 172 

Israel.............................................. 244 2 242 447 36 411 

Japan............................................. 6,027 811 5,216 6,519 2,816 3,703 

Korea, South ................................. 880 166 714 2,147 368 1,779 

Lebanon ........................................ 6 2 4 28 2 26 

Malaysia ........................................ 462 4 458 383 190 193 

Pakistan......................................... 45 3 42 49 - 49 

Philippines..................................... 87 4 83 74 19 55 

Singapore...................................... 1,808 202 1,606 3,641 381 3,260 

Syria .............................................. 3 - 34 - 4 

Taiwan........................................... 681 8 673 1,017 30 987 

Thailand......................................... 271 5 266 351 201 150 

Other Asia ..................................... 258 43 215 130 22 108 

Total Asia .................................... 23,251 1,639 21,612 23,858 7,433 16,425 

Africa: 

Congo (formerly Zaire).................. - - - - - - 

Egypt ............................................. 289 - 289 179 8 171 

Ghana............................................ 4 1 32 1 1 

Liberia............................................ 65 59 6 51 46 5 

Morocco......................................... 102 1 101 13 1 12 

South Africa................................... 74 26 48 334 177 157 

Other Africa ................................... 379 22 357 498 145 353 

Total Africa ................................ 1,687 109 1,578 1,395 428 967 

Other countries: 

Australia ........................................ 1,482 236 1,246 3,510 2,601 909 

New Zealand ................................. 97 7 90 99 45 54 

All other ......................................... 31 2 29 14 2 12 

Total other countries ................. 1,610 245 1,365 3,623 2,648 975 

Total foreign countries .......... 71,916 23,650 48,266 140,547 92,494 48,053 

International and regional orgs: 

International organizations............ 2 - 2 46 7 39 

Regional organizations 1 ............... 9 - 9 77 - 77 

Total international and 

regional organizations............... 11 - 11 123 7 116 

Grand total ............................ 71,927 23,650 48,277 140,670 92,501 48,169 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

September 2009 

72

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) 

2005 ................................. 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 316,012 76,619 239,837 -444 14,627,522 14,311,510 -37,759 2,588,397 2,626,156 

2009 - Jan. - June p ................. 207,445 42,987 165,112 -654 5,003,481 4,796,036 -14,614 609,307 623,921 

 

2008 - June .............................. 28,011 1,105 26,572 334 1,375,650 1,347,639 29,358 227,298 197,940 

July ............................... 34,012 10,068 24,312 -368 1,274,643 1,240,631 -42,066 173,505 215,571 

Aug ............................... 32,837 4,848 28,192 -203 1,022,035 989,198 -24,189 155,794 179,983 

Sept.............................. 20,737 4,944 15,517 276 1,628,400 1,607,663 6,172 190,617 184,445 

Oct................................ 32,872 -1,084 34,476 -520 1,179,175 1,146,303 -50,216 201,719 251,935 

Nov ............................... -25,815 -26,205 -169 559 689,317 715,132 -22,492 140,861 163,353 

Dec ............................... 14,970 3,851 11,823 -704 667,627 652,657 -37,444 112,314 149,758 

2009 - Jan ................................ 10,720 -1,940 12,695 -35 620,678 609,958 -15,500 105,082 120,582 

Feb ............................... 21,551 -1,959 23,602 -92 702,057 680,506 1,091 119,101 118,010 

Mar ............................... 55,303 29,026 26,737 -460 903,855 848,552 -15,596 91,200 106,796 

Apr................................ 41,892 17,125 24,787 -20 733,555 691,663 -2,480 104,037 106,517 

May p............................ -22,550 -21,763 -343 -444 786,779 809,329 12,810 90,765 77,955 

June p........................... 100,529 22,498 77,634 397 1,256,557 1,156,028 5,061 99,122 94,061 

Corporate and other securities 

Bonds * 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) 

 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 ............................................................................. 93,487 1,466,954 1,373,467 40,736 11,990,535 11,949,799 

2009 - Jan. - June p ...................................................... -8,119 656,889 665,008 49,775 3,308,607 3,258,832 

 

2008 - June ................................................................... 4,685 124,990 120,305 -1,817 1,066,125 1,067,942 

July .................................................................... -4,138 97,810 101,948 -5,778 1,273,558 1,279,336 

Aug .................................................................... -13,130 80,587 93,717 -982 905,531 906,513 

Sept................................................................... -8,439 93,859 102,298 11,512 1,168,886 1,157,374 

Oct..................................................................... -13,064 91,136 104,200 -6,212 1,019,890 1,026,102 

Nov .................................................................... -16,206 81,420 97,626 4,430 634,851 630,421 

Dec .................................................................... 40,964 139,166 98,202 3,872 561,120 557,248 

2009 - Jan ..................................................................... -8,280 92,939 101,219 1,407 507,335 505,928 

Feb .................................................................... 3,331 134,001 130,670 -5,143 491,529 496,672 

Mar .................................................................... 6,669 131,109 124,440 13,150 620,646 607,496 

Apr..................................................................... -9,727 86,226 95,953 4,579 550,925 546,346 

May p................................................................. 927 103,345 102,418 16,731 563,801 547,070 

June p................................................................ -1,039 109,269 110,308 19,051 574,371 555,320 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

September 2009 

73

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) 

 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 

2008 ..................................................... 101,841 81,752 2,270,426 2,188,674 20,089 5,430,972 5,410,883 

2009 - Jan. - June p ............................. -107,972 -78,499 812,450 890,949 -29,473 1,487,270 1,516,743 

 

2008 - June .......................................... -11,104 -12,666 189,211 201,877 1,562 499,993 498,431 

July ........................................... 32,422 15,528 159,469 143,941 16,894 560,901 544,007 

Aug ........................................... 20,222 17,371 157,519 140,148 2,851 428,218 425,367 

Sept.......................................... 35,104 37,576 227,068 189,492 -2,472 482,935 485,407 

Oct............................................ 36,530 14,835 177,827 162,992 21,695 468,005 446,310 

Nov ........................................... 34,251 12,938 123,475 110,537 21,313 288,690 267,377 

Dec ........................................... 12,254 12,174 105,233 93,059 80 248,822 248,742 

2009 - Jan ............................................ -25,125 -27,881 115,197 143,078 2,756 233,221 230,465 

Feb ........................................... 1,217 -463 103,330 103,793 1,680 210,043 208,363 

Mar ........................................... -1,034 -527 127,178 127,705 -507 250,246 250,753 

Apr............................................ -22,752 -13,805 130,961 144,766 -8,947 248,276 257,223 

May p........................................ -27,367 -16,178 144,033 160,211 -11,189 253,856 265,045 

June p....................................... -32,911 -19,645 191,751 211,396 -13,266 291,628 304,894 

 
CAPITAL MOVEMENTS 

September 2009 

74

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 

2009 2009 2009 2009 

Country 

 Calendar 

 year 

 2008 

 (1) 

 Jan. 

through 

June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

Calendar

year 

2008 

(4) 

Jan. 

through

June

 (5) 

Apr. 

 through

 June p

 (6) 

 Calendar 

 year 

 2008 

 (7) 

Jan. 

through

June

 (8) 

Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2008 

(10) 

Jan. 

through

June 

(11) 

Apr. 

through

 June p 

(12) 

Europe: 

Austria............................. -1,054 -709 -60 -282 -97 -73 -344 232 68 419 259 219

Belgium........................... -1,941 -441 91 -1,601 969 1,408 -11,149 -7,297 -3,880 -1,042 1,030 227

Bulgaria........................... 8 5 - -5 - - -13 - - -7 1 1

Cyprus 1 .......................... 64 -193 9 -24 -64 -26 33 2 2 137 54 -17

Czech Republic............... -288 163 51 -900 -148 - -71 -10 -5 174 97 27

Denmark ......................... 349 -39 260 -1,883 -21 -14 -513 -269 204 392 394 282

Finland............................ 361 369 108 -36 -20 -5 -84 220 -165 -36 349 139

France............................. -15,360 7,085 -1,325 2,760 5,994 4,907 -1,991 -5,539 -3,037 -7,187 -6,482 275

Germany ......................... 722 -189 1,209 -3,389 -1,013 -1,059 4,954 -1,158 -1,088 -19,341 219 -246

Greece............................ 181 -65 52 103 -112 -3 56 7 2 -493 37 -18

Hungary .......................... -237 -1 -64 42 -40 -29 -133 35 17 163 25 10

Ireland............................. -4,251 -4,214 -8,480 -3,400 -473 1,215 -15,326 -6,283 -2,713 838 130 -116

Italy ................................. 756 -952 -355 -1,245 -166 -209 157 -48 -13 -1,835 -262 -32

Kazakhstan 1................... 1,644 709 516 -337 -8 -8 -23 28 - 17 6 -1

Luxembourg.................... -7,093 6,838 1,075 -26,743 1,073 2,796 -9,453 -1,086 586 -7,648 -356 -157

Monaco 1......................... -102 46 130 94 -4 1 166 - -23 -77 -193 -23

Netherlands .................... -4,790 305 789 -1,069 -617 -201 -364 -1,345 -533 -1,469 508 -667

Norway............................ 32,812 4,821 2,469 -6,496 -2,322 -929 -1,559 -565 -349 7,486 4,734 2,920

Poland............................. 5,857 404 1,004 1,091 -46 45 -14 -3 3 -92 -17 -46

Portugal .......................... 1,091 8 0 55 -72 -13 48 -29 -31 145 449 -129

Romania ......................... -219 -74 234 -532 -8 -7 9 - - -4 2 -

Russia............................. 11,193 -12,450 -3,982 -3,582 -967 4 548 25 4 48 -3 -

Serbia and Montenegro 2... -96 -111 50 -9 -3 -3 -1 - -2 - 5

Spain............................... -7,921 62 622 -946 134 44 -1,020 -432 297 -75 87 93

Sweden........................... -3,136 2,075 2,411 -3,224 -1,391 -91 -519 -461 -231 5,096 2,012 1,031

Switzerland ..................... 1,157 6,723 6,576 -1,949 -2,247 -1,173 11,896 -196 -2,886 5,404 5,629 3,553

Turkey............................. -1,650 -1,407 -406 690 -1 -2 12 318 320 -7 15 13

Ukraine 1 ......................... -1,658 -508 -367 -591 -25 -25 95 -1 1 -35 -2 1

United Kingdom .............. 188,559 64,899 82,383 78,123 11,414 6,505 31,882 9,038 -2,997 29,924 10,362 5,844

Channel Islands .............. 1,368 -267 -173 -1,561 191 62 -12,555 -672 -476 574 182 -24

All other Europe 1 ............ 222 -233 -129 -806 -937 -580 -609 -45 -115 175 5 -10

Total Europe ............... 196,549 72,659 84,698 22,348 8,973 12,536 -5,885 -15,534 -17,038 11,646 19,271 13,154

Memo: Euro Area 3.............. -39,181 7,914 -6,256 -35,843 5,355 8,698 -34,620 -22,746 -10,479 -37,453 -3,958 -403

Memo: European Union 4 .... 151,662 74,997 79,706 35,950 14,909 14,924 -4,063 -14,668 -13,700 -1,749 8,921 6,745

Canada ............................... -5,908 9,557 7,092 5,446 1,859 3,055 7,196 7,046 1,110 7,380 -4,449 2,433

Latin America: 

Argentina ........................ -163 -53 -18 -223 11 25 422 214 192 373 161 100

Brazil............................... -10,225 -25,609 -25,841 470 2,257 43 742 993 596 1,438 -170 -126

Chile ............................... 4,706 -644 -649 -1,015 370 251 123 46 171 808 201 383

Colombia......................... 1,356 -285 451 1,731 -1,372 -918 368 226 218 -8 89 158

Ecuador .......................... 204 -255 -325 269 -82 -50 5 1 20 2 -8 -2

Costa Rica 5 .................... 11 54 52 -219 11 15 -349 67 45 113 66 87

Guatemala ...................... -348 -35 175 -7 6 5 18 6 6 6 -2 -2

Mexico ............................ -7,057 317 -1,291 5,024 -6,933 -4,812 1,742 2,783 1,195 508 52 156

Panama .......................... 140 -34 -8 277 394 220 403 93 146 418 63 1

Peru ................................ 3,566 -87 157 527 -196 -139 369 116 72 -24 213 139

Uruguay .......................... 739 35 -280 -98 63 34 390 326 230 210 151 92

Venezuela....................... -407 -83 -45 -2 240 216 -20 135 108 257 253 43

All other Latin America 5 ... -751 250 80 12 34 - 31 79 75 40 7 -

Total Latin America..... -8,229 -26,429 -27,542 6,746 -5,197 -5,110 4,244 5,085 3,074 4,141 1,076 1,029

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2009 

75

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 

2009 2009 2009 2009 

Country 

Calendar 

year 

2008 

(1) 

 Jan. 

through 

June 

(2) 

 Apr. 

 through

 June p 

 (3) 

Calendar

year 

2008 

(4) 

Jan. 

through 

June 

 (5) 

 Apr.

 through

June p 

(6) 

Calendar 

year 

2008 

(7) 

Jan. 

through

June

 (8) 

Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2008 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through

June p 

(12) 

Caribbean: 

Anguilla 6 ................................... -805 -1,113 -1,003 -211 -633 -87 -269 17 -46 -2,229 1,303 965

Bahamas ................................... -12,705 9,048 3,632 2,146 -1,208 248 183 723 1,237 -1,849 1,009 1,095

Barbados 6 ................................. -19 307 259 354 -44 -51 196 -68 35 110 -28 -11

Bermuda .................................... 9,193 2,962 933 -37,953 3,354 4,653 -394 1,157 1,270 -1,155 -165 -956

British Virgin Islands 6 ................ 2,310 -4,368 -1,596 583 -189 -161 -6,320 -269 341 -4,555 6,333 4,261

Cayman Islands......................... 34,445 -11,025 -20,909 -51,399 -18,619 -9,183 29,018 -1,179 1,036 -29,161 6,965 10,055

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... -11 23 -14 -232 -17 -5 22 8 -2 20 -2 -4

Netherlands Antilles................... -4,682 2,673 2,137 593 -494 -77 28 -211 -116 -4,678 385 -133

Trinidad and Tobago.................. 111 257 103 198 -88 21 -6 -37 -67 -24 29 22

All other Caribbean 6.................. 113 -9 -15 -91 373 101 84 179 45 55 41 29

Total Caribbean ..................... 27,950 -1,245 -16,473 -86,012 -17,565 -4,541 22,542 320 3,733 -43,466 15,870 15,323

Asia: 

China, Mainland......................... 84,743 55,488 40,989 16,738 -8,552 -3,333 29,598 -2,201 -2,327 -706 199 78

Hong Kong................................. 6,242 1,571 -2,731 24,541 5,515 2,990 7,006 3,187 475 27,462 1,501 583

India........................................... 2,048 1,346 1,881 -326 1 1 97 19 12 1,344 -101 -43

Indonesia................................... -5,875 -4,085 -1,674 146 -30 58 19 211 1 -27 -6 5

Israel.......................................... -2,112 -2,011 709 -252 -59 1 589 325 235 961 535 294

Japan......................................... 6,077 82,003 23,543 6,107 -9,664 454 22,256 -1,530 2,373 21,382 9,925 2,666

Korea, South.............................. -11,171 4,663 3,126 -16,239 5,638 4,529 630 -1,568 -509 2,752 507 240

Lebanon..................................... -26 22 17 -3 1 - -3 20 20 63 22 6

Malaysia .................................... -944 1,424 1,366 2,141 -853 -238 308 224 405 29 121 105

Pakistan..................................... 19 -87 -74 -1,264 -4 -4 -72 - -9 -5 -33 -33

Philippines ................................. -2,118 -344 -697 14 -66 4 83 -17 3 -5 -2 1

Singapore .................................. -7,037 877 1,295 -1,855 -1,008 -1,001 -1,077 -1,873 -534 4,717 5,642 3,403

Syria .......................................... - - -- - - -3 3 5 36 34

Taiwan....................................... 5,829 5,106 2,608 2,524 6,952 4,290 1,650 4,332 2,772 12 397 197

Thailand..................................... -2,869 -1,239 946 264 -139 7 160 4 13 -13 -15 -12

Oil exporting countries 7 ............. 24,923 9,359 -835 -14,468 2,732 2,765 3,497 -2,205 -1,191 7,277 564 269

All other Asia.............................. 1,170 429 182 -112 -633 -231 -103 -539 -587 60 50 33

Total Asia .............................. 98,899 154,522 70,651 17,956 -169 10,292 64,638 -1,608 1,155 65,308 19,342 7,826

Africa: 

Egypt ......................................... 1,093 -143 357 -1,702 -180 -22 -22 101 9 5 4 -1

Liberia........................................ -86 -9 -7 23 -17 1 -318 44 50 -2,587 -116 -1

Morocco..................................... -269 37 11 -2,289 -1,107 -302 1 108 100 -4 -3 -2

South Africa ............................... -2,294 36 -282 -109 -389 -172 -66 -63 -36 333 -9 -15

Oil exporting countries 8 ............. 11,416 802 717 654 -110 -88 152 113 108 -2,626 31 36

All other Africa ........................... 449 316 68 -92 32 56 67 77 24 237 -909 -21

Total Africa ............................ 10,309 1,039 864 -3,515 -1,771 -527 -186 380 255 -4,642 -1,002 -4

Other countries: 

Australia..................................... -2,993 -1,958 720 -56 438 548 319 -2,555 -1,696 340 251 986

New Zealand.............................. -153 -48 -71 315 -36 14 3 25 42 -19 268 92

All other countries ...................... 32 2 -1 16 19 25 2 4 3 19 -849 -479

Total other countries.............. -3,114 -2,004 648 275 421 587 324 -2,526 -1,651 340 -330 599

Total foreign countries ....... 316,456 208,099 119,938 -36,756 -13,449 16,292 92,873 -6,837 -9,362 40,707 49,778 40,360

International and regional orgs: 

International organizations......... -191 -561 -44 -141 -796 -803 613 -1,311 -566 17 -5 -

Regional organizations 9 ............ -253 -93 -23 -862 -369 -98 1 29 89 12 2 1

Total international and 

 regional organizations.............. -444 -654 -67 -1,003 -1,165 -901 614 -1,282 -477 29 -3 1

Grand total......................... 316,012 207,445 119,871 -37,759 -14,614 15,391 93,487 -8,119 -9,839 40,736 49,775 40,361

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

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 

September 2009 

76

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2009, 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..................................... 3,078 504 238 280 796 631 629 2,551 564 311 212 577 296 591

Belgium................................... 13,754 1,476 2,229 699 3,886 1,209 4,255 31,584 1,385 821 4,579 3,659 16,407 4,733

Bulgaria................................... 40 6 - - 11 23 - 16 6 - - 10 - -

Cyprus 1 .................................. 681 11 32 7 66 307 258 982 2 58 5 83 401 433

Czech Republic....................... 1,199 846 - 3 214 56 80 1,163 795 - 8 187 12 161

Denmark ................................. 5,027 1,048 107 574 1,405 696 1,197 9,742 788 121 370 1,123 6,090 1,250

Finland.................................... 2,965 796 41 167 519 602 841 5,311 688 46 332 380 2,884 981

France..................................... 864,521 529,755 11,767 3,031 276,479 19,396 24,093 863,074 531,081 6,861 6,068 276,204 18,931 23,930

Germany ................................. 62,483 21,963 3,555 2,561 9,709 16,266 8,429 60,803 20,754 4,614 3,649 9,955 13,105 8,726

Greece.................................... 2,306 152 14 14 467 1,415 244 965 100 17 12 485 47 304

Hungary .................................. 589 115 11 17 321 67 58 625 179 40 - 311 6 89

Ireland..................................... 48,493 16,599 10,397 3,782 6,335 4,973 6,407 56,806 25,079 9,182 6,495 6,451 4,980 4,619

Italy ......................................... 17,522 2,777 325 234 6,073 4,232 3,881 15,080 3,132 534 247 6,105 605 4,457

Kazakhstan 1........................... 1,833 1,615 - - 19 183 16 1,403 1,099 8 - 20 269 7

Luxembourg............................ 33,214 4,976 9,028 3,523 8,023 3,173 4,491 36,122 3,901 6,232 2,937 8,180 10,758 4,114

Monaco 1................................. 728 148 10 62 409 30 69 604 18 9 85 432 8 52

Netherlands............................. 39,816 5,789 2,285 1,680 8,755 9,678 11,630 43,471 5,000 2,486 2,213 9,422 11,396 12,954

Norway.................................... 35,805 8,016 13,991 1,218 7,478 1,977 3,125 31,077 5,547 14,920 1,567 4,558 2,211 2,274

Poland..................................... 8,583 7,765 50 5 182 421 160 7,834 6,761 5 2 228 732 106

Portugal .................................. 1,426 172 2 29 869 249 106 1,725 172 15 60 998 390 90

Romania ................................. 1,393 1,271 18 - 88 1 15 1,179 1,037 25 - 88 27 2

Russia..................................... 5,830 5,264 4 4 196 137 225 9,794 9,246 - - 196 12 340

Serbia and Montenegro 2 ........ 121 50 5 - 46 19 1 49 - 8 - 41 - -

Spain....................................... 19,377 4,810 241 3,627 1,315 5,986 3,397 13,246 4,187 197 3,330 1,222 281 4,028

Sweden................................... 18,037 6,699 80 413 3,685 3,586 3,574 15,165 4,288 171 644 2,654 3,905 3,503

Switzerland ............................. 54,482 12,855 1,097 4,292 21,678 2,730 11,830 49,026 6,279 2,270 7,178 18,125 3,366 11,808

Turkey..................................... 4,022 2,442 - 325 127 781 347 5,303 2,848 2 5 114 2,031 303

Ukraine 1 ................................. 520 158 - 1 44 255 62 726 525 25 - 43 53 80

United Kingdom ...................... 2,070,014 1,255,673 66,207 123,045 219,436 160,957 244,696 2,006,043 1,173,290 59,702 126,042 213,592 168,200 265,217

Channel Islands ...................... 13,137 296 256 918 6,916 649 4,102 12,520 469 194 1,394 6,940 442 3,081

All other Europe 1 .................... 3,265 989 395 368 660 316 537 3,832 1,118 975 483 670 328 259

Total Europe ....................... 3,334,263 1,895,036 122,385 150,879 586,207 241,001 338,755 3,287,823 1,810,338 109,849 167,917 573,053 268,173 358,493

Memo: Euro Area 3...................... 1,110,470 589,937 40,180 19,817 323,609 68,153 68,774 1,132,625 596,193 31,482 30,296 324,012 80,564 70,078

Canada ....................................... 299,365 102,957 9,349 12,284 78,670 47,102 49,003 304,850 95,865 6,294 11,174 76,237 65,332 49,948

Latin America: 

Argentina ................................ 4,482 188 92 291 1,900 1,353 658 3,429 206 67 99 1,800 540 717

Brazil....................................... 66,168 49,433 1,435 930 3,762 3,631 6,977 97,728 75,274 1,392 334 3,888 6,440 10,400

Chile........................................ 13,207 6,071 875 368 1,872 2,672 1,349 11,674 6,720 624 197 1,489 1,443 1,201

Colombia................................. 6,419 2,619 220 410 1,142 1,712 316 7,104 2,168 1,138 192 984 2,351 271

Costa Rica 4 ............................ 1,302 825 12 34 222 163 46 1,625 1,150 62 14 224 135 40

Ecuador .................................. 382 61 29 60 187 21 24 178 9 14 15 100 18 22

Guatemala .............................. 829 692 8 10 81 34 4 735 517 3 4 83 122 6

Mexico .................................... 24,836 8,829 1,519 1,811 5,704 2,621 4,352 29,025 10,120 6,331 616 5,548 2,009 4,401

Panama .................................. 4,552 402 359 445 2,015 827 504 4,078 410 139 299 2,014 640 576

Peru ........................................ 3,306 734 219 217 1,056 819 261 2,713 577 358 145 917 536 180

Uruguay .................................. 4,583 1,374 145 401 1,261 989 413 4,078 1,654 111 171 1,169 598 375

Venezuela............................... 3,057 152 287 201 1,542 662 213 3,948 197 71 93 1,499 1,902 186

All other Latin America 4.......... 925 343 77 106 248 113 38 710 263 77 31 248 41 50

Total Latin America............. 134,048 71,723 5,277 5,284 20,992 15,617 15,155 167,025 99,265 10,387 2,210 19,963 16,775 18,425

Caribbean: 

Anguilla 5................................. 119,341 5,244 50 274 96,526 61 17,186 118,760 6,247 137 320 95,561 43 16,451

Bahamas................................. 112,009 32,728 627 16,438 42,892 8,987 10,337 105,919 29,096 379 15,201 41,797 8,613 10,833

Barbados 5 .............................. 1,393 319 109 99 681 103 82 1,165 60 160 64 692 100 89 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2009 

77

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2009, 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 ................................... 186,914 12,477 12,493 10,769 113,843 15,596 21,736 183,214 11,544 7,840 9,499 114,799 16,808 22,724

British Virgin Islands 5 ............... 119,644 13,532 527 6,107 76,455 3,481 19,542 116,479 15,128 688 5,766 72,194 2,532 20,171

Cayman Islands ........................ 1,245,756 300,198 52,743 67,941 601,888 76,886 146,100 1,257,516 321,107 61,926 66,905 591,833 70,373 145,372

Cuba ......................................... ------------- -

Jamaica .................................... 670 486 96 8 44 33 3 706 500 101 10 48 30 17

Netherlands Antilles .................. 21,953 9,889 178 290 4,870 4,793 1,933 19,332 7,752 255 406 5,003 3,828 2,088

Trinidad and Tobago................. 1,061 411 315 31 98 126 80 930 308 294 98 76 85 69

All other Caribbean 5 ................. 1,515 210 248 91 805 53 108 1,371 225 147 46 776 45 133

Total Caribbean.................... 1,810,256 375,494 67,386 102,048 938,102 110,119 217,107 1,805,392 391,967 71,927 98,315 922,779 102,457 217,947

Asia: 

China, Mainland........................ 89,862 68,011 11,502 1,976 3,777 2,277 2,319 52,442 27,022 14,835 4,303 3,699 716 1,867

Hong Kong............................ 98,064 11,579 6,008 1,867 6,595 5,926 66,089 99,505 14,310 3,018 1,392 6,012 3,728 71,045

India...................................... 7,076 2,567 1 16 332 132 4,028 4,632 686 - 4 375 197 3,370

Indonesia .............................. 2,899 1,045 176 2 406 162 1,108 4,424 2,719 118 1 401 181 1,004

Israel..................................... 42,060 36,123 113 568 3,655 257 1,344 41,324 35,414 112 333 3,361 129 1,975

Japan.................................... 259,946 133,718 33,842 10,929 17,170 16,548 47,739 233,788 110,175 33,388 8,556 14,504 18,194 48,971

Korea, South......................... 25,646 8,672 7,350 700 646 1,955 6,323 22,143 5,546 2,821 1,209 406 4,942 7,219

Lebanon................................ 581 81 - 28 410 34 28 510 64 - 8 404 - 34

Malaysia................................ 6,932 2,404 742 472 327 1,641 1,346 4,273 1,038 980 67 222 473 1,493

Pakistan................................ 252 - - 17 107 2 126 323 74 4 26 140 - 79

Philippines ............................ 2,072 755 64 36 374 485 358 2,833 1,452 60 33 373 483 432

Singapore ............................. 55,426 18,205 5,886 3,512 12,149 3,947 11,727 50,423 16,910 6,887 4,046 8,746 1,414 12,420

Syria ..................................... 80 - - 3 74 - 3 45 - - - 40 - 5

Taiwan .................................. 32,486 9,914 7,396 3,374 4,291 1,502 6,009 23,298 7,306 3,106 602 4,094 633 7,557

Thailand................................ 5,472 4,137 14 34 154 169 964 4,441 3,191 7 21 166 151 905

All other Asia......................... 34,077 10,750 10,596 1,185 7,077 2,830 1,639 32,421 11,403 8,062 2,963 6,775 1,727 1,491

Total Asia.......................... 662,931 307,961 83,690 24,719 57,544 37,867 151,150 576,825 237,310 73,398 23,564 49,718 32,968 159,867

Africa: 

Egypt .................................... 1,752 1,060 10 16 123 37 506 1,386 703 32 7 124 20 500

Liberia................................... 788 15 2 65 557 29 120 809 22 1 15 558 60 153

Morocco................................ 277 138 9 102 12 6 10 487 127 311 2 14 4 29

South Africa .......................... 2,901 1,218 63 10 242 536 832 3,126 1,500 235 46 257 168 920

All other Africa ...................... 4,315 1,599 122 159 424 537 1,474 2,298 814 154 27 409 198 696

Total Africa ....................... 10,033 4,030 206 352 1,358 1,145 2,942 8,106 3,166 733 97 1,362 450 2,298

Other countries: 

Australia................................ 55,270 16,548 4,658 2,386 5,675 6,860 19,143 65,864 15,828 4,110 4,082 4,689 17,443 19,712

New Zealand......................... 1,517 181 145 124 345 486 236 2,030 252 131 82 253 1,115 197

All other ................................ 260 2 49 6 156 11 36 741 3 24 3 635 4 72

Total other countries ......... 57,047 16,731 4,852 2,516 6,176 7,357 19,415 68,635 16,083 4,265 4,167 5,577 18,562 19,981

Total foreign countries .. 6,307,943 2,773,932 293,145 298,082 1,689,049 460,208 793,527 6,218,656 2,653,994 276,853 307,444 1,648,689 504,717 826,959

International and regional orgs: 

International organizations.... 7,129 2,858 489 493 36 3,168 85 13,321 2,902 1,292 1,059 36 7,990 42

Regional organizations 6 ....... 4,185 101 290 265 12 3,369 148 4,526 124 388 176 11 3,666 161

Total international and 

 regional organizations.... 11,314 2,959 779 758 48 6,537 233 17,847 3,026 1,680 1,235 47 11,656 203

Grand total.................... 6,319,257 2,776,891 293,924 298,840 1,689,097 466,745 793,760 6,236,503 2,657,020 278,533 308,679 1,648,736 516,373 827,162

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under 

“All other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. For data as of January 2009, also includes Slovakia. 

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 

September 2009 

78

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008 

[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 

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............................... 23,639 8,218 1,149 754 5,693 2,765 5,060 23,101 9,273 1,431 1,098 5,274 1,177 4,848

Belgium............................. 71,504 8,659 1,391 3,647 16,480 8,392 32,935 121,652 10,600 2,992 14,796 17,522 43,320 32,423

Bulgaria............................. 68 42 - - 21 - 5 83 34 5 13 28 3 -

Cyprus 1 ........................... 7,425 176 47 82 1,201 1,031 4,888 6,616 112 71 49 1,064 567 4,752

Czech Republic................. 6,625 3,721 473 45 1,099 507 780 7,066 4,009 1,373 116 925 114 529

Denmark ........................... 48,276 6,817 4,186 1,766 17,928 8,421 9,158 45,060 6,468 6,069 2,279 17,536 3,367 9,341

Finland .............................. 12,059 3,227 1,065 128 1,282 1,256 5,101 10,559 2,866 1,100 212 1,318 454 4,608

France............................... 4,633,831 2,148,440 39,769 20,083 2,196,756 93,710 135,073 4,629,393 2,163,800 37,009 22,074 2,203,943 67,862 134,704

Germany ........................... 430,492 110,846 25,390 22,300 153,170 62,744 56,042 432,147 110,124 28,779 17,346 172,511 51,226 52,160

Greece .............................. 11,207 1,715 156 98 2,167 4,719 2,353 6,563 1,533 52 42 2,660 160 2,115

Hungary ............................ 3,061 495 152 88 1,166 718 442 3,255 732 110 221 1,003 730 459

Ireland............................... 783,943 336,159 54,208 20,830 45,848 296,846 30,052 806,485 340,410 57,608 36,156 45,010 294,434 32,866

Italy ................................... 78,234 13,596 2,275 1,165 28,848 11,554 20,796 72,440 12,840 3,520 1,008 30,683 2,642 21,747

Kazakhstan 1 .................... 11,446 8,666 533 114 95 1,839 199 9,829 7,022 870 137 78 1,621 101

Luxembourg ...................... 150,572 12,109 36,286 16,404 41,950 18,021 25,802 245,878 19,201 63,029 25,857 49,598 61,317 26,875

Monaco 1 ......................... 5,390 251 113 228 3,788 322 688 5,142 353 19 62 3,865 236 607

Netherlands....................... 307,426 44,308 17,183 7,424 120,720 26,024 91,768 311,146 49,097 18,252 7,788 122,189 21,564 92,256

Norway.............................. 241,206 108,014 57,614 11,392 39,934 9,599 14,653 210,031 75,202 64,110 12,951 32,448 11,850 13,470

Poland............................... 23,617 19,362 2,374 8 215 852 806 16,728 13,505 1,283 22 307 499 1,112

Portugal............................. 9,577 2,455 182 161 3,793 1,784 1,202 8,102 1,364 127 113 3,648 1,512 1,338

Romania............................ 4,387 3,922 3 9 344 96 13 5,052 4,141 535 - 348 23 5

Russia............................... 61,870 41,882 10,953 676 1,660 1,230 5,469 51,600 30,689 14,535 128 1,612 400 4,236

Serbia and Montenegro 2 .. 751 497 - - 227 - 27 894 593 9 1 225 20 46

Spain................................. 91,473 20,503 674 7,727 7,021 28,692 26,856 71,224 28,424 1,621 8,747 7,096 1,114 24,222

Sweden............................. 235,668 10,039 14,121 2,201 85,907 19,176 104,224 217,923 13,175 17,345 2,720 80,811 13,320 90,552

Switzerland ....................... 260,750 38,371 6,947 29,066 113,497 9,189 63,680 246,142 37,214 8,896 17,170 108,093 11,605 63,164

Turkey............................... 24,843 15,581 699 44 870 5,903 1,746 21,874 17,231 9 32 877 2,078 1,647

Ukraine 1 .......................... 5,341 3,780 150 132 172 1,092 15 7,016 5,438 741 37 207 464 129

United Kingdom................. 12,563,058 6,981,662 505,725 660,149 1,850,505 810,186 1,754,831 12,232,173 6,793,103 427,602 628,267 1,820,581 805,717 1,756,903

Channel Islands ................ 93,119 38,351 632 4,088 28,847 6,117 15,084 103,290 36,983 2,193 16,643 28,273 3,881 15,317

All other Europe 1 .............. 16,471 3,963 1,428 402 5,507 1,935 3,236 17,286 3,741 2,234 1,011 5,332 1,769 3,199

Total Europe ................. 20,217,331 9,995,827 785,879 811,211 4,776,711 1,434,721 2,412,982 19,945,748 9,799,278 763,531 817,096 4,765,065 1,405,046 2,395,732

Memo: Euro Area 3................ 6,616,220 2,710,954 179,824 100,963 2,627,388 557,982 439,109 6,750,005 2,750,135 215,667 135,583 2,664,841 547,692 436,087

Canada ................................. 1,555,920 519,217 63,303 36,373 381,815 253,441 301,771 1,538,669 525,125 57,857 29,177 374,435 248,326 303,749

Latin America: 

Argentina........................... 21,938 1,777 263 771 6,140 6,981 6,006 19,277 1,940 486 349 5,767 4,580 6,155

Brazil................................. 214,346 116,128 4,724 1,318 21,349 26,081 44,746 216,989 126,353 4,254 576 19,911 13,012 52,883

Chile.................................. 73,675 40,688 3,106 1,664 13,855 7,173 7,189 67,768 35,982 4,121 1,541 13,047 4,874 8,203

Colombia........................... 39,353 23,098 4,302 1,177 3,797 6,006 973 34,639 21,742 2,571 809 3,805 4,715 997

Costa Rica 4 ..................... 7,877 5,115 353 268 1,013 733 395 7,360 4,911 84 263 1,011 470 621

Ecuador............................. 3,559 815 245 224 424 607 1,244 3,620 804 464 573 311 403 1,065

Guatemala ........................ 1,567 784 18 45 309 335 76 1,810 1,132 25 27 303 261 62

Mexico .............................. 172,021 54,938 16,338 8,865 31,886 24,657 35,337 159,736 61,995 11,314 7,123 31,378 17,465 30,461

Panama............................. 16,842 2,364 1,263 1,640 5,292 3,282 3,001 15,404 2,224 986 1,237 4,874 2,787 3,296

Peru .................................. 14,769 4,913 1,858 550 2,857 2,873 1,718 8,682 1,347 1,331 181 2,881 967 1,975

Uruguay ............................ 18,571 7,285 569 890 3,210 4,428 2,189 15,979 6,546 667 500 3,000 3,204 2,062

Venezuela......................... 9,649 695 631 467 3,573 3,284 999 15,442 1,102 633 487 3,316 8,916 988

All other Latin America 4 ... 4,236 1,261 1,321 222 844 311 277 4,856 2,012 1,309 191 804 239 301

Total Latin America ....... 598,403 259,861 34,991 18,101 94,549 86,751 104,150 571,562 268,090 28,245 13,857 90,408 61,893 109,069

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2009 

79

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2008, 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 

 federallysponsored 

 agencies 

(3) 

 Bonds

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5............................... 419,600 18,895 649 782 350,952 993 47,328 423,524 19,700 860 1,051 353,181 1,127 47,605

Bahamas .............................. 615,505 309,695 10,533 21,104 179,449 22,323 72,401 627,590 322,400 8,387 20,921 181,298 22,403 72,181

Barbados 5 ............................ 9,359 1,120 5,238 598 1,207 471 725 8,779 1,139 4,884 402 1,097 472 785

Bermuda ............................... 1,375,436 186,452 62,867 43,792 863,281 28,209 190,835 1,419,297 177,259 100,820 44,186 864,436 43,172 189,424

British Virgin Islands 5 ........... 791,816 76,921 4,788 33,286 509,156 28,656 139,009 807,209 74,611 4,205 39,606 513,711 28,868 146,208

Cayman Islands .................... 8,709,065 1,618,303 1,112,016 337,388 4,405,073 181,001 1,055,284 8,742,037 1,583,858 1,163,415 308,370 4,434,234 163,086 1,089,074

Cuba..................................... - --- ----- --- - -

Jamaica ................................ 6,521 4,891 866 129 217 367 51 7,129 4,902 1,098 107 197 779 46

Netherlands Antilles.............. 211,843 112,039 4,550 2,647 61,137 10,792 20,678 221,043 116,721 3,957 2,619 65,815 10,744 21,187

Trinidad and Tobago............. 4,683 648 1,106 220 369 985 1,355 4,256 537 908 226 393 762 1,430

All other Caribbean ............... 6,011 821 1,280 412 2,506 308 684 5,971 708 1,371 328 2,451 373 740

Total Caribbean................ 12,149,838 2,329,785 1,203,893 440,358 6,373,347 274,105 1,528,350 12,266,835 2,301,835 1,289,905 417,816 6,416,813 271,786 1,568,680

Asia: 

China, Mainland ............... 496,924 285,900 129,929 42,054 15,652 17,731 5,658 354,574 201,157 113,191 12,456 16,358 5,499 5,913

Hong Kong ........................ 551,023 66,770 54,637 14,410 77,700 7,118 330,388 472,297 60,528 30,096 7,404 50,238 6,073 317,958

India .................................. 43,772 12,233 35 151 2,756 850 27,747 36,017 10,185 361 54 1,412 493 23,512

Indonesia........................... 13,574 5,999 987 22 928 1,061 4,577 19,781 11,874 841 3 955 1,401 4,707

Israel ................................. 313,004 266,982 3,548 2,396 25,211 1,438 13,429 312,184 269,094 3,800 1,807 24,250 568 12,665

Japan ................................ 1,316,561 551,563 143,744 60,732 61,640 95,800 403,082 1,242,367 545,486 137,637 38,476 40,258 99,042 381,468

Korea, South ..................... 129,871 45,127 25,295 8,041 5,362 9,191 36,855 147,867 56,298 41,534 7,411 2,610 7,386 32,628

Lebanon ............................ 1,314 110 - 47 947 43 167 1,248 136 3 50 884 10 165

Malaysia............................ 34,156 10,168 10,036 697 986 3,466 8,803 30,866 11,112 7,895 389 957 2,231 8,282

Pakistan ............................ 1,185 70 187 62 307 30 529 2,497 51 1,451 134 312 31 518

Philippines......................... 14,764 7,652 912 345 1,742 2,178 1,935 16,423 9,770 898 262 1,747 1,969 1,777

Singapore.......................... 266,829 66,851 46,177 8,412 53,079 14,769 77,541 259,208 73,888 48,032 9,489 48,362 7,277 72,160

Syria.................................. 515 --- 449 - 66 511 - - - 444 - 67

Taiwan .............................. 106,989 32,898 18,199 3,071 22,607 2,130 28,084 95,194 27,069 15,675 1,421 22,595 1,829 26,605

Thailand ............................ 21,132 13,626 782 218 788 960 4,758 22,491 16,495 518 58 801 585 4,034

All other Asia..................... 172,652 64,534 34,566 9,828 43,639 10,793 9,292 144,424 38,441 49,146 6,434 36,302 6,622 7,479

Total Asia...................... 3,484,265 1,430,483 469,034 150,486 313,793 167,558 952,911 3,157,949 1,331,584 451,078 85,848 248,485 141,016 899,938

Africa: 

Egypt................................. 12,984 8,606 157 12 439 448 3,322 13,134 7,513 1,859 34 434 142 3,152

Liberia ............................... 3,568 47 38 127 2,361 161 834 6,345 133 15 445 4,948 58 746

Morocco ............................ 574 280 88 3 127 34 42 3,187 549 2,377 2 131 20 108

South Africa....................... 11,489 4,769 302 23 1,358 1,242 3,795 15,765 7,063 411 89 1,025 3,015 4,162

All other Africa................... 35,724 18,374 888 277 6,937 5,520 3,728 22,661 6,509 326 58 9,326 981 5,461

Total Africa.................... 64,339 32,076 1,473 442 11,222 7,405 11,721 61,092 21,767 4,988 628 15,864 4,216 13,629

Other countries: 

Australia ............................ 260,087 50,433 22,562 7,981 36,928 27,446 114,737 274,308 53,426 22,618 7,662 36,588 38,589 115,425

New Zealand..................... 7,908 576 2,625 177 1,522 1,495 1,513 18,021 729 2,310 174 1,541 11,762 1,505

All other............................. 824 71 102 16 483 20 132 1,145 39 86 14 464 29 513

Total other countries...... 268,819 51,080 25,289 8,174 38,933 28,961 116,382 293,474 54,194 25,014 7,850 38,593 50,380 117,443

Total foreign 

 countries ............... 38,338,915 14,618,329 2,583,862 1,465,145 11,990,370 2,252,942 5,428,267 37,835,329 14,301,873 2,620,618 1,372,272 11,949,663 2,182,663 5,408,240

International and regional orgs: 

International organizations... 14,898 6,833 2,270 1,238 115 4,113 329 13,802 7,024 2,411 625 98 3,431 213

Regional organizations 6 ..... 20,993 2,360 2,265 571 50 13,371 2,376 11,358 2,613 3,127 570 38 2,580 2,430

Total international and 

 regional organizations....... 35,891 9,193 4,535 1,809 165 17,484 2,705 25,160 9,637 5,538 1,195 136 6,011 2,643

 Grand total................... 38,374,806 14,627,522 2,588,397 1,466,954 11,990,535 2,270,426 5,430,972 37,860,489 14,311,510 2,626,156 1,373,467 11,949,799 2,188,674 5,410,883

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
80 CAPITAL MOVEMENTS

September 2009 

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 2006 2007 2008

 2009

 Jan - June

 2009

 Apr. - June

United Kingdom.............................. 472,380 546,592 328,488 95,713 91,735 

All other Europe .............................. 126,118 5,310 -103,830 -10,344 1,615 

Caribbean banking centers 1 ......... 139,732 74,788 -75,114 -2,602 -1,874 

Japan .............................................. 58,050 -303 55,822 80,734 29,036 

All other Asia................................... 226,863 234,778 190,979 91,353 60,888 

Subtotal....................................... 1,023,143 861,165 396,345 254,854 181,400 

All other countries........................... 120,078 144,657 16,131 -20,367 -15,616 

Grand total .................................. 1,143,221 1,005,822 412,476 234,487 165,784 

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 in the TIC 

reporting system. Foreign investors 

have also acquired U.S. equities 

through mergers and 

reincorporations that involve stock 

swaps, but these acquisitions have 

been relatively small recently, 

totaling only $4 billion in 2006 and 

$11 billion in 2007. There were no 

reported acquisitions through stock 

swaps in 2008 or so far in 2009. 

(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 Website. 

The TIC Website also provides 

estimates from the Federal Reserve 

Bank of New York on principal 

repayment flows of foreign holdings 

of U.S. government agency and 

corporate asset-backed securities 

(ABS). These repayments are 

estimated to have reduced foreign 

net purchases of U.S. securities by 

$160 billion in 2006, $234 billion in 

2007, $191 billion in 2008, and 

$108 billion in the first half of 2009. 

In 2006, net foreign acquisitions of 

U.S. securities (after including stock 

swaps and accounting for ABS 

repayment flows) totaled a record of 

$987 billion, but then slowed to 

$782 billion in 2007. Net 

acquisitions slowed further to $221 

billion in 2008, as foreign investors 

continued to acquire U.S. securities 

in the first half of the year, but on 

net sold U.S. securities in the second 

half of the year. Foreign net 

purchases have picked up in the first 

half of 2009 to $127 billion (after 

accounting for ABS repayments). 

-200

-100

0

100

200

300

400

500

600

700

800

900

2006 2007 2008 2009 

Jan. - June

2009 

Apr. - June

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2009 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.
 CAPITAL MOVEMENTS 

September 2009 

81

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. Net acquisitions through 

stock swaps amounted to $4 billion in 

2005, $19 billion in 2006, $12 billion 

in 2007, $7 billion in 2008, and $2 

billion in the first quarter of 2009. 

There were no acquisitions through 

stock swaps in the second quarter of 

2009. (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 Website. 

Including the stock swaps, U.S. net 

purchases of long-term foreign 

securities amounted $176 billion in 

2005 and $270 billion in 2006, but then 

eased somewhat to $241 billion in 

2007. U.S. investors switched to net 

sales of $95 billion in foreign securities 

in 2008. U.S. investors’ acquisitions 

have recovered to $110 billion in the 

first half of 2009 (after accounting for 

acquisitions through stock swaps). 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2005 2006 2007 2008 

2009 

Jan. - June 

 2009 

 Apr. - June 

Foreign bonds ......... 45,095 144,452 133,923 -81,752 78,499 49,628 

Foreign stocks......... 127,296 106,455 95,300 -20,089 29,473 33,402 

Total ...................... 172,391 250,907 229,223 -101,841 107,972 83,030 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-200

-100

0

100

200

300

400

2005 2006 2007 2008 2009

Jan.-June

2009

Apr.-June

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2009

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
CAPITAL MOVEMENTS 

September 2009 

82 

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] 

 2007 2008 2009

 Dec. Mar. June Sept. r Dec. Mar. p

Gross total of holdings with negative fair values ........................... 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 5,907,043

Total over-the-counter (OTC) contracts..................................... 2,456,093 4,015,089 3,469,018 3,092,038 6,398,087 5,867,994

Single-currency interest rate contracts.................................. 1,434,083 2,320,674 1,781,034 1,602,170 4,470,553 4,131,955

Forwards ............................................................................ 1,410 3,554 4,586 8,046 9,851 6,214

Swaps ................................................................................ 1,275,308 2,125,556 1,594,291 1,425,059 4,178,435 3,861,423

Options............................................................................... 157,365 191,564 182,157 169,065 282,267 264,318

Foreign exchange contracts .................................................. 240,138 367,553 294,743 325,466 481,833 323,645

Forwards ............................................................................ 72,450 120,033 87,327 113,706 169,983 104,191

Swaps ................................................................................ 115,889 172,489 151,177 160,807 234,573 163,323

Options............................................................................... 51,799 75,031 56,239 50,953 77,277 56,131

Other contracts ...................................................................... 781,872 1,326,862 1,393,241 1,164,402 1,445,701 1,412,394

Equity ................................................................................. n.a. n.a. n.a. n.a. n.a. 85,255

Credit.................................................................................. n.a. n.a. n.a. n.a. n.a. 1,169,626

All other .............................................................................. n.a. n.a. n.a. n.a. n.a. 157,513

Total exchange-traded contracts ............................................... 31,767 40,429 59,037 46,348 66,880 39,049

Own contracts on foreign exchanges .................................... 4,101 6,033 5,837 5,158 6,400 3,932

U.S. customers’ contracts on foreign exchanges.................. 3,658 4,019 6,110 5,561 7,684 8,269

Foreign counterparty contracts on U.S. exchanges .............. 24,008 30,377 47,090 35,629 52,796 26,848

Memorandum items: 

Contracts with own foreign office........................................... 615,885 1,018,175 937,871 960,208 1,477,146 1,405,491

Contracts with foreign official institutions .............................. 14,495 15,166 13,152 12,094 26,636 17,054

Contracts of U.S. depository institutions with foreigners....... 790,580 1,409,843 997,078 1,180,178 2,803,032 n.a.

Gross total of holdings with positive fair values............................. 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 6,072,883

Total over-the-counter (OTC) contracts..................................... 2,526,075 4,142,982 3,575,564 3,190,484 6,562,853 6,037,265

Single-currency interest rate contracts.................................. 1,463,086 2,363,064 1,825,236 1,655,033 4,551,035 4,233,882

Forwards ............................................................................ 1,234 3,445 4,926 5,119 10,831 7,873

Swaps ................................................................................ 1,288,685 2,146,969 1,619,634 1,463,033 4,216,924 3,933,545

Options............................................................................... 173,167 212,650 200,676 186,881 323,280 292,464

Foreign exchange contracts .................................................. 290,943 436,499 349,048 356,026 497,234 329,872

Forwards ............................................................................ 73,894 123,941 82,668 118,693 180,414 103,874

Swaps ................................................................................ 160,129 230,375 205,104 179,177 229,552 161,932

Options............................................................................... 56,920 82,183 61,276 58,156 87,268 64,066

Other contracts ...................................................................... 772,046 1,343,419 1,401,280 1,179,425 1,514,584 1,473,511

Equity ................................................................................. n.a. n.a. n.a. n.a. n.a. 57,010

Credit.................................................................................. n.a. n.a. n.a. n.a. n.a. 1,244,167

All other .............................................................................. n.a. n.a. n.a. n.a. n.a. 172,334

Total exchange-traded contracts ............................................... 33,257 43,293 62,853 49,834 61,696 35,618

Own contracts on foreign exchanges .................................... 4,558 5,730 5,665 3,708 2,665 1,780

Customers’ contracts on foreign exchanges ......................... 3,422 4,869 7,742 6,553 8,203 7,350

Foreign counterparty contracts on U.S. exchanges .............. 25,277 32,694 49,446 39,573 50,828 26,488

Memorandum items: 

Contracts with own foreign office........................................... 623,349 1,044,166 955,322 975,010 1,489,344 1,433,485

Contracts with foreign official institutions .............................. 13,040 17,015 12,861 9,657 20,794 17,257

Contracts of U.S. depository institutions with foreigners....... 811,889 1,435,062 1,029,986 1,205,971 2,837,891 n.a.

 
 CAPITAL MOVEMENTS 

September 2009 

83

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] 

 2007 2008 2009

Country Dec. Mar. June Sept. r Dec. Mar. p

Europe: 

Belgium .......................................................................... 12,803 16,305 17,750 12,470 23,990 21,017

France............................................................................ 130,795 215,113 194,366 164,518 302,240 267,759

Germany ........................................................................ 175,390 276,936 255,611 177,000 357,176 325,000

Ireland ............................................................................ 162,977 265,049 184,059 213,901 411,112 397,375

Italy................................................................................. 6,412 8,841 8,952 6,652 11,448 11,925

Netherlands.................................................................... 31,659 60,808 58,928 39,964 42,442 34,357

Switzerland .................................................................... 61,915 104,751 97,204 77,780 114,215 93,177

United Kingdom ............................................................. 1,535,536 2,594,941 2,251,499 2,056,285 4,593,759 4,248,772

All other Europe ............................................................. 56,910 59,745 74,959 60,224 77,322 65,961

Total Europe .............................................................. 2,174,397 3,602,489 3,143,328 2,808,794 5,933,704 5,465,343

Memo: Euro Area 1 ........................................................ 549,170 879,490 757,354 645,097 1,191,135 1,098,407

Memo: European Union 2............................................... 2,095,271 3,488,499 3,022,261 2,712,917 5,808,569 5,363,315

Canada............................................................................... 43,759 58,898 58,529 50,780 90,703 77,797

Total Latin America............................................................ 13,764 18,827 17,092 13,013 13,049 11,854

Caribbean: 

Cayman Islands ............................................................. 110,074 144,650 122,194 105,342 133,574 111,231

All other Caribbean ........................................................ 22,706 30,542 32,122 24,521 33,447 21,822

Total Caribbean ......................................................... 132,780 175,192 154,316 129,863 167,021 133,053

Asia: 

 Japan ........................................................................... 67,577 101,660 66,700 62,813 142,645 119,124

All other Asia.................................................................. 33,085 66,326 57,373 46,370 77,138 62,726

Total Asia ................................................................... 100,662 167,986 124,073 109,183 219,783 181,850

Total Africa......................................................................... 3,025 3,930 5,845 4,402 5,507 4,687

Other countries: 

Australia ......................................................................... 13,239 20,309 18,648 16,328 24,582 22,471

All other.......................................................................... 849 789 547 652 1,265 1,162

Total other countries .................................................. 14,088 21,098 19,195 16,980 25,847 23,633

Total foreign countries ........................................... 2,482,475 4,048,420 3,522,378 3,133,015 6,455,614 5,898,217

Total International and regional organizations .................. 5,389 7,097 5,677 5,372 9,355 8,826

Grand total ................................................................. 2,487,860 4,055,518 3,528,055 3,138,386 6,464,967 5,907,043

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

September 2009 

84 

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] 

 2007 2008 2009

Country Dec. Mar. June Sept. r Dec. Mar. p

 

Europe: 

Belgium ..................................................................... 13,329 18,708 19,872 14,308 30,559 28,326

France ....................................................................... 139,382 226,062 204,125 173,382 328,209 287,586

Germany.................................................................... 185,036 290,360 271,668 188,081 365,763 334,350

Ireland ....................................................................... 163,883 275,417 193,358 222,010 424,358 406,282

Italy............................................................................ 15,668 20,850 20,761 12,104 15,130 14,315

Netherlands............................................................... 36,044 66,908 63,412 41,475 45,155 37,071

Switzerland................................................................ 69,586 111,750 103,906 86,565 123,836 99,416

United Kingdom......................................................... 1,558,496 2,639,440 2,272,620 2,095,015 4,657,754 4,328,146

All other Europe ........................................................ 47,949 51,901 67,924 53,003 68,469 58,005

Total Europe.......................................................... 2,229,373 3,701,396 3,217,646 2,885,943 6,059,233 5,593,497

Memo: Euro Area 1.................................................... 572,162 925,817 801,150 673,406 1,247,252 1,142,111

Memo: European Union 2.......................................... 2,144,029 3,581,027 3,090,441 2,780,637 5,922,042 5,483,314

Canada.......................................................................... 51,648 71,569 74,917 55,752 92,249 77,922

Total Latin America ....................................................... 16,037 21,763 20,120 15,338 15,652 15,357

Caribbean: 

Cayman Islands ........................................................ 112,007 154,244 131,186 114,599 153,091 131,121

All other Caribbean ................................................... 21,305 30,145 28,070 25,422 32,889 21,941

Total Caribbean..................................................... 133,312 184,389 159,256 140,021 185,980 153,062

Asia: 

Japan......................................................................... 66,643 98,841 65,405 61,821 141,643 120,484

All other Asia ............................................................. 36,647 73,158 64,837 54,199 91,733 77,950

Total Asia .............................................................. 103,290 171,999 130,242 116,020 233,376 198,434

Total Africa .................................................................... 4,260 4,987 6,155 4,722 6,396 5,176

Other countries: 

Australia .................................................................... 17,356 25,327 25,666 18,402 25,943 23,493

All other ..................................................................... 954 1,042 708 955 1,833 1,746

Total other countries ............................................. 18,310 26,369 26,374 19,357 27,776 25,239

Total foreign countries ...................................... 2,556,230 4,182,472 3,634,710 3,237,153 6,620,662 6,068,687

Total international and regional organizations.............. 3,104 3,802 3,705 3,164 3,888 4,197

Grand total ............................................................ 2,559,332 4,186,275 3,638,417 3,240,318 6,624,549 6,072,883

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia.

2 Includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, 

France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the 

United Kingdom. 
CAPITAL MOVEMENTS 

September 2009 

85

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] 

 2008 2009

Type of Derivatives Contract 

2007 

Total 

 2008 

Total r Jan. - Mar. Apr. - June July - Sept. r Oct. - Dec. Jan. - Mar. p

Total over-the-counter (OTC) contracts................................................. 6,851 -20,147 -4,221 -4,617 -6,443 -4,866 12,021

Single-currency interest rate contracts .............................................. 11,030 -3,684 -6,127 -4 421 2,026 -4,625

Foreign exchange contracts............................................................... -3,814 -10,001 -3,559 768 -5,564 -1,646 4,471

Other contracts................................................................................... -365 -6,462 5,465 -5,381 -1,300 -5,246 12,175

Total exchange-traded contracts ........................................................... -629 -8,758 -3,745 2,262 2,368 -9,643 -3,614

Own contracts on foreign exchanges ................................................ 3,566 2,877 1,709 7,227 971 -7,030 -3,736

U.S. customers’ contracts on foreign exchanges .............................. 2,634 -8,915 -648 1,185 -4,608 -4,844 -1,136

Foreign counterparty contacts on U.S. exchanges ........................... -6,829 -2,720 -4,806 -6,150 6,005 2,231 1,258

Total net cash settlements from foreigners ........................................... 6,222 -28,905 -7,966 -2,355 -4,075 -14,509 8,407

Memorandum items: 

Contracts with foreign official institutions....................................... 872 1,831 1,431 -1,198 768 830 -674

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

September 2009 

86 

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] 

 2008 2009

Country 

2007 

Total 

 2008 

 Total r Jan. - Mar. Apr. - June July - Sept. r Oct. - Dec. Jan. - Mar. p

Europe: 

Belgium ................................................................................. -2,380 -208 23 101 188 -520 -570

France................................................................................... -3,685 -19,185 -156 -2,673 -3,983 -12,373 377

Germany ............................................................................... 84 -6,564 -563 -2,746 1,310 -4,565 -6,470

Ireland ................................................................................... -319 -4,152 -1,061 -318 -789 -1,984 1,635

Italy........................................................................................ 730 -2,423 -249 41 -1,004 -1,211 -41

Netherlands........................................................................... 516 -2,203 -594 -3,206 124 1,473 415

Switzerland ........................................................................... 6,498 -7,303 -5,085 -996 -2,907 1,685 3,199

United Kingdom .................................................................... 12,570 -1,022 -1,866 5,581 -10,318 5,581 10,369

All other Europe .................................................................... 2,114 6,981 1,524 -4,209 6,199 3,467 -313

Total Europe ..................................................................... 16,128 -36,079 -8,027 -8,425 -11,180 -8,447 8,601

Memo: Euro area 1 ................................................................ -2,962 -31,330 -2,367 -13,618 1,148 -16,493 -3,473

Memo: European Union 2...................................................... 9,750 -32,400 -2,906 -8,153 -9,461 -11,880 4,666

Canada...................................................................................... -3,005 3,237 3,139 399 -2,375 2,074 -1,045

Total Latin America................................................................... -1,329 729 -330 260 -143 942 848

Caribbean: 

Cayman Islands .................................................................... -1,159 10,943 3,149 3,109 5,462 -777 1,969

All other Caribbean ............................................................... -250 5,197 -1,003 1,072 5,013 115 1,222

Total Caribbean ................................................................ -1,409 16,140 2,146 4,181 10,475 -662 3,191

Asia: 

Japan .................................................................................... -2,703 -9,843 -4,730 2,998 -2,784 -5,327 -1,956

All other Asia......................................................................... -12 -4,354 -1,647 -1,642 196 -1,261 1,051

Total Asia .......................................................................... -2,715 -14,197 -6,377 1,356 -2,588 -6,588 -905

Total Africa................................................................................ -264 -148 -146 36 137 -175 -627

Other countries: 

Australia ................................................................................ -1,602 1,432 1,352 35 1,758 -1,713 -1,245

All other................................................................................. -230 92 18 49 -69 94 -76

Total other countries ......................................................... -1,832 1,524 1,370 84 1,689 -1,619 -1,321

Total foreign countries .................................................. 5,574 -28,794 -8,225 -2,109 -3,985 -14,475 8,742

Total international and regional organizations.......................... 651 -121 255 -247 -98 -31 -335

Grand total ........................................................................ 6,222 -28,905 -7,966 -2,355 -4,075 -14,509 8,407

1

 I Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. 

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, Romania, 

Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
 September 2009 

87

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 

September 2009 

88 

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) 

 

01/07/09 .................................................................... 677,448 710,045 161 1.1850 

01/14/09 .................................................................... 643,565 675,296 -53 1.2373 

01/21/09 .................................................................... 654,555 686,581 42 1.2749 

01/28/09 .................................................................... 626,012 656,887 199 1.2096 

 

02/04/09 .................................................................... 637,538 667,471 406 1.2268 

02/11/09 .................................................................... 650,568 681,378 44 1.2418 

02/18/09 .................................................................... 649,172 680,909 n.a. 1.2592 

02/25/09 .................................................................... 658,363 690,170 86 1.2558 

 

03/04/09 .................................................................... 671,746 700,268 -211 1.2768 

03/11/09 .................................................................... 680,587 711,799 -383 1.2808 

03/18/09 .................................................................... 616,965 647,734 -164 1.2715 

03/25/09 .................................................................... 619,023 650,189 261 1.2245 

 

04/01/09 .................................................................... 636,959 664,356 73 1.2640 

04/08/09 .................................................................... 631,972 659,966 55 1.2353 

04/15/09 .................................................................... 650,566 677,285 517 1.2040 

04/22/09 .................................................................... 647,263 674,926 283 1.2361 

04/29/09 .................................................................... 645,222 669,847 571 1.2008 

 

05/06/09 .................................................................... 676,601 698,774 477 1.1726 

05/13/09 .................................................................... 664,276 689,625 61 1.1686 

05/20/09 .................................................................... 662,461 685,615 224 1.1434 

05/27/09 .................................................................... 682,782 705,874 267 1.1120 

 

06/03/09 .................................................................... 701,100 724,367 506 1.0973 

06/10/09 .................................................................... 716,790 735,543 608 1.1100 

06/17/09 .................................................................... 648,186 664,429 583 1.1371 

06/24/09 .................................................................... 626,367 646,893 n.a. 1.1462 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

89

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) 

 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - July................... 762,144 783,370 203,718 183,997 60,370 57,570 60,852 65,535 311 1.0261 

Aug .................. 813,975 835,396 210,772 192,626 62,405 62,211 68,050 67,675 1,002 1.0631 

Sept................. 730,492 758,806 180,842 156,950 59,498 60,990 62,821 60,724 1,228 1.0597 

Oct................... 817,607 846,772 191,668 164,583 52,351 53,220 61,117 59,599 -1,214 1.2158 

Nov .................. 800,323 841,201 175,232 152,935 39,942 39,348 46,428 45,867 -1,401 1.2360 

Dec .................. 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Jan ................... 646,263 677,683 159,321 139,136 33,273 32,062 35,077 35,549 -101 1.2365 

Feb .................. 671,695 702,394 158,950 136,095 34,210 33,087 38,774 38,183 -500 1.2710 

Mar .................. 638,146 679,424 149,394 128,115 35,686 34,115 37,474 37,613 -379 1.2606 

Apr................... 707,684 766,695 161,812 137,865 33,955 33,788 36,065 35,130 66 1.1939 

May.................. 741,234 800,931 154,585 135,507 40,745 40,614 40,776 39,037 -220 1.0957 

June................. 817,678 847,006 139,275 121,734 43,924 43,069 41,231 41,464 227 1.1626 

 

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) 

 

2006 - Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June.................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,453 26,995 126,375 74,937 n.a. 1,221 2,006 n.a. -305 1.0597 

Dec................... 15,109 27,971 110,543 67,676 n.a. 794 1,900 n.a. n.a. 1.2240 

2009 - Mar................... 8,186 19,661 85,802 62,633 185 381 1,261 861 n.a. 1.2606 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

90 

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) 

 

01/07/09 .................................................................. 318,757 324,419 3,247 92.70 

01/14/09 .................................................................. 307,366 311,868 2,791 89.28 

01/21/09 .................................................................. 318,936 323,442 2,720 87.80 

01/28/09 .................................................................. 309,203 311,911 2,477 89.87 

 

02/04/09 .................................................................. 306,518 310,479 2,537 89.53 

02/11/09 .................................................................. 319,621 323,963 2,528 90.66 

02/18/09 .................................................................. 311,347 316,165 2,319 93.81 

02/25/09 .................................................................. 322,940 327,016 2,299 97.33 

 

03/04/09 .................................................................. 320,195 324,498 n.a. 99.34 

03/11/09 .................................................................. 318,419 321,981 n.a. 97.74 

03/18/09 .................................................................. 301,204 305,283 n.a. 98.08 

03/25/09 .................................................................. 306,540 311,179 n.a. 97.70 

 

04/01/09 .................................................................. 303,043 308,214 n.a. 98.93 

04/08/09 .................................................................. 302,703 307,711 n.a. 99.95 

04/15/09 .................................................................. 301,840 306,910 n.a. 99.37 

04/22/09 .................................................................. 306,169 312,494 n.a. 98.14 

04/29/09 .................................................................. 311,741 318,594 n.a. 96.97 

 

05/06/09 .................................................................. 326,500 333,028 n.a. 98.60 

05/13/09 .................................................................. 307,089 313,896 1,798 95.75 

05/20/09 .................................................................. 295,161 301,288 1,626 95.16 

05/27/09 .................................................................. 301,535 307,731 1,629 95.01 

 

06/03/09 .................................................................. 305,597 312,360 1,615 95.72 

06/10/09 .................................................................. 306,249 313,113 1,778 98.13 

06/17/09 .................................................................. 301,537 308,347 866 95.65 

06/24/09 .................................................................. 289,809 296,279 852 95.38 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

91

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) 

 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.0200 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.7100 

2008 - July.................. 441,716 446,651 60,836 61,555 88,992 83,603 108,585 111,919 2,760 108.1000 

Aug ................. 392,062 396,748 63,062 63,542 85,876 79,157 104,878 109,226 2,497 108.6900 

Sept................ 423,091 425,131 50,022 53,276 74,504 66,723 89,868 94,721 2,867 105.9400 

Oct.................. 412,583 415,910 56,997 55,756 73,233 63,856 86,630 93,689 2,791 98.2800 

Nov ................. 381,547 385,268 54,011 53,231 68,158 58,087 79,887 87,524 3,307 95.4600 

Dec ................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.7900 

2009 - Jan .................. 334,069 336,685 56,968 55,685 60,541 52,821 72,217 77,249 2,506 89.8300 

Feb ................. 347,802 352,245 57,700 56,081 60,065 53,869 73,549 77,119 2,218 97.7400 

Mar ................. 330,801 335,829 53,688 52,051 59,542 52,961 73,246 77,162 n.a. 99.1500 

Apr.................. 344,949 350,934 57,416 55,082 58,537 52,720 73,333 76,710 n.a. 98.7600 

May................. 333,506 339,931 56,680 53,810 55,200 50,394 73,059 74,741 1,638 95.5500 

June................ 305,222 311,217 52,148 50,911 53,349 49,403 71,101 72,879 804 96.4200 

 

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) 

 

2006 - Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,210 6,531 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,675 4,301 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,582 3,566 5,185 2,343 140 206 825 333 -42 99.15 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

92 

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) 

 

01/07/09 .................................................................. 708,333 702,214 34 1.0941 

01/14/09 .................................................................. 690,419 690,206 645 1.1179 

01/21/09 .................................................................. 689,942 687,874 522 1.1473 

01/28/09 .................................................................. 677,650 679,727 21 1.1442 

 

02/04/09 .................................................................. 681,663 685,266 998 1.1579 

02/11/09 .................................................................. 704,101 710,351 2,119 1.1599 

02/18/09 .................................................................. 696,528 706,540 1,823 1.1813 

02/25/09 .................................................................. 720,598 730,822 2,023 1.1646 

 

03/04/09 .................................................................. 709,069 718,133 1,939 1.1762 

03/11/09 .................................................................. 744,104 753,087 2,270 1.1585 

03/18/09 .................................................................. 695,823 706,263 2,243 1.1667 

03/25/09 .................................................................. 688,213 699,113 1,885 1.1239 

 

04/01/09 .................................................................. 677,834 686,533 1,343 1.1465 

04/08/09 .................................................................. 678,579 689,182 1,627 1.1459 

04/15/09 .................................................................. 668,665 678,022 1,613 1.1453 

04/22/09 .................................................................. 676,419 684,580 1,056 1.1634 

04/29/09 .................................................................. 686,282 695,956 2,420 1.1309 

 

05/06/09 .................................................................. 678,876 688,801 2,693 1.1313 

05/13/09 .................................................................. 683,265 693,476 2,703 1.1061 

05/20/09 .................................................................. 680,264 687,739 3,196 1.1022 

05/27/09 .................................................................. 686,203 691,872 2,517 1.0861 

 

06/03/09 .................................................................. 710,706 717,473 2,963 1.0684 

06/10/09 .................................................................. 719,530 726,805 2,894 1.0816 

06/17/09 .................................................................. 667,412 672,752 2,401 1.0870 

06/24/09 .................................................................. 686,578 686,310 2,044 1.0842 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

93

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) 

 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - July................... 1,023,986 1,028,303 81,469 84,695 236,083 228,418 256,053 248,205 4,984 1.0489 

Aug .................. 912,341 918,638 80,549 87,292 235,362 n.a. n.a. 241,288 3,827 1.1019 

Sept................. 932,559 935,518 63,284 64,874 220,343 n.a. n.a. 222,942 3,158 1.1189 

Oct................... 937,246 948,889 75,393 78,075 196,983 184,747 191,872 194,011 -1,471 1.1669 

Nov .................. 886,183 887,457 75,284 75,755 178,017 171,105 188,261 190,888 -2,266 1.2165 

Dec .................. 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Jan ................... 713,098 717,450 67,519 69,547 156,789 156,834 160,415 158,720 -1,018 1.1612 

Feb .................. 734,756 744,409 64,937 69,199 150,458 157,169 161,821 149,984 1,317 1.1672 

Mar .................. 739,101 746,643 64,812 67,732 130,583 143,124 160,358 147,545 1,541 1.1395 

Apr................... 723,835 730,460 70,641 70,353 119,598 126,330 139,761 134,732 1,383 1.1402 

May.................. 708,862 719,577 60,887 63,895 112,212 122,016 138,877 132,579 2,431 1.0692 

June................. 690,024 688,753 57,100 59,086 106,635 117,172 136,412 128,622 1,697 1.0867 

 

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) 

 

2006 - Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.2240 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,914 28,874 62,698 12,101 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,069 22,276 51,127 10,619 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,927 20,765 42,802 10,831 113 103 805 644 n.a. 1.1395 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

94 

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) 

 

01/07/09 .................................................................. 1,066,822 1,082,005 713 1.5254 

01/14/09 .................................................................. 1,016,675 1,028,165 785 1.4617 

01/21/09 .................................................................. 1,067,083 1,076,045 1,006 1.3728 

01/28/09 .................................................................. 999,667 1,006,842 937 1.4317 

 

02/04/09 .................................................................. 949,301 959,670 1,094 1.4472 

02/11/09 .................................................................. 968,382 980,370 n.a. 1.4367 

02/18/09 .................................................................. 943,557 960,524 n.a. 1.4235 

02/25/09 .................................................................. 981,582 999,063 n.a. 1.4265 

 

03/04/09 .................................................................. 983,242 1,005,434 654 1.4142 

03/11/09 .................................................................. 1,017,342 1,036,855 450 1.3780 

03/18/09 .................................................................. 920,439 935,303 405 1.3974 

03/25/09 .................................................................. 953,914 969,132 788 1.4585 

 

04/01/09 .................................................................. 926,751 946,213 996 1.4402 

04/08/09 .................................................................. 1,004,141 1,023,558 1,202 1.4692 

04/15/09 .................................................................. 932,670 952,549 1,626 1.4990 

04/22/09 .................................................................. 953,430 971,060 n.a. 1.4496 

04/29/09 .................................................................. 959,096 974,000 n.a. 1.4802 

 

05/06/09 .................................................................. 960,561 978,423 1,676 1.5063 

05/13/09 .................................................................. 944,367 964,815 1,561 1.5165 

05/20/09 .................................................................. 982,220 1,006,191 1,788 1.5670 

05/27/09 .................................................................. 978,629 999,666 1,190 1.6068 

 

06/03/09 .................................................................. 1,053,339 1,072,543 1,187 1.6405 

06/10/09 .................................................................. 1,083,944 1,104,520 1,335 1.6334 

06/17/09 .................................................................. 1,037,636 1,055,111 1,309 1.6293 

06/24/09 .................................................................. 969,699 990,198 1,715 1.6486 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

95

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) 

 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - July................... 1,235,398 1,232,045 500,469 357,565 61,446 56,791 90,511 92,519 1,717 1.9806 

Aug .................. 1,120,945 1,110,838 500,540 356,382 62,263 57,625 89,851 92,063 2,331 1.8190 

Sept................. 1,203,071 1,205,290 429,030 285,669 60,457 56,424 77,712 84,192 653 1.7804 

Oct................... 1,356,523 1,365,196 448,584 319,184 61,870 58,802 76,430 79,670 678 1.6165 

Nov .................. 1,206,138 1,217,492 500,194 347,609 51,130 51,199 64,123 63,733 850 1.5348 

Dec .................. 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Jan ................... 992,637 1,009,035 498,062 349,518 47,422 45,124 48,311 51,338 1,151 1.4413 

Feb .................. 1,012,009 1,034,023 494,329 344,860 44,525 40,563 43,158 47,745 1,024 1.4276 

Mar .................. 951,181 969,221 462,479 331,262 57,320 53,595 40,106 43,739 925 1.4300 

Apr................... 989,348 1,004,007 404,225 324,447 47,157 44,903 37,301 42,571 1,350 1.4799 

May.................. 1,010,598 1,026,649 381,514 312,229 48,464 43,924 37,292 43,988 1,014 1.6160 

June................. 955,709 969,822 369,350 298,015 48,366 44,510 37,467 45,924 1,361 1.6452 

 

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) 

 

2006 - Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,337 94,107 31,132 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,774 80,376 29,482 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,905 16,170 57,166 32,890 153 137 2,142 763 n.a. 1.4300 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

96 

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) 

 

01/07/09 ................................................................ 14,300,145 14,422,373 -8,413 n.a. 

01/14/09 ................................................................ 13,809,253 13,941,329 -4,813 n.a. 

01/21/09 ................................................................ 13,874,873 14,010,253 -6,942 n.a. 

01/28/09 ................................................................ 13,671,515 13,803,542 -6,638 n.a. 

 

02/04/09 ................................................................ 13,279,293 13,375,259 -9,210 n.a. 

02/11/09 ................................................................ 13,539,678 13,629,219 -6,733 n.a. 

02/18/09 ................................................................ 13,354,569 13,404,152 -4,868 n.a. 

02/25/09 ................................................................ 13,658,904 13,701,522 -6,173 n.a. 

 

03/04/09 ................................................................ 13,325,673 13,374,755 212 n.a. 

03/11/09 ................................................................ 13,590,367 13,639,625 3,531 n.a. 

03/18/09 ................................................................ 12,844,471 12,909,547 -1,557 n.a. 

03/25/09 ................................................................ 13,173,612 13,225,480 -3,814 n.a. 

 

04/01/09 ................................................................ 13,060,283 13,118,766 -338 n.a. 

04/08/09 ................................................................ 13,017,731 13,087,019 768 n.a. 

04/15/09 ................................................................ 12,837,520 12,913,519 1,508 n.a. 

04/22/09 ................................................................ 12,972,367 13,044,666 -1,427 n.a. 

04/29/09 ................................................................ 13,343,290 13,406,117 -3,329 n.a. 

 

05/06/09 ................................................................ 13,321,826 13,389,014 -316 n.a. 

05/13/09 ................................................................ 13,466,987 13,517,944 505 n.a. 

05/20/09 ................................................................ 13,465,565 13,399,756 -846 n.a. 

05/27/09 ................................................................ 13,879,593 13,834,464 -435 n.a. 

 

06/03/09 ................................................................ 14,249,731 14,204,852 132 n.a. 

06/10/09 ................................................................ 14,545,746 14,508,490 -4,186 n.a. 

06/17/09 ................................................................ 13,951,387 13,827,144 2,368 n.a. 

06/24/09 ................................................................ 13,737,254 13,608,860 2,059 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

97

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) 

 

2006 - Dec.............. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a.

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - July.............. 18,974,207 18,984,029 - - 3,860,825 3,934,239 4,282,276 7,568,455 -3,425 n.a.

Aug ............. 16,998,976 17,015,504 - - 3,954,792 6,134,109 6,286,505 7,529,433 5,708 n.a.

Sept............ 17,880,214 17,888,232 - - 3,901,764 6,099,109 6,360,121 7,365,021 5,066 n.a.

Oct.............. 18,023,570 18,010,589 - - 3,639,554 3,715,441 4,001,058 3,962,748 996 n.a.

Nov ............. 16,897,006 16,899,403 - - 3,309,641 3,404,580 3,790,897 3,753,138 4,806 n.a.

Dec ............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Jan .............. 14,191,114 14,308,543 - - 3,087,045 3,143,982 3,540,964 3,518,820 -4,877 n.a.

Feb ............. 14,134,645 14,188,658 - - 2,725,815 3,430,086 3,061,456 3,042,159 -5,698 n.a.

Mar ............. 13,754,639 13,820,770 - - 2,849,625 2,892,513 2,993,819 2,951,855 -208 n.a.

Apr.............. 14,199,821 14,177,984 - - 2,597,445 2,651,947 2,873,709 2,833,666 -170 n.a.

May............. 14,737,440 14,719,359 - - 2,424,869 2,493,896 2,796,776 2,755,515 3,226 n.a.

June............ 14,145,841 14,014,095 - - 2,343,036 2,398,024 2,684,489 2,660,414 4,621 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) 

 

2006 - Dec................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 347,122 328,592 - - 27,044 23,503 19,379 13,640 -108 n.a. 

Dec ................... 292,011 281,080 - - 25,594 15,247 8,439 7,069 1,145 n.a. 

2009 - Mar................... 230,084 196,814 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

98 

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) 

 

01/07/09 ............................................................................. 4,120,350 4,038,845 3,516 0.7290 

01/14/09 ............................................................................. 4,047,645 3,962,579 2,566 0.7591 

01/21/09 ............................................................................. 4,036,929 3,949,716 2,716 0.7770 

01/28/09 ............................................................................. 3,949,533 3,872,771 4,565 0.7551 

 

02/04/09 ............................................................................. 3,779,455 3,704,868 2,663 0.7778 

02/11/09 ............................................................................. 3,884,855 3,807,875 2,470 0.7756 

02/18/09 ............................................................................. 3,828,944 3,760,804 2,407 0.7970 

02/25/09 ............................................................................. 3,988,245 3,928,182 4,064 0.7855 

 

03/04/09 ............................................................................. 3,875,566 3,815,898 4,116 0.7932 

03/11/09 ............................................................................. 3,972,342 3,914,500 5,562 0.7828 

03/18/09 ............................................................................. 3,774,945 3,713,170 5,720 0.7628 

03/25/09 ............................................................................. 3,886,159 3,816,624 4,919 0.7386 

 

04/01/09 ............................................................................. 3,804,983 3,735,833 2,908 0.7563 

04/08/09 ............................................................................. 3,809,085 3,735,054 1,755 0.7526 

04/15/09 ............................................................................. 3,704,240 3,631,087 1,709 0.7586 

04/22/09 ............................................................................. 3,792,874 3,710,867 2,002 0.7685 

04/29/09 ............................................................................. 3,923,852 3,847,498 3,411 0.7505 

 

05/06/09 ............................................................................. 3,952,014 3,876,702 1,600 0.7512 

05/13/09 ............................................................................. 3,981,052 3,909,671 1,455 0.7347 

05/20/09 ............................................................................. 3,940,979 3,876,036 2,489 0.7265 

05/27/09 ............................................................................. 3,994,035 3,920,492 3,037 0.7182 

 

06/03/09 ............................................................................. 4,176,549 4,111,297 3,616 0.7045 

06/10/09 ............................................................................. 4,250,918 4,172,338 4,299 0.7152 

06/17/09 ............................................................................. 3,992,816 3,924,169 1,928 0.7220 

06/24/09 ............................................................................. 3,977,812 3,910,709 1,726 0.7135 

 
FOREIGN CURRENCY POSITIONS 

September 2009 

99

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) 

 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - July................... 4,522,842 4,439,793 1,631,461 1,651,507 622,705 618,268 576,367 602,236 5,726 0.6415 

Aug .................. 4,123,736 4,058,301 1,687,561 1,634,104 619,280 640,618 609,921 623,728 7,810 0.6817 

Sept................. 4,477,807 4,418,145 1,355,892 1,343,229 538,382 572,137 578,251 583,413 642 0.7102 

Oct................... 4,839,339 4,749,132 1,708,452 1,662,678 519,760 565,703 582,178 580,715 -639 0.7885 

Nov .................. 4,709,541 4,624,402 1,853,674 1,816,912 494,904 534,155 533,471 538,819 -832 0.7878 

Dec .................. 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Jan ................... 3,964,027 3,892,556 1,821,280 1,814,050 451,966 483,299 766,242 778,637 1,755 0.781 

Feb .................. 4,009,759 3,948,460 1,860,679 1,850,057 438,200 471,934 506,044 513,741 2,404 0.7898 

Mar .................. 3,966,315 3,909,096 1,783,672 1,771,541 452,634 478,774 488,051 503,447 715 0.7541 

Apr................... 4,133,142 4,049,021 1,710,904 1,707,105 434,348 462,886 450,651 466,300 311 0.7551 

May.................. 4,274,320 4,220,904 1,666,699 1,646,244 448,376 468,287 395,848 412,724 747 0.7079 

June................. 4,081,870 4,022,869 1,612,663 1,580,416 386,847 428,978 397,265 401,016 837 0.7133 

 

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) 

 

2006 - Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,960 94,583 246,486 113,016 10,431 5,295 8,896 9,632 1,653 0.7102 

Dec................... 91,965 88,625 212,293 106,221 6,839 2,795 5,611 4,811 1,761 0.7184 

2009 - Mar................... 70,238 78,233 157,798 103,505 6,348 3,043 n.a. n.a. 1,529 0.7541 

 
September 2009 

100

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2008, and Mar. 31, 2009 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2008 

Jan. 1, 2009, 

through 

Mar. 31, 2009 Mar. 31, 2009 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 17,660,914 -1,842,811 15,818,103 

Government Sponsored Enterprises (GSE) Securities ... - - 1,825,016 

Special drawing rights 1 ........................................................... 9,340,394 -258,762 9,081,632 

Foreign exchange and securities: 

European euro ..................................................................... 14,083,488 -579,290 13,504,198 

Japanese yen....................................................................... 10,539,916 -872,349 9,667,567 

Accounts receivable................................................................. 174,401 -32,511 141,890 

Total assets.......................................................................... 51,799,113 -3,585,723 50,038,406 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 27,782 -21,176 6,606 

Total current liabilities ...................................................... 27,782 -21,176 6,606 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,546,599 -221,459 7,325,140 

Unearned revenue .............................................................. 434,509 -325,881 108,628 

Total other liabilities ......................................................... 10,181,108 -547,340 9,633,768 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 41,390,223 -1,192,191 40,198,032 

Total capital...................................................................... 41,590,223 -1,192,191 40,398,032 

Total liabilities and capital............................................ 51,799,113 -1,760,707 50,038,406 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2009 

101

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2009, 

through 

Mar. 31, 2009 

Fiscal year to date

Oct. 1, 2008, 

through 

Mar. 31, 2009 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -1,560,963 -210,102

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -52,717 -71,686

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 2,615 9,048 

U.S. Government securities......................................................... 4,538 11,571 

GSE Securities............................................................................. 1,713 1,713 

Foreign exchange ........................................................................ 86,742 214,951 

Insurance premiums .................................................................... 325,881 659,906 

Commissions ............................................................................... - -

Income from operations............................................................... -1,192,191 615,401 

Net income (+) or loss (-)............................................................. -1,192,191 615,401 

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 

September 2009 

105

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 2010. 

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 2010. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2010) .............................................................................................................. 52

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 1

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 51

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 137

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 2010) .............................................................................................................. 16

less: 

Cash balance (fiscal year 2010) ......................................................................................................................................................................................... 2

Unfunded authorizations (fiscal year 2010)........................................................................................................................................................................ 14

48-month revenue estimate (fiscal years 2011, 2012, 2013, and 2014)............................................................................................................................ 20
September 2009 

106

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2009 

107

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. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

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
September 2009 

108

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 June 2009, the debt 

limit was $12,104,000 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 

September 2009 

109

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

September 2009 

110

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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