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BULLETIN

FEATURES

Profile of the Economy

Financial Operations

International Statistics

Special Reports

DECEMBER 2008
Additional Financial Management Service 

Releases on Federal Finances

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

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

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

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

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

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

Financial Report of the United States Government. Annual report provides 

information about Government financial operations on the accrual basis. Single 

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

† Subscription order form on inside back cover. 
BULLETIN

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

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

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

compiles statistical data from sources within Treasury departmental offices and bureaus, as well 

as various other Federal program agencies. Readers can contact the publication staff at (202) 

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The publication staff can also be reached by electronic mail. 

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/ 
December 2008 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations.............................................................................................................................. 9 

Analysis.—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source .................... 10 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 12 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 12 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 13 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 14 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 16 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 18 

FFO-5.—Internal Revenue Receipts by State...................................................................................................................... 19 

FFO-6.—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................ 21

ACCOUNT OF THE U.S. TREASURY 

Introduction.—Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 27 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 27

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 29 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 30 

FD-2.—Debt Held by the Public ......................................................................................................................................... 31 

FD-3.—Government Account Series................................................................................................................................... 32 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 33 

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

 Private Investors .................................................................................................................................................... 34 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 35 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 36

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 38 

TREASURY FINANCING ................................................................................................................................................. 38 

PDO-1.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 43 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 44 

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

MARKET YIELDS 

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

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 49 
December 2008 

IV 

Contents 

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 Enterprises in the United States 

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

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

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

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

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 80 

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

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

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

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

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

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

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

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 89 
December 2008 

V

Contents 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 90

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

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

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

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

FOREIGN CURRENCY POSITIONS 

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

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

ESF-2.—Income and Expense........................................................................................................................................... 109
December 2008 

VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

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

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

 

RESEARCH PAPER SERIES........................................................................................................................................... 114

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

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
December 2008 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

Sport Fish Restoration and Boating Trust Fund................................................ √ 

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
December 2008 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of November 12, 2008 

Introduction 

The U.S. economy has remained on a path of slower 

growth since late 2007, although quarterly performance has 

fluctuated notably. The housing market has continued to 

decline and financial and credit markets have undergone 

unprecedented volatility. Labor market conditions continue to 

deteriorate and both consumer spending and business 

investment have declined dramatically. However, exports 

have been a bright spot, supporting growth in recent quarters. 

Although rising energy and other commodity prices boosted 

headline inflation particularly through the first half of the 

year, these prices have retreated sharply in recent months. 

Core inflation (a measure excluding food and energy) has 

remained relatively contained. Private analysts have reduced 

their forecasts for growth in the final quarter of 2008 as well 

as the first few quarters of 2009. Analysts now expect the 

economy to contract in the final quarter of 2008 and remain 

weak into 2009. In response to deteriorating conditions in 

housing and financial markets, U.S. policymakers have taken 

a variety of measures to boost liquidity and confidence. These 

measures have helped to prevent a further intensification of 

financial market turmoil, and credit markets are showing some 

tentative signs of improvement. 

Growth 

Growth in the U.S. economy stalled in the fourth quarter 

of 2007 and although the economy accelerated during the 

first half of 2008, growth stalled again in the third quarter. 

Real gross domestic product (GDP) grew by 2.8 percent at 

an annual rate in the second quarter, led primarily by a 

significant improvement in net exports and personal 

consumption expenditures, the latter supported by fiscal 

stimulus payments. However, real GDP declined 0.3 percent 

in the third quarter, due in large part to a drop in consumer 

spending. Residential investment fell for the 11th straight 

quarter and business investment slipped. Weakness in these 

sectors was partly offset by continued growth of net exports, 

a surge in government spending, and a positive contribution 

from inventory investment. 

Growth of consumer spending–which accounts for about 

70 percent of GDP–began to slow in the spring of 2007. 

Spending growth averaged about 1 percent at an annual rate 

in the first half of 2008. In the second quarter, spending was 

boosted by the nearly $80 billion in stimulus payments to 

households. In the third quarter, however, consumer 

spending fell for the first time since 1991: spending dropped 

3.1 percent at an annual rate–the largest quarterly drop since 

1980–and subtracted 2-1/4 percentage points from real GDP 

growth. 

Residential investment–mostly residential homebuilding– 

accounts for only about 5 percent of GDP, but the ongoing 

decline in this sector has been a significant drag on real GDP 

growth since early 2006. In the third quarter of 2008, 

residential investment plunged 19 percent, the 11th straight 

quarterly decline, and subtracted 0.7 percentage point from 

real GDP growth. Going forward, the housing market will 

likely weigh on real GDP growth in 2009. Home sales remain 

sluggish, and inventories of unsold homes are at historically 

high levels. Housing starts and building permits are down 

sharply. Single-family starts fell to a 26-year low in 

September. The level of permits remains below starts, 

suggesting further declines in new residential construction are 

ahead. Homebuilder optimism is at an all-time low. 

House prices continued to fall, weighed down by the 

elevated inventory of homes on the market. According to the 

Federal Housing Financing Authority, prices for purchased 

homes fell 6.0 percent over the year ending in August. Other 

measures, such as the Case-Shiller indices, indicate that 

home prices are declining in most major U.S. cities. The 

Case-Shiller 20-city index is down 16.6 percent over the past 

year, and is 20 percent below its mid-2006 peak. 

Mortgage delinquencies and foreclosures rose to new 

highs in the second quarter–the nationwide foreclosure start 

rate rose to a record 1.2 percent. Subprime adjustable rate 

mortgages are largely responsible for the upward trend, but 

foreclosure starts on prime loans have continued to rise as 

credit difficulties have spilled over to high-quality loans. 

Business activity outside of homebuilding has also 

slowed in 2008 compared with 2007. After growing by 6.4 

percent in 2007 and by roughly 2.5 percent at an annual rate 

in the first half of 2008, nonresidential fixed investment–

Growth of Real GDP

1.5

-0.2

1.3

3.8

2.5

3.5

4.8

3.6

0.1

3.02.6 2.8

0.9

-0.3

3.0

4.8 4.8

2.7

0.8

-2

0

2

4

6

8

2004 2005 2006 2007 2008

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

December 2008

4 

about 10 percent of GDP–declined by 1.0 percent in the third 

quarter. This was the first quarterly decline in business 

investment since late 2006. Outlays for business structures 

slowed dramatically, but still grew by about 8 percent in the 

third quarter. This helped to offset a 5.5 percent decline in 

investment in equipment and software. Inventory investment 

contributed 0.6 percentage point to the third quarter real 

GDP growth. 

Export growth has been a key driver of growth in recent 

quarters but slowing growth in overseas markets suggest that 

trade may make a smaller contribution to growth in real 

GDP going forward. Exports account for about 12 percent of 

GDP, while imports, which are subtracted from GDP, 

account for about 17 percent. In the third quarter, year-overyear growth of real exports moderated to 6.9 percent, from 

gains of 10 to 11 percent in the first two quarters of this 

year. Real imports fell by 3.1 percent over the last four 

quarters, the largest decline in imports since early 2002. As a 

result, net exports contributed 1.1 percentage points to third 

quarter growth in real GDP–less than the 2.9 percentage 

point boost from net exports in the second quarter, but still 

quite substantial. 

Public sector purchases–which account for roughly 20 

percent of GDP–grew 5.8 percent at an annual rate in the 

third quarter, contributing 1.2 percentage points to real GDP 

growth. The third quarter’s growth, the fastest since 2003, 

jumped up from the already brisk 3.9 percent pace in the 

second quarter and the 0.8 percent pace in the first quarter of 

2008. Federal spending grew 13.8 percent in the third 

quarter, as defense outlays accelerated sharply, whereas state 

and local government spending slowed to 1.4 percent from 

the 2.5 percent pace of the previous quarter. 

Labor Markets 

Labor market conditions have weakened noticeably since 

late 2007. Nonfarm payrolls fell by an average of 159,000 

per month in the third quarter, compared to 77,000 jobs lost 

per month on average in the first half of 2008. Nonfarm 

payroll employment is down by nearly 1.2 million jobs on 

net this year, with the pace of job decline accelerating 

towards the end of the year. Job losses have been spread 

broadly across most sectors. Manufacturing and construction 

have been particularly hard hit with 492,000 and 396,000 job 

cuts, respectively, since December 2007. However, a few 

sectors have continued to see job growth, including health 

care and education, which together added about 435,000 

jobs to payrolls between December 2007 and October 2008. 

The unemployment rate has trended higher, with more 

noticeable increases in recent months: unemployment rose to 

6.5 percent in October, the highest rate since March 1994, 

and was 2.1 percentage points above the March 2007 low of 

4.4 percent. 

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

00 01 02 03 04 05 06 07 08

(Percent)

Oct. 2008

6.5%

Payroll Employment

-82 -71

-159

230

257

151

206

255

88

206

151

71 80

109 105

-250

-150

-50

50

150

250

350

2005 2006 2007 2008

(Average monthly change in thousands

from end of quarter to end of quarter)
PROFILE OF THE ECONOMY 

December 2008 

5

Inflation 

Rising food prices and the energy price surge through the 

middle of this year have boosted headline inflation, although 

core inflation remains relatively contained. Consumer prices 

were up 4.9 percent in the 12 months ending in September, 

much faster than the 2.8 percent pace of a year earlier. Core 

consumer prices (excluding food and energy) rose just 

2.5 percent over the latest 12 months, up only slightly from a 

year earlier. In the year through September, the personal 

consumption expenditures (PCE) price deflator rose by 4.2 

percent, up sharply from the 2.6 percent increase posted a 

year earlier. But the core PCE price deflator was also 

relatively contained, rising 2.4 percent in the 12 months 

through September, a bit above its year-earlier increase of 

2.0 percent, but remaining roughly within the narrow range 

that has prevailed for the past four years. 

Energy prices reached record highs in mid-summer, but 

have since started to come down. The retail price of regular 

gasoline–which hit a record of $4.11 per gallon in early 

July–declined to $2.40 per gallon in the week ended 

November 3, the lowest price since early 2007. The frontmonth futures price for West Texas Intermediate (WTI) 

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

has since dropped by $86 to roughly $61 per barrel in early 

November. Oil prices are now about $35 per barrel lower 

than a year ago. 

Food prices began rising much more rapidly early last 

year, and have continued to accelerate in 2008, remaining 

above the overall inflation rate. Consumer food prices rose 

by 6.2 percent in the 12 months through September, well 

above the 4.5 percent increase of a year-earlier, which itself 

was markedly above the 2.6 percent increase for the year 

ending September 2006. 

Federal Budget 

The federal budget deficit widened to $455 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. Stimulus payments 

associated with the Economic Stimulus Act of 2008 (see 

below) as well as the weak economy are partly responsible 

for the increase in the fiscal year 2008 deficit. The slow 

economy has pushed up outlays for some programs and 

reduced growth in tax receipts. Under the Economic 

Stimulus Act of 2008–signed in mid-February–117 million 

households received stimulus payments totaling $95 billion. 

These counted as tax refunds, leading to lower levels of tax 

receipts through the summer. This expansionary fiscal 

policy, in combination with ongoing measures to support the 

housing market, will help support economic growth more 

broadly as adjustments continue in the housing sector and in 

credit markets. 

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

Food
PROFILE OF THE ECONOMY 

December 2008

6 

Financial Markets 

Financial markets have come under unprecedented stress 

in recent months. While the roots of the crisis remain in the 

housing and mortgage markets, concerns have spread 

beyond these sectors. Important parts of credit markets have 

seized up and equity markets have posted steep losses, 

triggered by uncertainty about the overall economy, and 

about the performance and viability of a wide range of 

assets, as well as the financial institutions holding or 

providing contingent guarantees for those assets. 

Recent measures undertaken by the Federal government 

are helping to stabilize financial markets and put the 

economy back on a firmer footing. The Emergency 

Economic Stabilization Act of 2008 (EESA), signed into law 

on October 3, gives the Treasury the ability to design and 

deploy a number of tools to restore the flow of credit to 

consumers and businesses. Specifically, the EESA provides 

$700 billion that can be used in a variety of ways, such as to 

insure mortgage assets, inject capital into financial 

institutions, and for other measures the Treasury and the 

Federal Reserve deem necessary to promote financial market 

stability. 

The Capital Purchase Program announced by the 

Treasury allocates $250 billion to injecting capital into a 

wide range of banks, which will help shore up banks’ capital 

positions and translate into increased lending to consumers 

and businesses. The Federal Deposit Insurance Corporation 

(FDIC) temporarily raised the deposit insurance limit from 

$100,000 to $250,000 per depositor per bank, and, in 

addition, has temporarily guaranteed the senior debt of all 

FDIC-insured institutions and their holding companies, as 

well as deposits in non-interest bearing deposit transaction 

accounts. 

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 federal funds rate target by 425 

basis points. At the most recent Federal Open Market 

Committee meeting in late October, the Committee cited 

concerns about the downside risks to economic growth and 

cut the federal funds rate target by 50 basis points to 1.0 

percent, its lowest level since June 2004. The Federal 

Reserve has also greatly expanded its tools to increase 

liquidity in credit markets and ease lending terms to sectors 

that need a temporary injection. These include the Term 

Auction Facility, the Term Securities Lending Facility, the 

Primary Dealer Credit Facility, and the Money Market 

Investor Funding Facility. In October, the Federal Reserve 

announced that it would pay interest on member banks’ 

required reserves, and also started up a Commercial Paper 

Funding Facility. 

Equity market indexes have fallen sharply this year, and 

volatility has risen to record levels. This year, through the 

end of October, the Standard & Poor’s (S&P) 500 index had 

declined 34 percent, compared with a 3.5 percent gain for all 

of 2007. The Dow Jones Industrial Average declined 

roughly 30 percent through the end of October, after rising 

by 6.4 percent in 2007. The S&P stock market volatility 

index (VIX), often used as a measure of financial market 

uncertainty, surged to an all-time high of 80 in late October, 

after hovering in a range of 20 to 30 for most of 2008. The 

VIX remains elevated, but has since retreated to about 50 as 

of early November. 

Long- term Treasury interest rates have been buffeted by 

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 Treasury’s emergency support programs. Between May 

and July 2008, the 10-year Treasury note yield traded in a 

fairly narrow range between 3.75 percent and 4.25 percent. 

The yield then trended lower in August and September, 

reaching a 6-month low of 3.4 percent in mid-September. 

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

higher, reaching 4.0 percent at the end of October. The 3-

month Treasury bill yield, by contrast, has generally trended 

lower this year under the relatively steady influence of safehaven demand for short-term liquid assets. The yield was 

fluctuating around 3.3 percent at the start of 2008, but 

generally declined through the year, reaching an all-time low 

of about 0.2 percent in mid-October. Through the end of 

October, the 3-month yield traded in a range of between 0.5 

percent and about 1.0 percent. 

Key interest rates on private securities have risen sharply 

relative to Treasury rates, reflecting an increase in financial 

risk, anticipation of slower economic growth, and concerns 

of financial market participants about short-term liquidity 

difficulties facing a number of institutions. The spread 

between the 3-month London Inter-bank Offered Rate and 

the 3-month Treasury bill rate (the TED spread, a measure of 

inter-bank liquidity and credit risk) had averaged less than 

50 basis points in 2006 and much of 2007. Starting in 

August 2007, however, this spread started to widen sharply, 

reaching nearly 450 basis points in early October 2008. 

More recently, there has been some improvement in 

perceptions of credit market risks, and although it remains 

elevated, the TED spread narrowed to about 240 basis points 

in early November. The spread between the Baa corporate 

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

of investor risk appetite, averaged 170 basis points through 

most of 2007, before the turmoil emerged. However, the 

spread has generally trended upward since August 2007, and 

stood at 550 basis points as of late October 2008. 
PROFILE OF THE ECONOMY 

December 2008 

7

Rates for conforming mortgages as well as jumbo 

mortgages have generally moved higher in recent months, 

and the spread between jumbo and conforming mortgage 

rates has also fluctuated markedly, and in an elevated range. 

The average interest rate for a 30-year conforming fixed-rate 

mortgage fell from a recent high of 6.7 percent in July 2007 

to a low of 5.5 percent in late January 2008, then climbed to 

as high as 6.5 percent in August. In late October the rate was 

averaging around 6.2 percent. The jumbo-conforming spread 

had widened late in 2007 to about 100 basis points, well up 

from the more typical 20 to 25 basis point spread seen prior 

to the onset of the housing and credit market problems. After 

stabilizing in the 100 basis point range early in 2008, the 

spread widened to more than 150 basis points in April before 

returning to roughly 100 basis points over June and July. 

Thereafter, the spread widened again, reaching nearly 160 

basis points in late October before narrowing somewhat to 

about 130 basis points in early November. 

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

2003 2004 2005 2006 2007 2008

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2003 2004 2005 2006 2007 2008

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)
PROFILE OF THE ECONOMY 

December 2008 

8 

Foreign Trade and Exchange Rates 

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

in goods and services) and current account (which measures 

trade in goods and services, as well as 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 $838 billion in 2006, but declined to $819 

billion in 2007. Data for the first 8 months of 2008 suggest 

that the merchandise trade deficit has widened, mainly 

reflecting the higher value of oil imports. The current 

account balance has been in deficit almost continuously 

since the early 1980s, and in 2006, reached a record $788 

billion, equivalent to 6.0 percent of GDP. In 2007, the deficit 

narrowed to $731 billion, or 5.3 percent of GDP. In the first 

half of 2008, the current account deficit averaged $718 

billion at an annual rate (equivalent to 5 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 October 2008, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 28 percent. Over this period, the 

dollar depreciated by 25 percent against the yen, and by 34 

percent against the euro. The dollar has also depreciated, but 

by a far lesser amount, against an index of currencies of 19 

other important trading partners (including China, India, and 

Mexico). Between February 2002 and October 2008, the 

dollar depreciated by about 2 percent against this basket of 

currencies. 
December 2008 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

December 2008 

10 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the fourth quarter of fiscal 

year 2008 supplements fiscal data reported in the 

September issue of the “Treasury Bulletin.” At the 

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

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $268.0 billion for the fourth 

quarter of fiscal year 2008. This is a decrease of $10.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $7.2 billion and non-withheld receipts 

decreased by $1.2 billion during this period. Refunds 

increased by $16.4 billion over the comparable fiscal year 

2007 quarter, primarily related to payments issued in 

accordance with provisions of the Economic Stimulus Act of 

2008. There was an increase of $1.5 billion in accounting 

adjustments between individual income tax receipts and the 

Social Security and Medicare trust funds over the 

comparable quarter in fiscal year 2007. 

Corporate income taxes—Net corporate income tax 

receipts were $67.8 billion for the fourth quarter of fiscal 

year 2008. This is a decrease of $22.9 billion compared to 

the prior year fourth quarter. The $22.9 billion change is 

comprised of a decrease of $18.6 billion in estimated and 

final payments, and an increase of $4.3 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

fiscal year 2008 were $202.0 billion, an increase of $4.3 

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 $2.7 billion, $0.5 billion, and $1.2 billion 

respectively. There was a -$2.6 billion accounting 

adjustment for prior years’ employment tax liabilities made 

in the fourth quarter of fiscal year 2008, while there was a 

-$1.1 billion adjustment in the fourth quarter of fiscal year 

2007. 

Unemployment insurance—Unemployment insurance 

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

2008 were $7.5 billion, a decrease of $0.5 billion over the 

comparable quarter of fiscal year 2007. Net State taxes 

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

$6.4 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $1.1 billion. 
FEDERAL FISCAL OPERATIONS 

December 2008 

11

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

fourth quarter of fiscal year 2008. This was a negligible 

change from the comparable quarter of fiscal year 2007. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of fiscal year 2008 were $19.0 billion, a decrease of 

$0.4 billion over the comparable prior year quarter. Total 

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

decrease of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.4 billion for the fourth quarter of fiscal year 2008. 

These receipts represent an increase of $0.1 billion over the 

same quarter in fiscal year 2007. 

Customs duties—Customs duties net of refunds were 

$7.4 billion for the fourth quarter of fiscal year 2008. This is 

an increase of $0.1 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of fiscal year 2008 were $10.8 billion, 

a decrease of $2.7 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $3.2 billion.

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

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

 Fourth quarter 

 July - Sept. Fiscal year 2008 

Total on- and off-budget results: 

Total receipts ............................................................... 589,955 2,523,859

On-budget receipts .................................................. 434,860 1,865,813

Off-budget receipts .................................................. 155,094 658,045

Total outlays................................................................. 758,909 2,978,664

On-budget outlays.................................................... 605,626 2,503,903

Off-budget outlays.................................................... 153,282 474,761

Total surplus or deficit (-) ............................................. -168,955 -454,806

On-budget surplus or deficit (-)................................ -170,766 -638,090

Off-budget surplus or deficit (-)................................ 1,812 183,284

Means of financing: 

Borrowing from the public............................................ 526,490 767,722

Reduction of operating cash........................................ -318,292 -296,371

Other means ................................................................ -39,243 -16,545

Total on- and off-budget financing........................... 168,955 454,806

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

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

Source July Aug. Sept. 

Individual income taxes...................................................... 66.1 70.3 131.6 

Corporate income taxes..................................................... 10.3 3.9 53.6 

Employment and general retirement.................................. 65.3 65.4 71.3 

Unemployment insurance .................................................. 2.8 4.5 0.2 

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

Excise taxes ....................................................................... 5.9 5.4 7.7 

Estate and gift taxes .......................................................... 2.5 1.9 2.0 

Customs duties .................................................................. 2.7 2.2 2.5 

Miscellaneous receipts....................................................... 4.5 3.1 3.2

Total budget receipts ..................................................... 160.5 157.0 272.4

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

December 2008 

12 

CHART FFO-A.—

Monthly Receipts and Outlays, 2007-2008

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

400

SONDJ FMAM J J AS

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Excise

taxes

Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2008

2007 *

CHART FFO-B.—

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

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

December 2008 

13

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

2008 ............................ 2,523,858 1,865,813 658,045 2,978,664 2,503,901 474,762 -454,804 -638,089 183,283 1,035,015 

 

2008 - Est.................... 2,552,940 1,896,112 656,828 2,942,377 2,469,773 472,604 -389,437 -573,661 184,224 672,673 

2009 - Est.................... 2,651,363 1,968,990 682,373 3,133,202 2,631,725 501,477 -481,839 -662,735 180,896 814,784 

 

2007- Sept................... 285,354 231,333 54,021 173,788 147,780 26,008 111,567 83,554 28,013 3,160 

Oct................... 178,175 133,146 45,029 235,014 192,586 42,428 -56,838 -59,440 2,601 73,429 

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

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

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

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

Mar .................. 178,816 120,840 57,976 227,028 177,070 49,958 -48,212 -56,230 8,018 82,503 

Apr................... 403,751 333,059 70,692 244,469 199,021 45,448 159,282 134,038 25,244 -59,357 

May.................. 124,272 70,392 53,880 290,199 239,019 51,180 -165,927 -168,628 2,700 25,284 

June................. 259,912 199,010 60,902 r 226,365 r 228,631 -2,266 r 33,547 r -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................. 272,445 218,361 54,083 226,718 169,755 56,963 45,726 48,606 -2,880 376,498 

 

Fiscal year 2008............... 2,523,858 1,865,813 658,045 2,978,664 2,503,901 474,762 -454,804 -638,089 183,283 1,035,015 

 

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 -21,368 782 162,826 

2008 ...................................... 143 267,438 767,721 296,370 115 1,552 285 -15,354 759 454,804 

 

2008 - Est.............................. -16 287,284 385,373 -25,237 * * * -21,173 * 389,437 

2009 - Est.............................. 226 277,302 537,707 - * * * -55,868 * 481,839 

2007 - Sept............................ -42 49,682 -46,564 65,792 144 112 76 771 350 -111,567 

Oct............................. 51 54,604 18,877 -37,280 91 -405 -67 300 - 56,838 

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

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

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

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

Mar ............................ 486 6,685 76,304 35,111 204 730 21 7,749 225 48,212 

Apr............................. -302 28,843 -88,501 94,569 -125 90 -48 23,705 - -159,282 

May............................ 8 -8,422 33,713 -126,805 4 240 859 6,512 - 165,927 

June........................... 356 97,463 6,367 39,414 78 305 125 -107 115 r -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 -15,766 295 -45,726 

Fiscal year 2008....................... 143 267,438 767,721 296,370 115 1,552 285 -15,354 759 454,804 

 

 

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

Government,” released by the Office of Management and Budget on July 28, 2008. 

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

December 2008 

14 

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 .............................. 928,582 437,666 202,779 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 1,145,747 354,293 49,947 304,346 1,450,093 854,485 2,461 852,024 

 

2008 - Est...................... 1,168,991 - - 1,168,991 309,255 - 309,255 1,478,246 850,567 - 850,567 

2009 - Est...................... 1,250,360 - - 1,250,360 304,063 - 304,063 1,554,423 876,697 - 876,697 

 

2007 - Sept.................... 63,315 60,443 2,603 121,155 77,893 1,171 76,722 197,877 72,624 2,220 70,404 

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

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

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

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

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

Mar .................... 89,041 11,008 43,417 56,632 37,997 5,428 32,569 89,201 73,443 - 73,443 

Apr..................... 75,392 214,619 45,985 244,025 48,105 6,433 41,672 285,697 91,281 - 91,281 

May.................... 71,492 7,805 57,645 21,651 8,784 1,737 7,046 28,697 68,472 - 68,472 

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 

 

Fiscal year 2008............... 970,195 455,398 279,845 1,145,747 354,293 49,947 304,346 1,450,093 854,485 2,461 852,024 

 

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 13 4,432 856,457 39,857 113 39,742 4,121 42 4,165 

 

2008 - Est.................... 4,293 - 4,293 854,860 41,577 - 41,577 4,695 25 4,720 

2009 - Est.................... 4,303 - 4,303 881,000 45,672 - 45,672 4,752 26 4,778 

 

2007 - Sept ................. 332 -1 333 70,737 238 12 226 326 7 332 

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

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

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

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

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

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

Apr................... 383 2 380 91,661 7,682 18 7,663 321 4 325 

May ................. 418 - 418 68,890 12,759 13 12,746 391 3 394 

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 71,307 216 9 207 323 4 327 

 

Fiscal year 2008 ............... 4,445 13 4,432 856,457 39,857 113 39,742 4,121 42 4,165 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2008 

15

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 15,186 47,228 1,932,585 635,088 

2008 ............................ 67,335 29,823 978 28,844 28,536 968 27,567 33,597 16,057 49,655 1,865,813 658,045 

 

2008 - Est.................... 68,090 28,426 - 28,426 27,709 - 27,709 33,841 15,471 49,312 1,896,112 656,828 

2009 - Est.................... 67,837 26,074 - 26,074 28,297 - 28,297 27,087 16,195 43,282 1,968,990 682,373 

 

2007 - Sept.................. 7,539 2,218 57 2,161 2,399 76 2,323 2,735 1,423 4,158 231,333 54,021 

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

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

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

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

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

Mar .................. 5,500 2,510 105 2,405 2,172 102 2,070 3,801 1,278 5,079 120,840 57,976 

Apr................... 5,636 4,735 105 4,630 2,177 101 2,075 4,802 1,261 6,063 333,059 70,692 

May ................. 5,262 2,089 95 1,994 2,223 65 2,158 2,990 1,140 4,130 70,392 53,880 

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 1,249 3,165 218,361 54,083 

 

Fiscal year 2008 .............. 67,335 29,823 978 28,844 28,536 968 27,567 33,597 16,057 49,655 1,865,813 658,045 

 

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

Government,” released by the Office of Management and Budget on July 28, 2008. 

* Less than $500,000. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net

 (34) 

 

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............................ 900,363 12,049 56 11,993 653 - 653 37,440 1,056 36,383 19,743 1,437 18,303 

2008 - Est ................... 901,157 11,901 - 11,901 649 - 649 38,833 - 38,833 16,707 - 16,707

2009 - Est ................... 931,450 12,217 - 12,217 653 - 653 38,659 - 38,659 16,308 - 16,308

 

2007 - Sept ................. 71,296 1,673 13 1,660 84 - 84 6,196 179 6,016 -22 198 -221

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

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

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

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

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

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

Apr .................. 99,649 901 - 901 60 - 60 3,298 - 3,298 1,458 82 1,376

May ................. 82,030 947 9 938 45 - 45 2,160 294 1,865 2,554 140 2,413

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................. 71,840 1,764 5 1,759 100 - 100 5,574 138 5,436 515 126 389

 

Fiscal year 2008 .............. 900,363 12,049 56 11,993 653 - 653 37,440 1,056 36,383 19,743 1,437 18,303

 
FEDERAL FISCAL OPERATIONS 

December 2008 

16 

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

2008 ....................... 4,430 6,341 90,785 7,727 594,681 65,956 21,405 700,499 40,683 49,093 9,886 26,545 59,055

 

2008 - Est............... 4,588 6,161 93,427 8,323 582,218 67,643 21,528 706,401 39,513 50,476 10,888 25,933 61,252

2009 - Est............... 4,962 6,981 100,547 9,821 656,722 64,624 24,448 739,241 46,087 45,501 9,847 26,791 69,001 

2007 - Sept............. 320 481 6,034 555 44,010 5,737 2,212 44,705 3,284 3,878 957 1,237 3,500

Oct.............. 367 480 12,544 599 57,005 5,037 1,409 58,494 3,728 4,150 914 2,684 3,374

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

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

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

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

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

Apr.............. 512 509 5,276 511 48,986 4,572 2,384 62,436 3,173 3,687 575 2,187 5,895

May............. 351 602 5,972 643 51,253 8,758 2,390 73,706 3,126 7,316 711 2,006 6,870

June............ 352 560 6,085 888 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 ............ 389 546 6,271 671 52,024 5,549 4,522 46,577 4,169 3,417 985 2,296 5,742

 

Fiscal year 2008........ 4,430 6,341 90,785 7,727 594,681 65,956 21,405 700,499 40,683 49,093 9,886 26,545 59,055

 

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 ....................... 17,506 64,944 451,152 97,650 84,785 5,076 45,785 7,939 1,172 342 11,426 

2008 - Est............... 19,084 67,687 441,028 95,607 85,824 6,622 48,974 7,541 1,779 357 12,441 

2009 - Est............... 22,872 70,479 449,070 66,055 94,084 10,258 52,210 7,999 703 722 16,757 

2007 - Sept ............ 1,483 6,459 19,187 -5,312 3,354 460 4,167 676 136 -128 161 

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

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

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

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

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

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

Apr.............. 667 4,406 22,362 9,523 7,058 333 3,232 576 93 -12 1,784 

May ............ 2,244 5,428 22,388 19,226 11,017 371 3,771 675 80 135 -331 

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 -5,785 4,284 487 3,875 695 -130 -34 2,306 

Fiscal year 2008 ......... 17,506 64,944 451,152 97,650 84,785 5,076 45,785 7,939 1,172 342 11,426 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

December 2008 

17

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

2008 .................. 17,834 5,846 64,393 527 657,801 45,191 -66,178 -191,536 -18,285 -1,788 2,503,900 474,762

 

2008 - Est.......... 17,321 6,266 64,581 736 657,096 25,696 -64,504 -194,448 -18,632 -17,030 2,469,773 472,604

2009 - Est.......... 18,186 6,439 68,461 876 699,976 31,873 -68,308 -201,717 -13,953 -4,413 2,631,725 501,477

 

2007 - Sept ....... 1,771 498 239 87 21,312 6,535 -4,005 -95 -110 * 147,780 26,008

Oct......... 1,104 445 6,326 71 52,559 1,519 -18,288 -1,489 -760 * 192,586 42,428

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

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

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

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

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

Apr......... 1,541 396 6,390 61 54,759 484 -4,094 -2,931 -2,863 -1 199,021 45,448

May ....... 1,593 440 5,331 69 59,244 2,226 -4,591 -1,543 -1,279 * 239,019 51,180

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

July........ 1,550 658 6,039 63 55,137 17,865 -4,537 -1,560 -2,119 -1 217,178 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 11,554 -4,407 -1,030 -1,413 * 169,755 56,963

 

Fiscal year 2008... 17,834 5,846 64,393 527 657,801 45,191 -66,178 -191,536 -18,285 -1,788 2,503,900 474,762

 

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

Government,” released by the Office of Management and Budget on July 28, 2008. 

* Less than $500,000. 

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

December 2008 

18 

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

September 2008 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,145,685 63 - 1,145,748 1,163,411 61 - 1,163,472

Corporation income taxes........................................... 304,346 - - 304,346 370,240 - 3 370,243

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 658,045 658,045 - - 635,088 635,088

Employment and general retirement (on-budget)... - - 198,412 198,412 - - 189,170 189,170

Unemployment insurance ....................................... - - 39,741 39,741 - - 41,091 41,091

Other retirement...................................................... - - 4,165 4,165 - - 4,258 4,258

Excise taxes ................................................................ 14,950 777 51,608 67,334 10,242 833 53,994 65,069

Estate and gift taxes ................................................... 28,844 - - 28,844 26,044 - - 26,044

Customs duties ........................................................... 17,027 9,002 1,539 27,568 16,730 7,941 1,339 26,010

Miscellaneous receipts................................................ 35,600 12,986 1,068 49,654 34,154 12,413 660 47,228

Total receipts....................................................... 1,546,453 22,828 954,578 2,523,858 1,620,822 21,248 925,603 2,567,672

(On-budget)..................................................... 1,546,453 22,828 296,533 1,865,813 1,620,822 21,248 290,515 1,932,584

(Off-budget)..................................................... - - 658,045 658,045 - - 635,088 635,088

 

Budget outlays: 

Legislative branch ....................................................... 4,204 199 27 4,429 4,126 155 25 4,307

Judicial branch ............................................................ 6,318 31 -8 6,341 5,749 265 -7 6,008

Department of Agriculture ........................................... 80,249 9,536 1,001 90,786 72,500 10,885 1,043 84,427

Department of Commerce........................................... 7,201 523 * 7,726 6,438 40 * 6,479

Department of Defense-military .................................. 589,677 4,884 119 594,680 527,124 1,367 99 528,590

Department of Education ............................................ 66,684 -749 22 65,957 67,169 -819 22 66,372

Department of Energy................................................. 22,461 -1,057 * 21,404 22,134 -2,018 * 20,117

Department of Health and Human Services ............... 502,564 39 197,898 700,501 487,285 -36 184,788 672,036

Department of Homeland Security.............................. 43,379 -2,962 267 40,683 41,133 -2,217 256 39,172

Department of Housing and Urban Development....... 50,947 -1,856 * 49,092 47,090 -1,532 * 45,559

Department of the Interior........................................... 9,944 -536 479 9,887 10,107 -25 416 10,497

Department of Justice ................................................. 24,638 1,896 10 26,544 21,731 1,592 28 23,351

Department of Labor ................................................... 10,256 1,497 47,302 59,055 10,388 564 36,591 47,543

Department of State.................................................... 17,196 -160 469 17,505 13,072 159 518 13,749

Department of Transportation..................................... 17,338 -197 47,803 64,945 10,731 -260 51,230 61,701

Department of the Treasury: 

Interest on the public debt....................................... 451,154 - - 451,154 429,978 - - 429,978

Other ....................................................................... 98,716 -980 -85 97,651 61,759 -1,027 -108 60,623

Department of Veterans Affairs .................................. 86,171 -2,436 1,048 84,783 73,981 -2,203 1,042 72,820

Corps of Engineers ..................................................... 4,531 -220 766 5,077 3,002 -129 1,045 3,918

Other defense civil programs...................................... 59,227 -12,861 -582 45,784 41,769 -12,050 17,394 47,112

Environmental Protection Agency............................... 7,909 -19 48 7,938 8,157 -17 118 8,258

Executive Office of the President................................ 1,172 * * 1,172 2,899 59 * 2,957

General Services Administration ................................ 201 140 * 342 99 -66 * 32

International Assistance Program............................... 17,222 -1,164 -4,630 11,427 15,530 -1,141 -1,625 12,764

National Aeronautics and Space Administration ........ 17,841 -9 1 17,834 15,865 -5 * 15,861

National Science Foundation...................................... 5,738 74 36 5,848 5,468 52 10 5,529

Office of Personnel Management ............................... 39,792 -7,003 31,604 64,393 39,679 -25,690 44,443 58,431

Small Business Administration ................................... 551 -24 * 528 1,197 -22 * 1,175

Social Security Administration .................................... 58,598 -7 599,207 657,799 54,917 * 566,844 621,761

Other independent agencies....................................... 8,848 28,142 8,200 45,190 7,222 9,297 1,752 18,271

Undistributed offsetting receipts: 

Interest .................................................................... - - -191,537 -191,537 - - -177,963 -177,963

Other ....................................................................... -16,973 -14,598 -54,682 -86,252 -12,320 -19,690 -50,227 -82,237

Total outlays........................................................ 2,293,755 122 684,787 2,978,664 2,095,978 -44,514 677,735 2,729,199

(On-budget)..................................................... 2,293,755 -2,295 212,443 2,503,903 2,095,978 -49,607 229,192 2,275,562

(Off-budget)..................................................... - 2,417 472,344 474,761 - 5,093 448,543 453,636

Surplus or deficit (-)............................................. -747,302 22,705 269,792 -454,806 -475,156 65,762 247,868 -161,527

(On-budget)..................................................... -747,302 25,122 84,090 -638,090 -475,156 70,855 61,323 -342,978

(Off-budget)..................................................... - -2,417 185,701 183,284 - -5,093 186,545 181,452

- No transactions. 

* Less than $500,000. 

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

December 2008 

19

 TABLE FFO-5.—Internal Revenue Receipts by State, 2008 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 

(1) 

Corporation 

income tax 1

(2) 

Total 

(3) 

Income tax 

not withheld and

 SECA tax 2, 3

(4) 

Income tax 

withheld 

and FICA 

tax 2

(5) 

Railroad 

retirement

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

 tax 

(9) 

Excise 

taxes 

(10) 

United States, total 4 ................... 2,742,190,129 354,062,546 2,306,595,808 506,046,269 1,788,279,613 4,938,890 7,331,036 26,543,433 3,280,502 51,707,840

Alabama ........................................ 21,653,048 1,746,545 19,583,281 4,243,028 15,254,795 2,437 83,022 186,042 33,057 104,122

Alaska............................................ 4,202,929 256,920 3,880,347 923,016 2,940,711 2,144 14,476 21,935 37 43,689

Arizona .......................................... 32,516,225 2,804,881 28,310,572 6,752,300 21,430,358 1,289 126,624 240,561 20,273 1,139,938

Arkansas ....................................... 25,823,215 5,935,172 19,062,192 2,325,146 16,579,175 1,959 155,912 119,174 101,960 604,718

California ....................................... 282,543,080 33,154,173 243,192,654 59,118,934 183,224,421 10,663 838,636 4,651,350 444,781 1,100,121

Colorado........................................ 42,697,959 3,325,697 37,968,326 7,549,546 30,294,365 10,783 113,630 245,476 37,578 1,120,883

Connecticut ................................... 48,597,093 5,956,098 41,748,234 10,253,136 31,401,010 3,419 90,669 394,915 103,263 394,583

Delaware ....................................... 12,607,980 4,280,109 8,251,952 2,080,587 6,149,684 22 21,658 55,446 4,893 15,581

District of Columbia....................... 17,810,135 1,347,441 16,172,983 1,540,188 14,268,802 347,289 16,703 257,851 17,129 14,730

Florida ........................................... 122,671,776 5,617,373 114,227,312 32,158,616 81,010,487 633,837 424,371 1,843,032 290,077 693,983

Georgia.......................................... 59,424,692 6,992,880 50,335,878 9,152,188 40,948,496 2,507 232,687 355,564 50,271 1,690,099

Hawaii............................................ 9,793,785 635,640 7,079,962 1,739,887 5,316,076 [7] 23,998 84,524 5,639 1,988,020

Idaho ............................................. 8,208,162 615,663 7,485,967 1,639,015 5,805,459 402 41,090 78,692 6,239 21,601

Illinois ............................................ 117,884,219 15,205,895 99,984,529 20,733,525 78,784,408 127,349 339,247 1,029,956 127,261 1,536,578

Indiana........................................... 38,245,019 3,551,186 34,183,539 5,467,515 28,586,853 11,765 117,406 224,066 16,981 269,246

Iowa............................................... 17,502,607 1,713,869 15,603,280 2,882,048 12,652,231 8,695 60,306 85,824 4,739 94,895

Kansas .......................................... 19,612,779 1,630,289 16,692,881 3,239,412 13,363,615 16,729 73,125 238,463 12,664 1,038,482

Kentucky........................................ 22,114,431 1,267,215 20,458,511 3,122,654 17,247,417 8,461 79,980 159,031 5,285 224,388

Louisiana....................................... 32,144,767 2,134,623 29,559,473 5,025,766 24,447,338 4,451 81,919 168,920 10,900 270,851

Maine............................................. 6,068,292 376,409 5,468,511 1,186,093 4,253,723 4,785 23,910 52,046 17,939 153,387

Maryland........................................ 44,714,456 2,604,568 41,562,086 8,159,290 33,263,305 13,957 125,534 386,700 73,299 87,804

Massachusetts .............................. 71,342,067 6,466,339 63,694,365 13,542,679 49,930,561 53,488 167,636 544,763 130,307 506,293

Michigan........................................ 61,307,659 4,225,946 56,279,893 8,144,812 47,839,509 74,147 221,425 573,520 34,881 193,420

Minnesota...................................... 73,231,829 14,338,063 57,420,241 6,333,969 50,830,063 59,639 196,570 204,073 67,835 1,201,618

Mississippi..................................... 9,689,259 726,933 8,674,973 1,910,848 6,722,241 1,700 40,184 48,249 13,163 225,941

Missouri......................................... 45,575,896 4,796,740 39,186,064 5,815,104 33,158,207 65,401 147,352 375,941 72,065 1,145,086

Montana ........................................ 4,179,664 176,716 3,924,290 1,111,085 2,777,532 17,815 17,859 34,513 1,198 42,948

Nebraska....................................... 18,255,959 6,140,740 11,985,824 1,958,666 8,985,065 998,256 43,837 51,866 15,298 62,230

Nevada.......................................... 16,778,407 1,377,204 15,125,856 4,913,145 10,152,485 104 60,121 148,547 29,819 96,981

New Hampshire............................. 8,466,428 73,508 8,238,839 1,793,563 6,418,486 128 26,662 76,960 6,939 70,183

New Jersey ................................... 117,129,921 17,330,042 98,036,249 15,169,807 82,491,889 113,884 260,669 592,284 64,093 1,107,253

New Mexico................................... 7,847,293 253,494 7,469,597 1,904,133 5,535,066 162 30,237 93,857 7,999 22,345

New York....................................... 216,486,341 29,755,898 183,096,598 41,524,453 140,872,472 300,036 399,637 2,176,520 465,883 991,443

North Carolina ............................... 65,553,780 1,018,070 53,652,580 8,626,219 44,795,605 4,805 225,950 506,793 38,931 337,405

North Dakota ................................. 3,665,636 359,230 3,276,678 848,314 2,411,580 3,594 13,191 10,529 1,850 17,349

Ohio............................................... 101,272,978 11,266,071 86,975,140 10,037,002 76,598,158 23,142 316,839 455,341 64,512 2,511,913

Oklahoma...................................... 25,927,983 4,358,660 17,728,240 4,498,394 13,152,851 1,822 75,173 136,350 15,108 3,689,624

Oregon .......................................... 22,899,891 1,504,080 21,018,797 4,295,664 16,638,555 786 83,793 198,128 24,445 154,442

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

December 2008 

20 

TABLE FFO-5.—Internal Revenue Receipts by State, 2008, con. 

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

 Individual income and employment taxes 

State 

Total 

Internal 

Revenue 

collections 

 (1) 

Corporation 

income tax 1 

(2) 

Total 

(3) 

Income tax 

not withheld 

 and SECA 

 tax 2, 3

(4) 

Income tax

withheld 

and FICA

tax 2

(5) 

Railroad 

retirement 

tax 

(6) 

Unemployment 

insurance 

 tax 

(7) 

Estate 

tax 

(8) 

Gift 

tax 

(9) 

Excise 

taxes 

(10) 

Pennsylvania............................ 103,617,710 10,330,625 90,292,515 15,233,303 74,676,447 63,972 318,793 869,817 74,519 2,050,234

Rhode Island............................ 10,236,173 2,390,973 7,720,407 1,292,091 6,397,386 - 30,930 89,617 27,207 7,969

South Carolina ......................... 18,532,571 1,010,698 17,130,319 3,816,202 13,237,885 1,414 74,817 221,316 15,085 155,153

South Dakota ........................... 4,363,713 162,271 4,142,848 1,372,677 2,734,726 21,294 14,151 26,191 6,729 25,673

Tennessee ............................... 43,526,197 3,577,682 38,944,252 6,026,580 32,733,661 1,700 182,311 225,252 22,121 756,890

Texas........................................ 206,583,085 32,044,865 157,413,102 35,378,700 120,591,235 856,261 586,906 1,294,186 240,168 15,590,762

Utah.......................................... 14,239,595 871,644 12,543,190 2,874,765 9,597,167 4,103 67,156 87,074 10,348 727,339

Vermont.................................... 3,373,414 180,637 3,131,587 782,501 2,335,830 2,159 11,096 44,101 1,211 15,877

Virginia ..................................... 60,126,408 10,330,657 49,064,018 10,038,597 38,298,859 557,413 169,149 552,755 38,877 140,102

Washington .............................. 60,233,215 11,174,558 47,952,814 11,257,695 36,503,179 5,028 186,913 388,720 169,568 547,554

West Virginia ............................ 6,047,180 382,767 5,491,217 1,097,421 4,372,030 418 21,348 70,115 6,693 96,388

Wisconsin................................. 40,197,692 5,394,131 34,244,289 5,770,063 28,293,493 32,990 147,743 198,204 77,215 283,854

Wyoming .................................. 4,330,175 760,674 3,432,993 1,483,681 1,937,864 543 10,904 45,968 23,072 67,468

U.S. Armed Services 

overseas and Territories 

other than Puerto Rico ........ 630,858 3,979 616,317 188,659 424,770 - 2,888 1,425 529 8,608

Puerto Rico .......................... 3,369,154 25,144 3,341,044 291,876 3,008,829 5 40,334 1,116 51 1,799

International ......................... 7,493,117 1,338,430 5,910,475 3,261,778 2,641,882 989 5,825 56,818 13,503 173,891

Undistributed 5.......................... 298,842,230 58,762,430 228,627,728 84,159,930 143,961,316 458,750 47,733 5,262,951 115,014 6,074,106

Adjustments and credits 6..... 2,845,281 253,279 2,592,002 2,592,002 ----- -

U.S. totals including 

 adjustments and credits..... 2,745,035,410 354,315,825 2,309,187,810 508,638,271 1,788,279,613 4,938,890 7,331,036 26,543,433 3,280,502 51,707,840

 

1 Includes tax-exempt business income taxes from "unrelated business income" (Form 990-T) 

and farmer's cooperatives (Form 990-C). 

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

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

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

the Self-Employment Insurance Contributions Act or SECA). 

3 Includes estate and trust income tax collections of $25.6 billion. 4 Excludes adjustments and credits. See footnote 6. 

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

have not been applied to taxpayer accounts. 

6 Includes Highway and Airport and Airways trust fund adjustments totaling $332,078 

(thousand) of which $253,279 (thousand) were for corporation income tax and $78,799 

(thousand) were for income tax not withheld and SECA tax; $2,461,400 (thousand) in excess 

Federal Insurance Contributions Act (FICA) credits; and $51,803 (thousand) in advance 

earned income tax credits. 

7 Less than $500. 

Notes: Gross collections exclude excise taxes paid to the Customs Service and the Alcohol 

and Tobacco Tax and Trade Bureau. 

Collection and refund data by State may not be comparable for a given fiscal year, because 

payments made in prior years may be refunded in the current fiscal year. Adjustments to 

prior years made in fiscal year 2007 may result in negative amounts when such adjustments 

exceed refunds. 

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

the location of the principal office or place of business). However, some individuals may use 

the address of a tax attorney or accountant, or, in the case of certain individuals who were 

sole proprietors, partners in a partnership, or share-holders in a S corporation, the business 

address. Such addresses could have been located in a State other than the State in which 

the individual resided. Similarly, taxes withheld reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees who reside 

in a neighboring State. Also, while taxes of corporations may be paid from the principal 

office, the operations of these corporations may be located in one or more other State(s). 

Detail may not add to totals because of rounding. 
FEDERAL FISCAL OPERATIONS 

December 2008

21

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

by Districts and Ports 

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

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Headquarters: Ogdensburg, New York: 

Revenue Division ................................................................ $1,838,326,785.55 Ogdensburg, NY................................ 10701.................... 3,316,324.72

Massena, NY..................................... 10704.................... 3,948,425.36

 Alexandria Bay, NY ........................... 10708.................... 21,371,315.36

Portland, Maine: Champlain, NY .................................. 10712.................... 121,217,032.56

Portland, ME ...................................... 10101 ................... 44,243,795.11 Trout River, NY.................................. 10715.................... 688,983.87

Bangor, ME ........................................ 10102 ................... 144,451.36 Total District................................................................... 150,542,081.70

Eastport, ME ...................................... 10103 ................... 59,680.65 

Jackman, ME ..................................... 10104 ................... 378,641.08 Buffalo, New York: 

Vanceboro, ME .................................. 10105 ................... 6,509,793.58 Buffalo, NY ........................................ 10901.................... 208,246,627.22

Houlton, ME ....................................... 10106 ................... 3,292,655.59 Rochester, NY ................................... 10903.................... 7,209,944.22

Fort Fairfield, ME................................ 10107 ................... 49,834.50 Oswego, NY ...................................... 10904.................... 196,881.46

Van Buren, ME................................... 10108 ................... 67,834.06 Syracuse, NY..................................... 10906.................... 5,436,480.74

Madawaska, ME................................. 10109 ................... 75,699.53 Binghamton, NY ............................... 10981.................... 132,492.43

Fort Kent, ME..................................... 10110 ................... 23,787.35 Total District................................................................... 221,222,426.07

Calais, ME.......................................... 10115 ................... 3,813,424.40 

Limestone, ME ................................... 10118 ................... 608.61 New York, New York: 

Bridgewater, ME................................. 10127 ................... 4,897.48 New York, NY.................................... 21001.................... 729,819,361.46

Portsmouth, NH.................................. 10131 ................... 2,676,326.11 Albany, NY......................................... 21002.................... 2,687,846.23

Belfast, ME......................................... 10132 ................... 1,428,663.23 UPS, Newark, NJ .............................. 24670.................... 18,377,733.17

Manchester, NH User Fee Airport....... 10182 ................... 221,012.88 Federal Express, Newark, NJ ........... 24671.................... 27,482,801.07

Total District .................................................................. 62,991,105.52 Newark, NJ........................................ 24601.................... 3,893,247,757.78

Perth Amboy, NJ ............................... 24602.................... 9,674,955.21

St. Albans, Vermont: Morristown, NJ User Fee Airport....... 24681.................... 195,099.63

St. Albans, VT ......................................... 10201 ................... -9,250,243.00 JFK .................................................... 24701.................... 1,217,587,033.89

Richford, VT ............................................ 10203 ................... 21,190.76 Federal Express Corp (Newark)........ 24770.................... 995.00

Beecher Falls, VT ................................... 10206 ................... 593,547.22 NYACC, Jamaica, NY ....................... 24771.................... 997,255.33

Burlington, VT ......................................... 10207 ................... 60,164.78 DHL Airways, Jamaica, NY ............... 24772.................... 12,828,883.75

Derby Line, VT........................................ 10209 ................... 7,254,181.48 TNT Skypak (JFK)............................. 24778.................... 2,335,458.89

Norton, VT............................................... 10211 ................... 645,014.11 Total District................................................................... 5,915,235,181.41

Highgate Springs, VT ............................. 10212 ................... 34,260,569.67 

Total District .................................................................. 33,584,425.02 Philadelphia, Pennsylvania: 

Philadelphia, PA ................................ 11101.................... 304,892,072.86

Boston, Massachusetts: Chester, PA ....................................... 11102.................... 63,351,639.46

Boston, MA......................................... 10401 ................... 277,373,510.38 Wilmington, DE.................................. 11103.................... 24,427,922.04

Springfield, MA................................... 10402 ................... 27,954.06 Pittsburgh, PA ................................... 11104.................... 64,564,916.63

Worchester, MA ................................. 10403 ................... 75,914,198.36 Wilkes-Barre/Scranton, PA ............... 11106.................... 2,153,274.74

Glouchester, MA ................................ 10404 ................... 22,997.67 Philadelphia, PA ................................ 11107.................... 575.66

New Bedford, MA............................... 10405 ................... 4,921,965.75 Philadelphia Int'l. Airport.................... 11108.................... 41,331,533.28

Plymouth, MA..................................... 10406 ................... 97.79 Harrisburg, PA................................... 11109.................... 28,611,448.02

Salem, MA.......................................... 10408 ................... 3,623,709.89 Allentown, PA .................................... 11119.................... 12,205,833.59

Bridgeport, CT.................................... 10410 ................... 3,822,672.70 Atlantic City, NJ User Fee Airport ..... 11182.................... 132,132.28

Hartford, CT ....................................... 10411 ................... 8,399,199.12 Trenton/Mercer User Fee Airport ...... 11183.................... 120,261.28

New Haven, CT.................................. 10412 ................... 11,577,312.56 UPS (Philadelphia, PA) ..................... 11195.................... 51,509,029.25

New London, CT ................................ 10413 ................... 376,676.27 Total District................................................................... 593,300,639.09

Lawrence, MA .................................... 10416 ................... 8,898.67 

Logan Airport, MA .............................. 10417 ................... 91,647,783.26 Baltimore, Maryland: 

Hanscom Field User Fee Airport ....... 10481 ................... 288,445.86 Baltimore, MD.................................... 11303.................... 629,238,891.30

Total District .................................................................. 478,005,422.34 BWI Airport ........................................ 11305.................... 10,536,814.95

 Total District................................................................... 639,775,706.25

Providence, Rhode Island: 

Newport, RI ........................................ 10501 ................... 43,314.28 

Providence, RI.................................... 10502 ................... 80,478,143.54 

Total District .................................................................. 80,521,457.82

 

 

 
22 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2008 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Norfolk, Virginia: New Orleans, Louisiana: 

Norfolk, VA ......................................... 41401 ................... 637,797,296.64 Morgan City, LA................................. 52001.................... 8,520,533.14

Newport News, VA............................. 41402 ................... 24,495,523.82 New Orleans, LA ............................... 52002.................... 218,691,717.40

Norfolk Subport .................................. 41403 ................... 258.66 Little Rock, AR................................... 52003.................... 25,929,332.84

Richmond-Petersburg, VA ................. 41404 ................... 34,139,377.96 Baton Rouge, LA............................... 52004.................... 24,966,767.72

Charleston, WV.................................. 41409 ................... 12,197,848.40 Memphis, TN ..................................... 52006.................... 520,452,289.65

Front Royal, VA.................................. 41410 ................... 4,520.84 Nashville, TN ..................................... 52007.................... 82,832,605.22

New River Valley Airport ........................ 41412 ................... 2,841,967.07 Chattanooga, TN............................... 52008.................... 623,616.70

Total District .................................................................. 711,476,793.39 Gramercy, LA .................................... 52010.................... 29,517,027.89

 Vicksburg, MS ................................... 52015.................... 8,013,153.71

Charlotte, North Carolina: Knoxville, TN ..................................... 52016.................... 46,670,587.77

Wilmington, NC .................................. 41501 ................... 78,682,415.55 Lake Charles, LA............................... 52017.................... 5,916,468.36

Winston Salem, NC............................ 41502 ................... 53,998,712.25 Shrevesport/Bossler, LA ................... 52018.................... 74,415.46

Durham, NC ....................................... 41503 ................... 14,742,137.56 Fayetteville, AR ................................. 52025.................... 149,932.46

Beaufort-Morehead, NC..................... 41511 ................... 1,305,608.81 Port of Tri-Cities, Blountville, TN....... 52027.................... 2,739,480.74

Charlotte, NC ..................................... 41512 ................... 187,488,281.17 Tri City User Fee Airport.................... 52082.................... 81,404.22

Total District ................................................................... 336,217,155.34 Rogers User Fee Airport, AR ............ 52084.................... 131,205.27

 Federal Express (Memphis, TN) ....... 52095 ................... 184,360,799.61

Charleston, South Carolina: Total District................................................................... 1,159,671,338.16

Charleston, SC................................... 41601 ................... 840,430,215.35 

Georgetown, SC................................. 41602 ................... 576,591.86 Port Arthur, Texas: 

Greenville-Spartanburg, SC............... 41603 ................... 148,347,693.87 Port Arthur, TX .................................... 62101.................... 23,310,884.69

Columbia, SC ..................................... 41604 ................... 14,179,308.87 Sabine, TX .......................................... 62102.................... 603.27

Myrtle Beach User Fee Airport........... 41681 ................... 125,006.66 Orange, TX.......................................... 62103.................... 260.50

Total District .................................................................. 1,003,658,816.61 Beaumont, TX ..................................... 62104.................... 10,418,607.45

 Blythe, CA ........................................... 62151.................... 10,000.00

Savannah, Georgia: Total District ................................................................... 33,740,355.91

Brunswick, GA.................................... 41701...................... 122,630,137.36

Savannah, GA.................................... 41703...................... 904,075,977.37 Laredo, Texas:

Atlanta, GA......................................... 41704...................... 533,150,655.76 Brownsville, TX.................................. 62301 ................... 24,909,407.88

Total District .................................................................. 1,559,856,770.49 Del Rio, TX ........................................ 62302 ................... 1,723,382.64

 Eagle Pass, TX.................................. 62303 ................... 51,839,603.07

Tampa, Florida: Laredo, TX......................................... 62304.................... 291,829,949.84

Tampa, FL.......................................... 41801 ................... 96,632,689.77 Hidalgo, TX........................................ 62305.................... 56,443,890.70

Jacksonville, FL.................................. 41803 ................... 356,584,593.40 Rio Grande City, TX .......................... 62307.................... 797,110.71

Fernandina, FL................................... 41805 ................... 240,630.64 Progresso, TX ................................... 62309.................... 688,495.40

Orlando, FL ........................................ 41808 ................... 9,767,281.76 Roma, TX .......................................... 62310.................... 594,261.12

Orlando/Sanford, FL .......................... 41809 ................... 49,930.24 Border Patrol HQ Del Rio, TX ........... 62350.................... 11,174.16

St. Petersburg, FL.............................. 41814 ................... 35,378.40 Comstock, TX BC.............................. 62351.................... 4,000.00

Port Canaveral, FL............................. 41816 ................... 3,749,015.85 Carrizo Springs, TX BC..................... 62352.................... 16,801.91

Panama City, FL ................................ 41818 ................... 20,715,270.85 Del Rio, TX BC .................................. 62353.................... 9,393.24

Pensacola, FL .................................... 41819 ................... 4,186,405.61 Eagle Pass, TX BC............................ 62354.................... 14,853.75

Manatee, FL ....................................... 41821 ................... 31,793,903.84 Brackettville, TX BC .......................... 62355.................... 348.64

Ft. Myers, FL ...................................... 41822 ................... 179,979.23 Uvalde, TX BC................................... 62356.................... 27,253.00

Sarasota, FL User Fee Airport........... 41883 ................... 189,795.63 Abilene Border Patrol, TX ................. 62360.................... 7,060.00

Daytona Beach, FL User Fee Airport.... 41884 ................... 373,146.16 Total District ................................................................... 428,916,986.06

Melbourne, FL User Fee Airport ........ 41885 ................... 283,383.04 

Ocala Regional Airport User Fee Airport... 41886 ................... 25.00 El Paso, Texas:

Leesburg Regional User Fee Airport .. 41887 ................... 132,789.49 El Paso, TX........................................ 62402 ................... 174,806,612.04

Orlando Executive Airport.................... 41888 ................... 132,024.52 Presidio, TX....................................... 62403 ................... 681,009.30

Total District .................................................................. 525,046,243.43 Fabens, TX........................................ 62404.................... 32,077.10

 Columbus, TX.................................... 62406.................... 282,656.24

Mobile, Alabama: Albuquerque, NM .............................. 62407.................... 1,373,579.59

Mobile, AL .......................................... 51901 ................... 58,931,874.05 Santa Teresa, NM............................. 62408.................... 2,983,325.49

Gulfport, MS ....................................... 51902 ................... 23,717,457.35 Total District ................................................................... 180,159,259.76

Pascagoula, MS................................. 51903 ................... 4,408,639.43 

Birmingham, AL.................................. 51904 ................... 52,148,401.68 

Huntsville, AL ..................................... 51910 ................... 59,097,540.78 

Total District ................................................................... 198,303,913.29 

 

 
FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

 December 2008

23

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

San Diego, California: San Francisco, California: Con. 

San Diego, CA ................................... 72501 ................... 188,826,022.05 San Jose, CA .................................... 72834.................... 80,541.22

Andrade, CA....................................... 72502 ................... 283,178.43 Sacramento Int’l Airport, CA.............. 72835.................... 27,636.12

Calexico, CA ...................................... 72503 ................... 1,431,197.71 DHL (SFO)......................................... 72870.................... 2,759,238.06

San Ysidro, CA................................... 72504 ................... 5,081,919.26 Sacramento User Fee Airport ........... 72881.................... 542.78

Tecate, CA ......................................... 72505 ................... 17,880,731.29 Fresno Yosemite User Fee Airport.... 72882.................... 1,154,292.54

Otay Mesa, CA................................... 72506 ................... 75,054,802.79 Federal Express (SFO) .................... 72895.................... 26,070,241.93

Calexico East, CA .............................. 72507 ................... 18,514,370.18 Total District................................................................... 1,162,373,713.38

McClellan-Palomar Airport ..................... 72581 ................... 14,091.76

Total District ................................................................... 307,086,313.47 Great Falls, Montana:

 Raymond, MT.................................... 33301.................... 243,569.43

Nogales, Arizona: Eastport, ID........................................ 33302.................... 6,930,961.01

Douglas, AZ ....................................... 62601 ................... 1,289,327.29 Salt Lake City, UT ............................. 33303.................... 42,834,952.56

Lukeville, AZ....................................... 62602 ................... 244,973.17 Great Falls, MT.................................. 33304.................... 628,222.62

Naco, AZ ............................................ 62603 ................... 80,441.95 Butte, MT........................................... 33305.................... 222.13

Nogales, AZ ....................................... 62604 ................... 49,076,101.40 Turner, MT......................................... 33306.................... 18,418.12

Phoenix, AZ........................................ 62605 ................... 31,931,640.44 Denver, CO........................................ 33307.................... 95,150,483.98

Sasabe, AZ ........................................ 62606 ................... 30,793.48 Porthill, ID .......................................... 33308.................... 2,201,308.03

San Luis, AZ....................................... 62608 ................... 2,447,196.84 Scoby, MT ......................................... 33309.................... 3,708.86

Tucson, AZ......................................... 62609 ................... 848,251.68 Sweetgrass, MT ................................ 33310.................... 11,867,164.53

Border Patrol HQ, Tucson, AZ........... 62650 ................... 26,679.10 Whitetail, MT...................................... 33312.................... 715.25

Nogales, AZ Border Patrol................. 62653 ................... 1,433.58 Piegan, MT ........................................ 33316.................... 69,378.26

Naco Border Patrol............................. 62657 ................... 26.42 Ophiem, MT....................................... 33317.................... 3,703.50

Scottsdale User Fee Airport............... 62681 ................... 132,573.08 Roosville, MT..................................... 33318.................... 53,239.82

Williams Gateway User Fee Airport.... 62682 ................... 164,788.04 Morgan, MT ....................................... 33319.................... 220,449.47

Total District ................................................................... 86,274,226.47 Whitlash, MT...................................... 33321.................... 22,975.11

 Del Bonita, MT................................... 33322.................... 7,405.44

Los Angeles, California: Wildhorse, MT ................................... 33323.................... 38,886.73

Los Angeles, CA ................................ 72704 ................... 7,790,065,915.15 Kalispell, MT...................................... 33324.................... 257.04

Port San Luis Harbor, CA .................. 72707 ................... 76,452.87 Willow Creek, MT .............................. 33325.................... 8,041.25

Long Beach, CA................................. 72709 ................... 12,827.83 Helena, MT........................................ 33348.................... 274,130.00

Port Hueneme, CA............................. 72713 ................... 9,453,907.74 Jefferson County Airport ................... 33383.................... 138,598.53

LAX .................................................... 72720 ................... 540,673,857.81 Arapahoe County Airport................... 33384.................... 171,842.33

Ontario Int’l Airport, Ontario, CA ........ 72721 ................... 337.23 Eagle County User Fee Airport ......... 33385.................... 139,746.53

Las Vegas, NV ................................... 72722 ................... 38,651,862.56 Total District................................................................... 161,028,380.53

DHL (LAX).......................................... 72770 ................... 155,346.27 

Virgin Atlantic Cargo (LAX)................ 72774 ................... 6,863.30 Pembina, North Dakota: 

TNT Express Worldwide .................... 72775 ................... 193,004.24 Pembina, ND ..................................... 33401................... 17,744,967.56

Int'l. Bonded Couriers......................... 72776 ................... 55,788.78 Noyes, ND ......................................... 33402 ................... 80.42

Micom, Inglewood, CA ....................... 72777 ................... 13,496.62 Portal, ND .......................................... 33403 ................... 4,999,683.21

Palm Springs User Fee Airport .......... 72781 ................... 168,614.49 Neche, ND......................................... 33404 ................... 25,357.21

San Bernardino U.F. Airport, CA ....... 72782 ................... 168,611.44 St. John, ND ...................................... 33405.................... 6,587.55

So. California Logistics Airport, CA.... 72783 ................... 1,693,608.88 Northgate, ND ................................... 33406.................... 14,981.33

Santa Marie Airport, CA..................... 72784 ................... 130,313.62 Walhalla, ND...................................... 33407.................... 33,332.59

March Inland, Riverside, CA .............. 72785 ................... 533,839.94 Hannah, ND....................................... 33408.................... 314.25

Meadows Field Airport ....................... 72786 ................... 1,604,078.99 Sarles, ND ......................................... 33409.................... 2,532.84

DHL HUB Los Angeles, CA ............... 72791 ................... 8,811,347.64 Ambrose, ND..................................... 33410.................... 259.45

DHL HUB Riverside, CA .................... 72792 ................... 2,799,342.34 Antler, ND .......................................... 33413.................... 2,275.75

UPS Ontario ....................................... 72795 ................... 15,925,055.89 Sherwood, ND................................... 33414.................... 101,784.00

Total District .................................................................. 8,411,194,473.63 Hansboro, ND.................................... 33415.................... 6,311.75

Maida, ND.......................................... 33416.................... 6,845.63

San Francisco, California: Fortuna, ND....................................... 33417.................... 5,900.45

San Francisco Int'l. Airport................. 72801 ................... 139,213,486.39 Westhope, ND ................................... 33419.................... 8,950.19

Eureka, CA......................................... 72802 ................... 17,388.62 Noonan, ND....................................... 33420.................... 12,834.01

Fresno, CA ......................................... 72803 ................... 416,690.17 Carbury, ND....................................... 33421.................... 4,537.65

San Francisco, CA ............................. 72809 ................... 989,645,958.32 Dunseith, ND..................................... 33422.................... 654,489.14

Stockton, CA ........................................... 72810 ................... 200.41 Warroad, MN ..................................... 33423.................... 25,849.41

Oakland, CA....................................... 72811 ................... 3,929.19 Baudette, MN .................................... 33424.................... 44,828.18

Sacramento, CA................................. 72816 ................... 1,115.63 Pinecreek, MN................................... 33425.................... 1,224.90

Reno, NV............................................ 72833 ................... 2,982,452.00 Roseau, MN....................................... 33426.................... 144,575.51

 
24 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2008 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Pembina, North Dakota: Con. Chicago, Illinois: Con. 

Grand Forks Airport, ND .................... 33427 ................... 353.39 Midway Int’l Airport............................ 33910.................... 501,754.36

Lancaster, MN.................................... 33430 ................... 27,304.09 Waukegan User Fee Airport.............. 33981.................... 154,650.26

Hector User Fee Airport ..................... 33481 ................... 25,259.61 Pal-waukee User Fee Airport ............ 33983.................... 165,361.17

Total District .................................................................. 23,901,420.07 Dupage User Fee Airport .................. 33984.................... 137,203.56

Decatur User Fee Airport .................. 33985.................... 98,004.35

Minneapolis, Minnesota: Total District................................................................... 1,666,363,854.40

Minneapolis, MN ................................ 33501 ................... 154,713,036.43 

Sioux Falls, SD................................... 33502 ................... 126,977.89 Cleveland, Ohio: 

Duluth, MN ......................................... 33510 ................... 8,352,350.13 Cleveland, OH ................................... 34101.................... 152,226,018.55

Omaha, NE ........................................ 33512 ................... 33,704,019.22 Cincinnati, OH/Lawrenceburg, IN...... 34102.................... 104,797,228.20

Des Moines, IA................................... 33513 ................... 2,702,319.52 Columbus, OH................................... 34103.................... 586,006,176.44

Rochester User Fee Airport ............... 33581 ................... 140,955.18 Dayton, OH........................................ 34104.................... 4,955,438.81

Total District .................................................................. 199,739,658.37 Toledo/Sandusky, OH....................... 34105.................... 4,876,901.23

Erie, PA ............................................. 34106.................... 1,099,768.51

Duluth, Minnesota: Northern KY-Ft. Mitchell, KY............. 34107.................... 3,400.00

Duluth, MN ......................................... 33601 ................... 97.76 Indianapolis, IN.................................. 34110.................... 115,562,525.28

Int’l. Falls/Ranier, MN......................... 33604 ................... 2,250,263.48 Louisville, KY..................................... 34115.................... 305,292,228.65

Grand Portage, MN............................ 33613 ................... 1,052,860.61 Owensboro, KY ................................. 34116.................... 2,302,424.60

Total District .................................................................. 3,303,321.85 Ashtabula/Conneaut, OH .................. 34122.................... 336,202.77

Airbourne Airpark User Fee Airport... 34181.................... 162,294.29

Milwaukee, Wisconsin: Ft. Wayne User Fee Airport.................. 34183 ................... 148,925.24

Milwaukee, WI................................... 33701 ................... 30,464,514.11 Bluegrass User Fee Airport ................. 34184.................... 757,823.11

Green Bay, WI.................................... 33703 ................... 3,451,656.14 Airborne Express............................... 34191.................... 82.32

Racine, WI.......................................... 33708 ................... 392,055.39 BAX Global Emery Worldwide .......... 34192.................... 5,601,780.55

Total District .................................................................. 34,308,225.64 DHL Express ..................................... 34194.................... 36,991,442.86

Emery Courier ................................... 34195.................... 114,553.05

Portland, Oregon: UPS ................................................... 34196.................... 181,470,641.56

Astoria, OR......................................... 72901 ................... 642,837.63 DHL (Cincinnati) ................................ 34197.................... 107,121.92

Newport, OR ...................................... 72902 ................... 4,511.58 Federal Express (Indianapolis) ......... 34198.................... 30,261,847.98

Coos Bay, OR .................................... 72903 ................... 94,231.05 Total District................................................................... 1,533,074,825.92

Portland, OR ...................................... 72904 ................... 439,880,380.98 

Longview, WA .................................... 72905 ................... 5,923,001.50 St. Louis, Missouri: 

Boise, ID............................................. 72907 ................... 284,760.80 Kansas City, MO .............................. 34501.................... 118,914,825.09

Portland Int'l. Airport........................... 72910 ................... 50,065.63 St. Louis, MO..................................... 34503.................... 136,164,467.08

Hillsboro Airport.................................. 72983 ................... 3,442.52 Wichita, KA........................................ 34504.................... 24,372,248.75

Total District .................................................................. 446,883,231.69 Springfield, MO.................................. 34505.................... 3,916,097.55

 Spirit of St. Louis Airport, MO............ 34506 ................... 326.40

Detroit, Michigan: Total District................................................................... 283,367,964.87

Detroit, MI........................................... 33801 ................... 416,606,080.73 

Port Huron, MI.................................... 33802 ................... 72,504,443.45 Preclearance-Canada: 

Sault St. Marie, MI.............................. 33803 ................... 2,334,164.61 Vancouver, Canada, Preclearance ... 37922.................... 719,886.14

Saginaw/Bay City/Flint, MI ................. 33804 ................... 58,700.76 Calgary, Canada, Preclearance........ 37923.................... 1,529,419.64

Battle Creek, MI ................................. 33805 ................... 13,012,062.34 Edmonton, Canada, Preclearance.... 37924.................... 429,240.80

Grand Rapids, MI............................... 33806 ................... 10,580,376.30 Montreal, Canada, Preclearance ...... 37925.................... 638,171.95

Detroit Airport, MI............................... 33807 ................... 56,259,595.41 Toronto, Canada, Preclearance........ 37926.................... 2,230,684.43

Escanaba, MI ..................................... 33808 ................... 10,000.00 Winnepeg, Canada, Preclearance .... 37928.................... 234,784.00

Algonac, MI ........................................ 33814 ................... 6,770.80 Ottawa, Canada, Preclearance......... 37929.................... 180,479.97

Oakland County User Fee Airport...... 33881 ................... 380,465.24 Halifax, Canada Preclearance .......... 37931 ................... 126,123.50

Willow Run User Fee Airport.............. 33882 ................... 378,022.14 Total District................................................................... 6,088,790.43

Capital City Airport UFA Lansing, MI .. 33883 ................... 207.95 

Total District .................................................................. 572,130,889.73 San Juan, Puerto Rico: 

Aguadilla, PR..................................... 44901.................... 545,132.73

Chicago, Illinois: Fajardo, PR ....................................... 44904.................... 224,322.03

Chicago, IL ......................................... 33901 ................... 1,587,747,576.87 Mayaguez, PR................................... 44907.................... 1,528,148.63

Peoria, IL............................................ 33902 ................... 25,400,788.91 Ponce, PR ......................................... 44908.................... 12,237,593.17

Omaha, NE ........................................ 33903 ................... 1,089,074.35 San Juan, PR .................................... 44909.................... 90,316,231.60

O’Hare Int’l Airport, IL ........................ 33906 ................... 184.95 Guayanilla, PR .................................. 44912.................... 348,793.62

Davenport/Rock Island/Moline, IL ....... 33908 ................... 13,711,971.09 Old San Juan Int’l. Airport ................. 44913 ................... 9,056,175.13

Rockford Airport, IL ............................ 33909 ................... 37,357,284.53 Total District................................................................... 114,256,396.91

 
FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

 December 2008

25

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Virgin Islands of the United States: Dallas-Ft. Worth, Texas: 

Charlotte Amalie, VI ........................... 45101 ................... 9,476,513.86 Dallas/Ft. Worth, TX.......................... 65501.................... 439,419,429.83

Cruz Bay, VI ....................................... 45102 ................... 212,998.43 Amarillo, TX....................................... 65502.................... 1,871.23

Christiansted, VI................................. 45104 ................... 7,282,289.00 Lubbock, TX ...................................... 65503.................... 3,073.06

Frederiksted, VI.................................. 45105 ................... 153.00 Oklahoma City, OK............................ 65504.................... 3,597,547.08

Total District .................................................................. 16,971,954.29 Tulsa, OK........................................... 65505.................... 3,635,518.76

 Austin, TX.......................................... 65506.................... 4,695,035.37

Miami, Florida: San Antonio, TX ................................ 65507 ................... 14,732,437.47

Miami, FL............................................ 45201 ................... 493,287,178.64 Presidio, TX....................................... 65553...................... 1,971.88

Key West, FL...................................... 45202 ................... 95,451.48 Marfa, TX BC..................................... 65554...................... 4,304.00

Port Everglades, FL ........................... 45203 ................... 159,766,091.73 Sanderson, TX .................................. 65557...................... 1,764.26

West Palm Beach, FL ........................ 45204 ................... 6,828,026.74 Alpine, TX.......................................... 65558...................... 796.25

Fort Pierce, FL ................................... 45205 ................... 121,043.47 Sierra Blanca, TX BC ........................ 65560...................... 18,561.81

Miami Int’l. Airport .............................. 45206 ................... 79,767,507.95 Van Horn, TX..................................... 65561...................... 2,800.00

St. Croix, VI .................................................. 54207 ................... 84.62 Midland User Fee Airport .................. 65562...................... 106,708.13

Fort Lauderdale Int’l. Airport .............. 45210 ................... 232,571.42 Midland User Fee Airport User Fee .. 65582...................... 138,148.58

Miami Int'l. Courier Association.......... 45270 ................... 21.69 Fort Worth Alliance User Fee Airport... 65583...................... 167,669.86

DHL Worldwide Express .................... 45271 ................... 926,319.09 Addison User Fee Airport....................... 65584 ................... 159,493.54

MIA/CFS ECCF.................................. 45272 ................... 175.26 McKinney User Fee Airport.................... 65585 ................... 128,669.61

UPS (Miami Int'l. Airport).................... 45273 ................... 4,288.04 Total District................................................................... 466,815,800.72

UPS Courier Hub ............................... 45295 ................... 129,398.19 

FEDEX Courier Hub........................... 45297 ................... 947,034.23 Seattle, Washington: 

IBC Courier Hub................................. 45298 ................... 94,554.42 Seattle, WA........................................ 73001.................... 687,505,338.53

Miami Seaport .................................... 45299 ................... 2,412,401.31 Tacoma, WA...................................... 73002.................... 498,151,745.39

Total District .................................................................. 744,612,148.28 Aberdeen, WA ................................... 73003.................... 75,921.29

 Blaine, WA......................................... 73004.................... 30,077,749.56

Washington, DC: Bellingham, WA................................. 73005.................... 1,849,473.16

Dulles Int'l. Airport .............................. 45401 ................... 35,671,782.10 Everett, WA ....................................... 73006.................... 2,721,138.26

Total District .................................................................. 35,671,782.10 Port Angeles, WA .............................. 73007.................... 142,905.40

 Port Townsend, WA .......................... 73008.................... 8,966.64

Bahamas Preclearance: St Thomas: Sumas, WA........................................ 73009.................... 2,781,940.47

Preclearance-Christiansted, VI .......... 47401 ................... 106,496.58 Anacortes, WA .................................. 73010.................... 802,578.00

Preclearance-St. Croix, VI ................. 47404 ................... 9,763.27 Nighthawk, WA.................................. 73011.................... 955.23

Kindley Field, Bermuda...................... 47421 ................... 25,032.65 Danville, WA...................................... 73012.................... 9,851.75

Freeport, Bahamas ............................ 47422 ................... 21,599.60 Ferry, WA .......................................... 73013.................... 1,892.50

Nassau, Bahamas.............................. 47423 ................... 134,212.74 Friday Harbor, WA............................. 73014 ................... 197,335.67

Aruba.................................................. 47424 ................... 17,129.25 Boundary, WA ................................... 73015.................... 10,723.65

Total District .................................................................. 314,234.09 Laurier, WA........................................ 73016.................... 13,237.73

 Point Roberts, WA............................. 73017.................... 200,313.74

Ireland Preclearance: Oroville, WA....................................... 73019.................... 1,493,968.63

Dublin, IE............................................ 57541 ................... 25,910.00 Frontier, WA ...................................... 73020.................... 28,347.58

Shannon, IE ....................................... 57542 ................... 14,145.00 Spokane, WA .................................... 73022.................... 258,357.62

Total District .................................................................. 40,055.00 Lynden, WA....................................... 73023.................... 252,516.93

 Metaline Falls, WA ............................ 73025.................... 21,489.98

Houston, Texas: Olympia, WA...................................... 73026.................... 105,597.56

Houston, TX ....................................... 65301 ................... 809,138,248.38 Seattle-Tacoma Airport ..................... 73029.................... 38,474,083.64

Houston Intercontinental.................... 65309 ................... 43,347,602.54 UPS (SEATAC) ................................. 73071.................... 1,312,244.52

Galveston, TX .................................... 65310 ................... 16,908,694.20 DHL (SEATAC) ................................. 73073.................... 7,246.69

Freeport, TX....................................... 65311 ................... 19,754,778.61 Moses Lake Grant County User 

Corpus Christi, TX.............................. 65312 ................... 26,225,141.02 Fee Airport.....................................73082 ................... 168,846.10

Port Lavaca, TX ................................. 65313 ................... 3,216,372.78 Total District................................................................... 1,266,674,766.22

Sugar Land User Fee Airport............. 65381 ................... 131,076.04 

Total District .................................................................. 918,721,913.57 

 

 

 
26 FEDERAL FISCAL OPERATIONS 

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

by Districts and Ports, con. 

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

December 2008 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2008

 

Anchorage, Alaska: Honolulu, Hawaii: 

Juneau, AK......................................... 73101 ................... 144,415.53 Honolulu, HI....................................... 73201.................... 36,514,811.21

Ketchikan, AK..................................... 73102 ................... 222,257.47 Hilo, HI............................................... 73202.................... 82,929.06

Skagway, AK...................................... 73103 ................... 43,750.02 Kahului, HI......................................... 73203.................... 91,087.85

Alcan, AK............................................ 73104 ................... 887,933.56 Nawiliwili-Port Allen, HI ..................... 73204.................... 9,475.58

Wrangell, AK ...................................... 73105 ................... 5,134.00 Honolulu Int’l. Airport......................... 73205.................... 7,701,186.34

Dalton Cache, AK............................... 73106 ................... 14,225.19 Kailua-Kona, HI ................................. 73206.................... 133,506.35

Valdez, AK ......................................... 73107 ................... 2,363.30 American Samoa, Guam, GU ........... 73209 ................... -612.07

Fairbanks, AK..................................... 73111 ................... 9,174.01 Total District................................................................... 44,532,384.32

Sitka, AK............................................. 73115 ................... 16,592.33 

Anchorage, AK................................... 73126 ................... 11,301,614.88 

Kodiak, AK ......................................... 73127 ................... 708.54 

Federal Express ................................. 73195 ................... 110,494,081.41 

UPS .................................................... 73196 ................... 362,114.52 

Total District .................................................................. 123,504,364.76 Total Customs and Border Protection

 Collections for fiscal year 2008 ....................................... $34,779,787,953.92

 

 

 

 
December 2008 

27

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 

 

2007 - Sept...................................... 642,108 49,361 690,510 157,567 92,735 

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

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

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

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

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

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

Apr....................................... 940,794 53,189 994,580 154,020 58,854 

May...................................... 898,793 37,593 936,721 108,037 234,507 

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 

 

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

December 2008 

28 

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 

 

2007 - Sept............................ 5,539 69,698 7,550 89,158 3,239 1,534 4,956 39,707 

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

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

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

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

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

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

Apr............................. 4,955 135,752 7,417 135,752 3,437 - 5,328 26,304 

May............................ 4,620 9,282 6,342 98,302 2,973 - 4,766 32,453 

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 

 

 

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. 
December 2008 

29

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

December 2008

30 

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 

 

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

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

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

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

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

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

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

Apr ..................... 9,400,719 9,377,557 23,163 4,133,040 4,133,034 6 5,267,679 5,244,523 23,157 

May .................... 9,411,969 9,388,798 23,170 4,110,207 4,110,201 6 5,301,762 5,278,597 23,164 

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 

 

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 

 

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

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

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

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

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

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

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

Apr...................... 9,400,719 74,042 9,326,677 4,133,040 40,427 4,092,613 5,267,679 33,615 5,234,064 

May .................... 9,411,969 60,000 9,351,969 4,110,207 26,016 4,084,192 5,301,762 33,984 5,267,777 

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 

 
FEDERAL DEBT 

December 2008 

31

 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 

 

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

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

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

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

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

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

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

Apr.............................. 195,327 - 4,886 100,366 286,818 29,995 4,326 

May ............................ 195,225 - 3,286 100,448 280,017 29,995 4,265 

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 

 

 

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 

 

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

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

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

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

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

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

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

Apr......................... 5,244,195 4,622,476 1,020,681 2,539,859 571,760 490,175 621,719 

May ....................... 5,278,699 4,665,461 1,114,547 2,475,730 580,983 494,202 613,238 

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 
FEDERAL DEBT 

December 2008

32 

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 

 

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

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

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

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

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

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

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

 Apr............ 3,303 47,217 13,055 9,437 1,000 522 - 66,208 620,206 

 May .......... 3,298 42,827 10,659 9,355 1,200 463 - 79,931 602,364 

 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 

 

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 

 

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

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

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

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

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

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

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

 Apr..... 4,213,642 9,892 48,579 33,765 16,729 216,189 696,704 330,969 23,104 2,076,763 

 May ... 4,190,825 9,405 47,860 34,184 16,746 215,358 693,556 323,086 18,725 2,081,808 

 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 

 
FEDERAL DEBT 

December 2008 

33

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 

 

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

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

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

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

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

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

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

Apr.................... 23,163 66 - 22,735 210 151 

May................... 23,170 67 - 22,741 210 152 

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 

 

 

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

December 2008

34 

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. 

 

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

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

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

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

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

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

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

Apr...................... 4,079,776 1,509,658 1,366,837 709,124 338,330 155,827 4 yrs. 6 mos. 

May..................... 4,162,323 1,618,739 1,329,756 718,171 333,602 162,056 4 yrs. 6 mos. 

June.................... 4,203,532 1,580,568 1,396,177 730,327 334,145 162,224 4 yrs. 6 mos. 

July ..................... 4,328,809 1,668,784 1,439,791 716,694 364,351 162,453 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. 

 

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

December 2008 

35

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 

 

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

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

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

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

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

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

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

Apr....................................... 9,815,000 9,298,567 9,298,517 50 9,377,557 50 79,041 

May...................................... 9,815,000 9,324,137 9,324,086 51 9,388,799 51 64,714 

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 

 

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

December 2008

36 

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 

 

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

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

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

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

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

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

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

Apr....................................... 229,880 12,287 23,613 14,478 442 1,448 

May ..................................... 233,312 11,960 23,878 14,621 444 1,448 

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 

 

 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 

 

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

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

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

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

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

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

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

Apr ...................................... 115,120 2,100 4,573 - 13,746 

May ..................................... 115,894 2,200 4,573 - 14,913 

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 

 
FEDERAL DEBT 

December 2008 

37

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 

 

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

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

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

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

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

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

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

Apr............................. 4,364 4,881 9,133 23,696 

May ........................... 4,364 5,149 9,138 24,728 

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 

 

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

38 

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. 

TREASURY FINANCING: JULY-SEPTEMBER 

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

J U L Y 

Cash Management Bills 

On July 7, 2008, Treasury announced it would auction 

$6,000 million of 7-day bills. They were issued July 10 and 

matured July 17. The issue was to raise new cash. Treasury 

auctioned the bills on July 8. Tenders totaled $28,209 million; 

Treasury accepted $6,000 million. The high bank discount 

rate was 1.930 percent. 

On July 17, Treasury announced it would auction $9,000 

million of 9-day bills. They were issued July 22 and matured 

July 31. The issue was to raise new cash. Treasury auctioned 

the bills on July 21. Tenders totaled $31,915 million; Treasury 

accepted $9,000 million. The high bank discount rate was 

1.565 percent. 

52-Week Bills 

On June 26, 2008, Treasury announced it would auction 

$17,000 million of 364-day Treasury bills. They were issued 

July 3, and will mature July 2, 2009. The issue was to refund 

$65,999 million of all maturing bills and raise new cash of 

approximately $23,001 million. Treasury auctioned the bills 

on July 1. Tenders totaled $43,110 million; Treasury accepted 

$17,000 million which included $132 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.295 percent. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On July 7, 2008, Treasury announced it would auction 

$8,000 million of 10-year TIPS to raise new cash of 

approximately $8,000 million. 

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

issued July 15. They are due July 15, 2018, with interest 

payable on January 15 and July 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 TIPS before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on July 10. Tenders totaled 

$14,642 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.485 percent with an 

equivalent adjusted price of $98.981282. Treasury accepted in 

full all competitive tenders at yields lower than 1.485. Tenders 

at the high yield were allotted 55.02 percent. The median yield 

was 1.420 percent, and the low yield was 1.300 percent. 

Noncompetitive tenders totaled $88 million. Competitive 

tenders accepted from private investors totaled $7,862 million. 

The minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of TIPS 

of Series D-2018 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

 December 2008 

39

Auction of 19-Year 6-Month 1-3/4 Percent TIPS 

On July 17, 2008, Treasury announced it would auction 

$6,000 million of 19-year 6-month 1-3/4 percent TIPS. The 

issue was to refund $20,040 million of securities maturing 

July 31 and to raise new cash of approximately $37,960 

million. 

The 19-year 6-month TIPS of January 2028 were dated 

July 15 and issued July 31. They are due January 15, 2028, 

with interest payable on January 15 and July 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 July 22. Tenders totaled $9,458 

million; Treasury accepted $6,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.219 percent with an 

equivalent adjusted price of $95.749964. Treasury accepted in 

full all competitive tenders at yields lower than 2.219. Tenders 

at the high yield were allotted 88.95 percent. The median yield 

was 2.130 percent, and the low yield was 2.000 percent. 

Noncompetitive tenders totaled $33 million. Competitive 

tenders accepted from private investors totaled $5,967 million. 

Adjusted accrued interest of $0.78657 per $1,000 must be 

paid for the period from July 15 to July 31. Both the 

unadjusted price of $92.621219 and the unadjusted accrued 

interest of $0.76087 were adjusted by an index ratio of 

1.03378 for the period from January 15 to July 31. 

In addition to the $6,000 million of tenders accepted in 

the auction process, Treasury accepted $661 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of January 2028 is $100. 

Auction of 2-Year Notes 

On July 21, 2008, Treasury announced it would auction 

$31,000 million of 2-year notes of Series AA-2010. The issue 

was to refund $20,040 million of securities maturing July 31 

and to raise new cash of approximately $37,960 million. 

The notes of Series AA-2010 were dated and issued July 

31. They are due July 31, 2010, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 2-3/4 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on July 23. Tenders totaled $75,113 

million; Treasury accepted $31,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.820 percent with the 

equivalent price of $99.864799. Treasury accepted in full all 

competitive tenders at yields lower than 2.820 percent. 

Tenders at the high yield were allotted 44.86 percent. The 

median yield was 2.770 percent, and the low yield was 2.740 

percent. Noncompetitive tenders totaled $823 million.

Competitive tenders accepted from private investors totaled 

$30,152 million. 

In addition to the $31,000 million of tenders accepted in 

the auction process, Treasury accepted $3,415 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AA-2010 is $100. 

Auction of 5-Year Notes 

On July 21, 2008, Treasury announced it would auction 

$21,000 million of 5-year notes of Series N-2013. The issue 

was to refund $20,040 million of securities maturing July 31 

and to raise new cash of approximately $37,960 million. 

The notes of Series N-2013 were dated and issued July 

31. They are due July 31, 2013, with interest payable on 

January 31 and July 31 until maturity. Treasury set an interest 

rate of 3-3/8 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 July 24. Tenders totaled $51,619 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.440 percent with an 

equivalent price of $99.703743. Treasury accepted in full all 

competitive tenders at yields lower than 3.440 percent. 

Tenders at the high yield were allotted 36.65 percent. The 

median yield was 3.390 percent, and the low yield was 3.350

percent. Noncompetitive tenders totaled $100 million. 

Competitive tenders accepted from private investors totaled 

$20,875 million. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $2,313 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series N-2013 is $100. 

52-Week Bills 

On July 24, 2008, Treasury announced it would auction 

$19,000 million of 364-day Treasury bills. They were issued 

July 31, and will mature July 30, 2009. The issue was to 

refund $80,807 million of all maturing bills and raise new 

cash of approximately $13,193 million. Treasury auctioned 

the bills on July 29. Tenders totaled $47,288 million; Treasury 

accepted $19,000 million. That included $295 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.290 percent. 
40 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2008 

A U G U S T 

Cash Management Bills 

On August 7, 2008, Treasury announced it would auction 

$26,000 million of 155-day bills. They were issued August 13 

and will mature January 15, 2009. The issue was to raise new 

cash. Treasury auctioned the bills on August 12. Tenders 

totaled $71,778 million; Treasury accepted $26,000 million. 

The high bank discount rate was 1.950 percent. 

On August 11, Treasury announced it would auction 

$29,000 million of 31-day bills. They were issued August 15 

and matured September 15. The issue was to raise new cash. 

Treasury auctioned the bills on August 14. Tenders totaled 

$68,776 million; Treasury accepted $29,000 million. The high 

bank discount rate was 1.940 percent. 

On August 21, Treasury announced it would auction 

$11,000 million of 30-day bills. They were issued August 26 

and matured September 25. The issue was to raise new cash. 

Treasury auctioned the bills on August 25. Tenders totaled 

$39,798 million; Treasury accepted $11,000 million. The high 

bank discount rate was 1.750 percent. 

August Quarterly Financing 

On July 30, 2008, Treasury announced it would auction 

$17,000 million of 10-year notes of Series E-2018 and 

$10,000 million of 29-year 9-month bonds of May 2038 to 

refund $43,499 million of Treasury securities maturing on 

August 15 and to pay down approximately $16,499 million. 

The 10-year notes of Series E-2018 were dated and 

issued August 15. They are due August 15, 2018, with interest 

payable on February 15 and August 15 until maturity. 

Treasury set an interest rate of 4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 6. Tenders totaled $44,367 

million; Treasury accepted $17,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.075 percent with an 

equivalent price of $99.389034. Treasury accepted in full all 

competitive tenders at yields lower than 4.075 percent. 

Tenders at the high yield were allotted 3.35 percent. The 

median yield was 4.050 percent, and the low yield was 3.950 

percent. Noncompetitive tenders totaled $118 million. 

Competitive tenders accepted from private investors totaled 

$16,857 million. 

In addition to the $17,000 million of tenders accepted in 

the auction process, Treasury accepted $6,338 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2018 is $100. 

The 29-year 9-month bonds of May 2038 were dated 

May 15 and issued August 15. They are due May 15, 2038, 

with interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 4-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on August 7. Tenders totaled $23,998 

million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.609 percent with an 

equivalent price of $98.231860. Treasury accepted in full all 

competitive tenders at yields lower than 4.609 percent. 

Tenders at the high yield were allotted 59.02 percent. The 

median yield was 4.585 percent, and the low yield was 4.550 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$9,961 million. Accrued interest of $11.25000 per $1,000 

must be paid for the period from May 15 to August 15. 

In addition to the $10,000 million of tenders accepted in 

the auction process, Treasury accepted $3,728 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of May 2038 is $100. 

52-Week Bills 

On August 21, 2008, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued August 28, and will mature August 27, 2009. The issue 

was to refund $79,163 million of all maturing bills and raise 

new cash of approximately $24,837 million. Treasury 

auctioned the bills on August 26. Tenders totaled $46,831 

million; Treasury accepted $20,000 million. That included 

$260 million of noncompetitive tenders from the public. The 

high bank discount rate was 2.140 percent. 

S E P T E M B E R 

Cash Management Bills 

On September 4, 2008, Treasury announced it would 

auction $20,000 million of 6-day bills. They were issued 

September 9 and matured September 15. The issue was to 

raise new cash. Treasury auctioned the bills on September 8. 

Tenders totaled $53,800 million; Treasury accepted $20,000 

million. The high bank discount rate was 2.000 percent. 

On September 17, Treasury announced it would auction 

$40,000 million of 35-day bills. They were issued September 

18 and matured October 23. This issue was to raise new cash 

and was part of the Supplementary Financing Program (SFP). 

Treasury auctioned the bills on September 17. Tenders totaled 

$98,002 million; Treasury accepted $40,000 million. The high 

bank discount rate was 0.300 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

 December 2008 

41

On September 17, Treasury announced it would auction 

$30,000 million of 20-day bills. They were issued September 

19 and matured October 9. This issue was to raise new cash 

and was part of the SFP. Treasury auctioned the bills on 

September 18. Tenders totaled $97,075 million; Treasury 

accepted $30,000 million. The high bank discount rate was 

0.100 percent. 

On September 17, Treasury announced it would auction 

$30,000 million of 76-day bills. They were issued September 

19 and will mature December 4. This issue was to raise new 

cash and was part of the SFP. Treasury auctioned the bills on 

September 18. Tenders totaled $64,878 million; Treasury 

accepted $30,000 million. The high bank discount rate was 

0.250 percent. 

On September 18, Treasury announced it would auction 

$30,000 million of 45-day bills. They were issued September 

22 and will mature November 6. This issue was to raise new 

cash and was part of the SFP. Treasury auctioned the bills on 

September 19. Tenders totaled $56,098 million; Treasury 

accepted $30,000 million. The high bank discount rate was 

1.800 percent. 

On September 18, Treasury announced it would auction 

$30,000 million of 59-day bills. They were issued September 

22 and will mature November 20. This issue was to raise new 

cash and was part of the SFP. Treasury auctioned the bills on 

September 19. Tenders totaled $71,656 million; Treasury 

accepted $30,000 million. The high bank discount rate was 

1.990 percent. 

On September 18, Treasury announced it would auction 

$40,000 million of 7-day bills. They were issued September 

25 and matured October 2. This issue was to raise new cash 

and was part of the SFP. Treasury auctioned the bills on 

September 24. Tenders totaled $103,783 million; Treasury 

accepted $40,000 million. The high bank discount rate was 

0.050 percent. 

On September 24, Treasury announced it would auction 

$40,000 million of 34-day bills. They were issued September 

26 and matured October 30. This issue was to raise new cash 

and was part of the SFP. Treasury auctioned the bills on 

September 25. Tenders totaled $84,551 million; Treasury 

accepted $40,000 million. The high bank discount rate was 

0.990 percent. 

On September 25, Treasury announced it would auction 

$60,000 million of 101-day bills. They were issued September 

29 and will mature January 8, 2009. This issue was to raise 

new cash and was part of the SFP. Treasury auctioned the 

bills on September 26. Tenders totaled $205,851 million; 

Treasury accepted $60,000 million. The high bank discount 

rate was 1.650 percent. 

Auction of 2-Year Notes 

On August 25, 2008, Treasury announced it would 

auction $32,000 million of 2-year notes of Series AB-2010. 

The issue was to refund $22,000 million of securities 

maturing August 31 and to raise new cash of approximately 

$32,000 million. 

The notes of Series AB-2010 were dated August 31 and 

issued September 2. They are due August 31, 2010, with 

interest payable on February 28 and August 31 until maturity. 

Treasury set an interest rate of 2-3/8 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 August 27. Tenders totaled $69,778 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.380 percent with an 

equivalent price of $99.990164. Treasury accepted in full all 

competitive tenders at yields lower than 2.380 percent. 

Tenders at the high yield were allotted 54.89 percent. The 

median yield was 2.330 percent, and the low yield was 2.268 

percent. Noncompetitive tenders totaled $752 million.

Competitive tenders accepted from private investors totaled 

$31,223 million. Accrued interest of $0.13122 per $1,000 

must be paid for the period from August 31 to September 2. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $2,669 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AB-2010 is $100. 

Auction of 5-Year Notes 

On August 25, 2008, Treasury announced it would 

auction $22,000 million of 5-year notes of Series P-2013. The 

issue was to refund $22,000 million of securities maturing 

August 31 and to raise new cash of approximately $32,000 

million. 

The notes of Series P-2013 were dated August 31 and 

issued September 2. They are due August 31, 2013, with 

interest payable on the last calendar day of February and 

August 31 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 August 28. Tenders totaled $47,074 

million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.129 percent with an 

equivalent price of $99.981374. Treasury accepted in full all 

competitive tenders at yields lower than 3.129 percent. 

Tenders at the high yield were allotted 95.36 percent. The 

median yield was 3.070 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $124 million. 

Competitive tenders accepted from private investors totaled 

$21,851 million. Accrued interest of $0.17265 per $1,000 

must be paid for the period from August 31 to September 2. 
42 PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JULY-SEPTEMBER, con. 

December 2008 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $1,835 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2013 is $100. 

Auction of 9-Year 11-Month 4 Percent Notes 

On September 8, 2008, Treasury announced that it would 

auction $12,000 million of 9-year 11-month 4 percent notes of 

Series E-2018. The issue was to refund $14,535 million of 

securities maturing September 15 and to pay down 

approximately $2,535 million. 

The notes of Series E-2018 were dated August 15 and 

issued September 15. They are due August 15, 2018, with 

interest payable on February 15 and August 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 September 11. Tenders totaled $30,136 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.628 percent with an 

equivalent price of $103.070116. Treasury accepted in full all 

competitive tenders at yields lower than 3.628 percent. 

Tenders at the high yield were allotted 82.60 percent. The 

median yield was 3.592 percent, and the low yield was 3.550 

percent. Noncompetitive tenders totaled $39 million. 

Competitive tenders accepted from private investors totaled 

$11,961 million. Accrued interest of $3.36957 per $1,000 

must be paid for the period from August 15 to September 15. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $1,467 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series E-2018 is $100. 

52-Week Bills 

On September 18, 2008, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued September 25, and will mature September 24, 2009. 

The issue was to refund $84,013 million of all maturing bills 

and raise new cash of approximately $59,987 million. 

Treasury auctioned the bills on September 23. Tenders totaled 

$61,358 million; Treasury accepted $20,000 million. That 

included $367 million of noncompetitive tenders from the 

public. The high bank discount rate was 1.955 percent. 

Auction of 2-Year Notes 

On September 22, 2008, Treasury announced it would 

auction $34,000 million of 2-year notes of Series AC-2010. 

The issue was to refund $19,125 million of securities 

maturing September 30 and to raise new cash of 

approximately $38,875 million. 

The notes of Series AC-2010 were dated and issued 

September 30. They are due September 30, 2010, with interest 

payable on March 31 and September 30 until maturity. 

Treasury set an interest rate of 2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on September 24. Tenders totaled $75,243 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.115 percent with an 

equivalent price of $99.775954. Treasury accepted in full all 

competitive tenders at yields lower than 2.115 percent. 

Tenders at the high yield were allotted 15.68 percent. The 

median yield was 2.050 percent, and the low yield was 1.990 

percent. Noncompetitive tenders totaled $645 million. 

Competitive tenders accepted from private investors totaled 

$33,330 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $3,150 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AC-2010 is $100. 

Auction of 5-Year Notes 

On September 22, 2008, Treasury announced it would 

auction $24,000 million of 5-year notes of Series Q-2013. The 

issue was to refund $19,125 million of securities maturing 

September 30 and to raise new cash of approximately $38,875 

million. 

The notes of Series Q-2013 were dated and issued 

September 30. They are due September 30, 2013, with interest 

payable on March 31 and September 30 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 September 25. Tenders totaled $45,802 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.129 percent with an 

equivalent price of $99.981618. Treasury accepted in full all 

competitive tenders at yields lower than 3.129 percent. 

Tenders at the high yield were allotted 41.34 percent. The 

median yield was 3.000 percent, and the low yield was 2.850 

percent. Noncompetitive tenders totaled $105 million. 

Competitive tenders accepted from private investors totaled 

$23,870 million. 

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

the auction process, Treasury accepted $2,224 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2013 is $100. 
PUBLIC DEBT OPERATIONS 

December 2008 

43

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On

 competitive

 basis 

 (5) 

 On non-

 competitive

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

 (percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2008 - July 03................... 2008 - July 31 28 73,625.6 27,000.1 26,632.0 368.1 99.856111 1.850 1.878

 Oct. 02 91 56,266.4 23,000.0 21,161.6 1,651.4 99.519722 1.900 1.936

2009 - Jan. 02 183 58,810.5 22,000.1 20,270.3 1,353.8 98.914708 2.135 2.188

July 10 ................. 2008 - Aug. 07 28 69,838.1 28,493.9 27,508.9 391.3 99.854944 1.865 1.894

 Oct. 09 91 60,827.6 24,000.0 22,188.7 1,611.3 99.528569 1.865 1.900

 2009 - Jan. 08 182 61,815.2 23,000.5 21,370.2 1,430.2 98.958556 2.060 2.111

July 17 ................. 2008 - Aug. 14 28 87,147.2 36,914.9 33,415.1 585.0 99.883333 1.500 1.523

 Oct. 16 91 66,510.9 24,000.0 22,095.7 1,904.3 99.593028 1.610 1.639

 2009 - Jan. 15 182 60,234.3 23,000.0 20,978.8 1,696.2 99.011639 1.955 2.002

July 24 ................. 2008 - Aug. 21 28 67,198.2 29,410.3 27,514.1 461.0 99.887222 1.450 1.472

 Oct. 23 91 62,178.1 24,000.1 21,487.8 2,400.8 99.615778 1.520 1.547

 2009 - Jan. 22 182 59,400.5 23,000.1 20,564.6 2,015.5 99.029333 1.920 1.966

July 31 ................. 2008 - Aug. 28 28 69,707.5 30,501.1 27,227.2 467.8 99.867000 1.710 1.736

 Oct. 30 91 63,094.6 24,000.1 21,396.0 1,826.0 99.571542 1.695 1.726

 2009 - Jan. 29 182 61,391.7 23,000.2 20,515.4 1,514.3 99.049556 1.880 1.924

Aug. 07 ................ 2008 - Sep. 04 28 79,394.0 29,724.0 27,456.8 443.4 99.866222 1.720 1.746

 Nov. 06 91 65,102.3 25,000.0 22,975.9 1,824.1 99.567750 1.710 1.741

 2009 - Feb. 05 182 53,042.5 24,000.0 22,229.6 1,495.4 99.029333 1.920 1.966

Aug. 14 ................ 2008 - Sept. 11 28 80,205.6 31,932.7 27,533.2 456.8 99.856500 1.845 1.873

 Nov. 13 91 66,706.3 26,000.1 24,073.4 1,826.7 99.527306 1.870 1.905

 2009 - Feb. 12 182 66,649.3 25,000.0 23,156.4 1,493.6 98.978778 2.020 2.069

Aug. 21 ................ 2008 - Sept. 18 28 90,981.7 33,317.6 29,530.9 469.3 99.860778 1.790 1.817

 Nov. 20 91 75,409.5 28,000.0 26,186.2 1,747.3 99.532361 1.850 1.885

 2009 - Feb. 19 182 69,523.6 27,000.3 25,215.8 1,559.4 98.999000 1.980 2.028

Aug. 28 ................ 2008 - Sept. 25 28 84,477.4 32,885.2 28,090.7 516.3 99.867000 1.710 1.736

 Nov .28 92 68,750.5 28,000.1 25,761.5 1,790.0 99.563000 1.710 1.741

 2009 - Feb. 26 182 55,529.5 27,000.1 24,845.1 1,262.6 99.026806 1.925 1.971

Sept. 04 ............... 2008 - Oct. 02 28 80,746.5 29,781.6 25,528.7 471.3 99.880222 1.540 1.563

 Dec. 04 91 70,302.2 27,000.0 25,327.8 1,672.2 99.574069 1.685 1.716

 2009 - Mar. 05 182 70,039.1 26,000.1 24,269.9 1,505.1 99.044500 1.890 1.935

Sept. 11 ............... 2008 - Oct. 09 28 74,164.1 29,285.1 22,568.6 431.4 99.877500 1.575 1.599

 Dec. 11 91 69,076.3 26,000.1 24,261.7 1,618.4 99.572806 1.690 1.721

 2009 - Mar. 12 182 63,433.5 25,000.1 23,534.4 1,265.6 99.039444 1.900 1.945

Sept. 18 ............... 2008 - Oct. 16 28 101,046.4 31,000.2 30,287.0 713.2 99.976667 0.300 0.304

 Dec. 18 91 65,372.4 28,000.0 26,010.4 1,989.7 99.734583 1.050 1.067

 2009 - Mar. 19 182 56,169.2 27,000.1 25,054.4 1,595.7 99.216389 1.550 1.584

Sept. 25 ............... 2008 - Oct. 23 28 89,833.5 33,885.2 28,776.3 666.8 99.972778 0.350 0.355

 Dec. 26 92 76,965.2 27,000.0 23,647.6 2,435.3 99.637111 1.420 1.445

 2009 - Mar. 26 182 62,333.5 27,000.1 24,440.9 1,563.9 99.095056 1.790 1.831

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

December 2008

44 

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

10/11/07 10/15/07 2-5/8% TIPS—07/15/17-D 9y 9m 12,289 6,000 2.360 – 102.721944 

10/23/07 10/31/07 2% TIPS—04/15/12-J 4y 6m 15,789 7,158 1.954 – 102.667445 

10/24/07 10/31/07 3-5/8% note—10/31/09-AE 2y 60,995 23,860 3.723 – 99.812793 

10/25/07 10/31/07 3-7/8% note—10/31/12-R 5y 37,452 15,509 3.993 – 99.469930 

11/07/07 11/15/07 4-1/4% note—11/15/17-F 10y 37,127 19,674 4.353 – 99.172070 

11/08/07 11/15/07 5% bond—05/15/37 29y 6m 17,459 7,567 4.666 – 105.322155 

11/14/07 11/15/07 4.100% bill—11/23/07 8d 45,160 15,000 

11/28/07 11/30/07 3-1/8% note—11/30/09-AF 2y 48,687 24,543 3.159 – 99.934603 

11/29/07 11/30/07 3-3/8% note—11/30/12-S 5y 32,367 15,953 3.415 – 99.817568 

11/29/07 12/03/07 3.860% bill—12/17/07 14d 108,231 30,000 

12/11/07 12/12/07 4.000% bill—12/17/07 5d 30,331 8,000 

12/13/07 12/17/07 4-1/4% note—11/15/17-F 9y 11m 17,812 8,000 4.164 – 100.686354 

12/26/07 12/31/07 3-1/4% note—12/31/09-AG 2y 53,560 26,497 3.285 – 99.932783 

12/27/07 12/31/07 3-5/8% note—12/31/12-T 5y 32,720 15,657 3.651 – 99.882153 

01/10/08 01/15/08 1-5/8% TIPS—01/15/18-A 10y 17,627 10,412 1.655 – 99.724557 

01/24/08 01/31/08 1-3/4% TIPS—01/15/28 20y 15,275 8,974 1.807 – 99.351033 

01/28/08 01/31/08 2-1/8% note—01/31/10-U 2y 58,840 26,923 2.237 – 99.782126 

01/29/08 01/31/08 2-7/8% note—01/31/13-F 5y 31,875 15,705 2.909 – 99.842844 

02/13/08 02/14/08 2.440% bill—04/17/08 63d 66,306 19,000 

02/06/08 02/15/08 3-1/2% note—02/15/18-B 10y 36,636 19,204 3.620 – 99.000685 

02/07/08 02/15/08 4-3/8% bond—02/15/38 30y 20,666 13,295 4.449 – 98.780998 

02/14/08 02/15/08 2.510% bill—04/15/08 60d 94,280 30,000 

02/26/08 02/27/08 2.400% bill—03/17/08 19d 38,191 10,000 

02/27/08 02/29/08 2% note—02/28/10-V 2y 58,415 28,900 2.045 – 99.912254 

02/28/08 02/29/08 2-3/4% note—02/28/13-G 5y 38,478 17,785 2.755 – 99.976794 

02/28/08 03/03/08 2.550% bill—03/17/08 14d 84,285 30,000 

03/13/08 03/17/08 3-1/2% note—02/15/18-B 9y 11m 17,949 10,000 3.510 – 99.912591 

03/25/08 03/27/08 1.340% bill—04/21/08 25d 48,571 20,000 

03/26/08 03/31/08 1-3/4% note—03/31/10-W 2y 72,406 31,992 1.761 – 99.978476 

03/27/08 03/31/08 2-1/2% note—03/31/13-H 5y 38,262 20,566 2.595 – 99.557209 

03/27/08 04/01/08 1.800% bill—04/16/08 15d 75,095 26,001 

04/08/08 04/10/08 2.290% bill—04/15/08 5d 69,631 25,000 

04/10/08 04/15/08 1-5/8% TIPS—01/15/18-A 9y 9m 12,640 6,000 1.250 – 104.353623 

04/15/08 04/16/08 2.000% bill—04/22/08 6d 51,929 20,000 

04/22/08 04/30/08 0-5/8% TIPS—04/15/13-J 5y 18,334 8,734 0.745 – 99.560900 

04/23/08 04/30/08 2-1/8% note—04/30/10-X 2y 68,984 32,752 2.225 – 99.805441 

04/24/08 04/30/08 3-1/8% note—04/30/13-K 5y 33,123 20,743 3.159 – 99.843881 

05/14/08 05/15/08 1.865% bill—09/18/08 126d 104,422 32,000 

05/07/08 05/15/08 3-7/8% note—05/15/18-C 10y 41,161 23,077 3.937 – 99.491561 

05/08/08 05/15/08 4-3/8% bond—02/15/38 29y 9m 19,397 9,231 4.599 – 96.375954 

05/19/08 05/20/08 1.990% bill—06/19/08 30d 59,592 18,000 

05/29/08 05/30/08 2.150% bill—06/16/08 17d 59,437 19,000 

05/28/08 06/02/08 2-5/8% note—05/31/10-Y 2y 70,728 32,406 2.640 – 99.970857 

05/29/08 06/02/08 3-1/2% note—05/31/13-L 5y 36,439 20,524 3.520 – 99.908798 

06/03/08 06/05/08 2.105% bill—06/04/09 364d 52,804 16,000 

06/10/08 06/11/08 2.190% bill—06/16/08 5d 52,601 22,000 

06/12/08 06/16/08 3-7/8% note—05/15/18-C 9y 11m 25,612 11,000 4.225 – 97.183235 

06/24/08 06/30/08 2-7/8% note—06/30/10-Z 2y 82,503 33,217 2.922 – 99.909336 

06/26/08 06/30/08 3-3/8% note—06/30/13-M 5y 51,734 22,144 3.440 – 99.703743 

07/01/08 07/03/08 2.295% bill—07/02/09 364d 43,110 17,000 

07/08/08 07/10/08 1.930% bill—07/17/08 7d 28,209 6,000 

07/10/08 07/15/08 1-3/8% TIPS—07/15/18-D 10y 14,642 8,000 1.485 – 98.981282 

07/21/08 07/22/08 1.565% bill—07/31/08 9d 31,915 9,000 

07/22/08 07/31/08 1-3/4% TIPS—01/15/28 19y 6m 10,119 6,661 2.219 – 95.749964 

07/23/08 07/31/08 2-3/4% note—07/31/10-AA 2y 78,528 34,415 2.820 – 99.864799 

07/24/08 07/31/08 3-3/8% note—07/31/13- N 5y 53,932 23,313 3.440 – 99.703743 

07/29/08 07/31/08 2.290% bill—07/30/09 364d 47,288 19,000 

 

See footnotes at end of table. 

 
PUBLIC DEBT OPERATIONS 

December 2008 

45

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills, con. 

[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) 

 

08/12/08 08/13/08 1.950% bill—01/15/09 155d 71,778 26,000 

08/06/08 08/15/08 4% note—08/15/18-E 10y 50,704 23,338 4.075 - 99.389034 

08/07/08 08/15/08 4-1/2% bond—05/15/38 29y 9m 27,726 13,728 4.609 - 98.231860 

08/14/08 08/15/08 1.940% bill—09/15/08 31d 68,776 29,000 

08/25/08 08/26/08 1.750% bill—09/25/08 30d 39,798 11,000 

08/26/08 08/28/08 2.140% bill—08/27/09 364d 46,831 20,000 

08/27/08 09/02/08 2-3/8% note—08/31/10 AB 2y 72,447 34,669 2.380 - 99.990164 

08/28/08 09/02/08 3-1/8% note—08/31/13-P 5y 48,909 23,835 3.129 - 99.981374 

09/08/08 09/09/08 2.000% bill—09/15/08 6d 53,800 20,001 

09/11/08 09/15/08 4% note—08/15/18-E 9y 11m 31,603 13,467 3.628 - 103.070116 

09/17/08 09/18/08 0.300% bill—10/23/08 35d 98,002 40,000 

09/18/08 09/19/08 0.100% bill—10/09/08 20d 97,075 30,000 

09/18/08 09/19/08 0.250% bill—12/04/08 76d 64,878 30,000 

09/19/08 09/22/08 1.800% bill—11/06/08 45d 56,098 30,000 

09/19/08 09/22/08 1.990% bill—11/20/08 59d 71,656 30,000 

09/23/08 09/25/08 1.955% bill—09/24/09 364d 61,358 20,000 

09/24/08 09/25/08 0.050% bill—10/02/08 7d 103,783 40,000 

09/25/08 09/26/08 0.990% bill—10/30/08 34d 84,551 40,000 

09/26/08 09/29/08 1.650% bill—01/08/09 101d 205,851 60,000 

09/24/08 09/30/08 2% note—09/30/10-AC 2y 78,393 37,150 2.115 - 99.775954 

09/25/08 09/30/08 3-1/8% note—09/30/13-Q 5y 48,026 26,224 3.129 - 99.981618 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
December 2008 

46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

December 2008 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal

Reserve banks

(6) 

 

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 

 

2007 - Sept...................................... 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

Oct....................................... 9,102,096 9,079,086 4,012,039 1 4,012,038 774,913 

Nov ...................................... 9,172,438 9,149,341 4,002,846 1 4,002,845 774,913 

Dec ...................................... 9,252,317 9,229,172 4,092,890 1 4,092,889 735,735 

2008 - Jan ....................................... 9,261,110 9,238,008 4,105,795 1 4,105,794 708,807 

Feb ...................................... 9,381,029 9,358,051 4,098,349 1 4,098,348 708,806 

Mar ...................................... 9,461,058 9,437,594 4,103,552 1 4,103,551 586,473 

Apr....................................... 9,400,719 9,377,557 4,133,040 1 4,133,039 543,805 

May...................................... 9,411,969 9,388,798 4,110,207 - 4,110,207 481,632 

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 

 

 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 

 

2007 - Sept.......................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

Oct........................................................... 4,292,134 3,689,816 602,318 23,011 23,011 

Nov .......................................................... 4,371,582 3,768,346 603,237 23,097 23,097 

Dec .......................................................... 4,400,548 3,800,849 599,698 23,145 23,145 

2008 - Jan ........................................................... 4,423,406 3,824,078 599,328 23,102 23,102 

Feb .......................................................... 4,550,896 3,952,580 598,316 22,978 22,978 

Mar .......................................................... 4,747,569 4,145,887 601,682 23,464 23,464 

Apr........................................................... 4,700,712 4,098,756 601,956 23,163 23,163 

May.......................................................... 4,796,960 4,203,552 593,408 23,170 23,170 

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 

 
OWNERSHIP OF FEDERAL SECURITIES 

December 2008 

48 

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

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

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

Other 

investors 9

(12) 

 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.6 248.1 1,157.6 786.5 

 June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 142.1 214.9 183.1 216.4 243.3 1,182.7 708.2 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.3 235.2 1,230.5 682.3 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.3 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.5 234.6 238.1 1,250.5 696.9 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.8 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.5 185.9 135.5 207.8 151.4 231.7 271.8 1,224.2 660.3 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 257.6 280.8 1,278.7 605.4 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 245.0 288.4 1,272.3 603.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 228.1 298.6 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 222.5 299.2 1,281.4 461.1 

 Dec......... 5,776.1 2,542.2 3,233.9 248.7 186.4 153.0 198.8 123.4 228.7 304.5 1,268.7 521.7 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,106.9 657.2 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,082.0 523.5 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,057.9 510.8 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,034.2 490.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,029.9 508.1 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 1,000.5 363.1 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 144.6 155.1 105.7 261.9 328.4 1,051.2 400.8 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 150.6 163.3 114.0 266.1 327.6 1,067.1 381.0 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 149.0 153.9 122.0 253.8 333.6 1,135.4 304.6 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 151.4 156.3 130.4 256.8 338.6 1,200.8 287.9 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 150.8 158.9 139.7 281.0 354.7 1,246.8 269.2 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.6 196.9 162.9 162.1 139.5 296.6 350.0 1,286.3 322.0 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 167.3 161.3 138.7 302.3 347.9 1,382.8 320.0 

 Sept........ 6,783.2 3,515.3 3,268.0 147.0 201.5 164.6 155.5 137.4 287.1 357.7 1,454.2 363.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.3 203.8 169.2 148.6 136.5 280.8 364.2 1,533.0 388.4 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.9 204.4 167.0 143.6 141.0 280.8 374.1 1,677.1 351.9 

 June ....... 7,274.3 3,742.8 3,531.5 158.7 204.6 170.2 134.9 144.1 258.7 381.2 1,739.6 339.5 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 170.6 140.8 147.4 255.0 381.7 1,798.7 370.1 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 170.5 151.0 149.7 254.1 389.1 1,853.4 393.3 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 174.3 158.0 152.4 261.1 412.0 1,956.3 395.2 

 June ....... 7,836.5 4,033.5 3,803.0 127.0 204.2 177.5 171.3 155.0 248.7 444.0 1,879.6 395.8 

 Sept........ 7,932.7 4,067.8 3,864.9 125.4 203.6 180.9 164.8 159.0 244.7 467.6 1,930.6 388.2 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 181.2 153.8 160.4 251.3 481.4 2,036.0 384.1 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.4 206.0 183.0 153.0 161.3 248.7 486.1 2,084.5 475.9 

 June ....... 8,420.0 4,389.2 4,030.8 117.4 205.2 188.4 150.9 161.2 244.2 499.4 1,979.8 484.2 

 Sept........ 8,507.0 4,432.8 4,074.2 113.8 203.7 191.2 151.6 160.6 235.7 502.1 2,027.3 488.2 

 Dec......... 8,680.2 4,558.1 4,122.1 115.1 202.4 193.2 153.0 159.0 250.7 516.9 2,105.0 426.8 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.9 200.3 198.5 155.1 150.8 264.2 535.0 2,196.7 452.5 

 June ....... 8,867.7 4,715.1 4,152.6 110.6 198.6 202.2 156.1 142.1 267.2 550.3 2,193.9 331.6 

 Sept........ 9,007.7 4,738.0 4,269.7 119.8 197.1 205.9 161.4 133.4 306.7 541.4 2,237.2 366.7 

 Dec......... 9,229.2 4,833.5 4,395.7 129.9 196.5 211.6 164.5 123.3 362.7 531.5 2,355.1 320.7 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 127.9 195.4 222.1 165.0 123.4 464.7 523.6 2,515.6 405.1 

 June ....... 9,492.0 4,685.8 4,806.2 115.4 195.0 226.0 167.3 123.4 449.8 522.2 2,647.9 359.1 

 Sept........ 10,025.0 4,680.8 5,344.2 n.a. 194.3 n.a. n.a. n.a. n.a. n.a. 2,862.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, the June 2005 benchmark to February 2006, and the 

June 2006 benchmark to February 2007. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
December 2008 

49

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

Treasury discontinued the 30-year constant maturity 

yield during the time period February 18, 2002, through 

February 8, 2006. Thus, 30-year yields for that time frame 

are not available. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

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

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr.

(4) 

2-yr. 

(5) 

3-yr.

(6) 

5-yr. 

(7) 

7-yr. 

(8) 

10-yr. 

(9) 

20-yr.

(10) 

 30-yr.

 (11) 

 

Monthly average: 

2007 - Oct...................................... 3.81 4.00 4.16 4.10 3.97 4.01 4.20 4.33 4.53 4.83 4.77 

Nov .................................... 3.68 3.35 3.58 3.50 3.34 3.35 3.67 3.87 4.15 4.56 4.52 

Dec .................................... 2.86 3.07 3.34 3.26 3.12 3.13 3.49 3.74 4.10 4.57 4.53 

2008 - Jan...................................... 2.74 2.82 2.84 2.71 2.48 2.51 2.98 3.31 3.74 4.35 4.33 

Feb..................................... 2.27 2.17 2.10 2.05 1.97 2.19 2.78 3.21 3.74 4.49 4.52 

Mar..................................... 1.35 1.28 1.51 1.54 1.62 1.80 2.48 2.93 3.51 4.36 4.39 

Apr ..................................... 1.07 1.31 1.58 1.74 2.05 2.23 2.84 3.19 3.68 4.44 4.44 

May .................................... 1.76 1.76 1.86 2.06 2.45 2.69 3.15 3.46 3.88 4.60 4.60 

June................................... 1.72 1.89 2.19 2.42 2.77 3.08 3.49 3.73 4.10 4.74 4.69 

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 

 

 

End of month: 

2007 - Oct...................................... 4.01 3.94 4.09 4.04 3.94 3.94 4.16 4.29 4.48 4.79 4.74 

Nov .................................... 3.63 3.15 3.37 3.26 3.04 3.09 3.41 3.64 3.97 4.44 4.40 

Dec .................................... 2.76 3.36 3.49 3.34 3.05 3.07 3.45 3.70 4.04 4.50 4.45 

2008 - Jan...................................... 1.64 1.96 2.07 2.11 2.17 2.27 2.82 3.19 3.67 4.35 4.35 

Feb..................................... 2.07 1.85 1.83 1.77 1.65 1.87 2.50 2.96 3.53 4.37 4.41 

Mar..................................... 1.22 1.38 1.51 1.55 1.62 1.79 2.46 2.88 3.45 4.30 4.30 

Apr ..................................... 1.17 1.43 1.64 1.85 2.29 2.49 3.03 3.34 3.77 4.49 4.49 

May .................................... 1.98 1.89 2.01 2.22 2.66 2.93 3.41 3.68 4.06 4.74 4.72 

June................................... 1.60 1.90 2.17 2.36 2.63 2.91 3.34 3.61 3.99 4.59 4.53 

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 

 

* Rates are from the Treasury yields curve. 
December 2008 

50 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, September 30, 2008 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,027,810,363,086 $989,623,635,183 $989,135,531,820 $242,881,166 $245,222,197

Less amounts held by: 

The Treasury....................................... 275,249,277 8,289,593 8,233,494 7,505 48,594

FRBs ................................................... 189,291,002,608 187,776,726,559 187,776,706,459 - 20,100

Amounts in circulation............................. $838,244,111,201 $801,838,619,031 $801,350,591,867 $242,873,661 $245,153,503

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $38,186,727,903 $3,505,529,008 $34,681,198,895 

Less amounts held by: 

The Treasury....................................... 266,959,684 225,523,999 41,435,685 

FRBs ................................................... 1,514,276,049 525,997,080 988,278,969 

Amounts in circulation............................. $36,405,492,170 $2,754,007,929 $33,651,484,241 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

December 2008 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, September 30, 2008 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $9,190,292,705 $9,047,290,876 $143,503 $142,858,326 

$2 ................................................................................ 1,636,649,036 1,504,507,406 132,129,018 12,612 

$5 ................................................................................ 10,506,130,260 10,370,305,855 108,821,310 27,003,095 

$10 .............................................................................. 15,458,425,430 15,437,397,740 6,300 21,021,390 

$20 .............................................................................. 118,220,418,900 118,200,310,640 3,840 20,104,420 

$50 .............................................................................. 62,221,777,400 62,210,275,250 500 11,501,650 

$100 ............................................................................ 584,291,650,200 584,267,892,600 1,758,600 21,999,000 

$500 ............................................................................ 142,318,500 142,118,500 5,500 194,500 

$1,000 ......................................................................... 165,666,000 165,423,000 5,000 238,000 

$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 ......................................................... $801,838,619,031 $801,350,591,867 $242,873,661 $245,153,503 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 5 

 (2) 

 

Sept. 30, 2008...................................................................................... $838,244 $2,744 

Aug. 31, 2008....................................................................................... 835,107 2,740 

July 31, 2008........................................................................................ 831,849 2,728 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Based on Bureau of the Census’ estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
December 2008 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5

(5) 

 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

 

2007 - Oct .......................................................................... 69,626 11,041 9,392 44,800 4,394 

Nov ......................................................................... 70,966 11,041 9,536 45,973 4,416 

Dec ......................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 - Jan .......................................................................... 72,017 11,041 9,566 47,173 4,237 

Feb ......................................................................... 73,404 11,041 9,688 48,395 4,280 

Mar ......................................................................... 75,764 11,041 9,892 50,529 4,302 

Apr.......................................................................... 74,372 11,041 9,767 49,311 4,253 

May......................................................................... 75,170 11,041 9,771 49,247 5,111 

June........................................................................ 75,740 11,041 9,849 49,613 5,237 

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 

 

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-October 

2008 total swaps outstanding were $533.564 billion: $295.381 billion with the 

European Central Bank, $28.48 billion with the Swiss National Bank, $72.365 billion 

with the Bank of England, $70,168 billion with the Bank of Japan, $26.67 billion with 

the Reserve Bank of Australia, $15 billion with the National Bank of Denmark, $20 

billion with the Bank of Sweden, and $5.5 billion with the Bank of Norway.

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 

December 2008 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8 .......... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,068,142 2,070,222 493,689 1,112,617 986 462,930 2,189,751 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,852 2,275,684 493,689 1,211,819 986 569,190 2,189,751 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,883 2,372,146 461,656 1,271,174 1,026 638,290 2,415,273 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,096,617 2,513,133 493,142 1,281,070 1,067 737,854 2,608,573 1,924,865 1,259,949 664,916 50,046 

Series Break .......... 7,208,274 2,793,964 493,142 1,450,593 1,067 849,161 2,608,573 1,758,257 1,259,949 498,308 47,480 

 

2007- Sept. r .......... 7,330,826 2,828,695 520,720 1,428,353 1,089 878,532 2,632,599 1,823,946 1,293,019 530,927 45,586 

 Oct. r ........... 7,537,768 2,871,246 541,799 1,432,333 1,096 896,017 2,703,652 1,915,750 1,334,233 581,517 47,120 

Nov. r.......... 7,611,579 2,917,731 576,994 1,432,711 1,103 906,922 2,682,123 1,965,145 1,361,560 603,585 46,580 

Dec. r.......... 7,679,647 2,958,599 594,577 1,443,691 1,111 919,220 2,770,460 1,906,888 1,313,592 593,296 43,700 

2008 - Jan. r........... 7,807,073 3,025,019 621,572 1,479,792 1,118 922,536 2,746,079 1,989,026 1,392,867 596,159 46,949 

Feb. r .......... 7,906,045 3,013,732 608,309 1,476,198 1,125 928,099 2,767,045 2,079,482 1,464,095 615,387 45,786 

Mar. r ......... 7,909,392 3,027,532 574,065 1,504,209 1,133 948,124 2,755,364 2,081,279 1,442,292 638,987 45,217 

Apr .............. 7,937,809 3,061,306 567,009 1,526,507 1,140 966,649 2,703,974 2,130,894 1,437,261 693,633 41,635 

May............. 7,906,181 3,079,172 568,467 1,522,783 1,148 986,773 2,614,895 2,167,234 1,464,151 703,083 44,881 

June ........... 7,766,965 3,095,926 570,865 1,523,888 1,155 1,000,017 2,526,214 2,102,810 1,372,840 729,970 42,015 

July ............. 7,775,352 3,116,434 597,285 1,533,956 1,163 984,029 2,477,911 2,137,792 1,383,232 754,560 43,215 

Aug. p ......... 7,822,529 3,118,077 607,728 1,538,804 1,171 970,373 2,480,435 2,179,290 1,394,665 784,625 44,727 

Sept. p ........ 7,818,323 3,136,936 631,462 1,543,748 1,179 960,546 2,561,966 2,078,428 1,278,286 800,142 40,994 

 

1

 Includes Bank for International Settlements for data before June 2006. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. For data as of June 

2006, also includes Bank for International Settlements. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, end-June 2005, 

end-June 2006 and end-June 2007 respectively, and are comparable to those shown for 

the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

December 2008 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

2005 .............................................................................. 948 948 77 - 871 

2006 .............................................................................. 1,026 1,026 82 - 944 

 

2007 - Sept.................................................................... 1,089 1,089 87 - 1,002 

Oct ..................................................................... 1,096 1,096 87 - 1,009 

Nov .................................................................... 1,103 1,103 88 - 1,015 

Dec .................................................................... 1,111 1,111 88 - 1,022 

2008 - Jan ..................................................................... 1,118 1,118 89 - 1,029 

Feb..................................................................... 1,125 1,125 89 - 1,036 

Mar..................................................................... 1,133 1,133 90 - 1,043 

Apr ..................................................................... 1,140 1,140 91 - 1,050 

May .................................................................... 1,148 1,148 91 - 1,057 

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 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Note.—This issue was paid off in full and retired on January 29, 

2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

December 2008 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

December 2008 

59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 
CAPITAL MOVEMENTS 

December 2008 

60 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

December 2008 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 

Type of Liability 

 Calendar 

 Year 

 2007 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners ................................... 4,706,887 4,801,275 4,734,202 4,676,770 4,495,976 4,486,053 4,512,168 4,497,045 

Payable in dollars .................................................. 4,426,986 4,522,491 4,455,418 4,397,986 4,245,262 4,235,339 4,261,454 4,246,331 

Foreign official institutions ................................. 594,577 574,065 567,009 568,467 570,865 597,285 607,728 631,462 

Deposits, excluding negotiable CDs .............. 49,204 48,024 47,003 46,554 44,817 51,079 50,701 53,865 

U.S. Treasury bills and certificates ................ 196,344 201,281 215,711 219,976 226,625 232,464 245,562 276,781 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 182,012 176,056 163,097 150,769 152,739 159,154 151,040 142,690 

Other liabilities............................................... 167,017 148,704 141,198 151,168 146,684 154,588 160,425 158,126 

Foreign banks (including own foreign 

 offices) and other foreigners ............................ 3,805,245 3,920,054 3,863,633 3,801,444 3,649,999 3,612,088 3,626,045 3,591,197 

Deposits, excluding negotiable CDs .............. 1,474,235 1,501,217 1,445,399 1,386,812 1,406,717 1,361,106 1,301,913 1,391,770 

U.S. Treasury bills and certificates ................ 103,536 150,692 141,045 146,187 147,396 146,310 163,911 222,743 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 639,604 669,645 665,606 675,782 637,133 641,246 640,993 571,198 

Other liabilities............................................... 1,587,870 1,598,500 1,611,583 1,592,663 1,458,753 1,463,426 1,519,228 1,405,486 

International and regional organizations 1 .......... 27,164 28,372 24,776 28,075 24,398 25,966 27,681 23,672 

Deposits, excluding negotiable CDs .............. 17,784 16,386 14,599 13,997 13,397 16,161 15,892 12,346 

U.S. Treasury bills and certificates ................ 250 1,796 416 2,447 1,073 547 435 286 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities...................................................... 3,985 5,632 5,255 5,312 4,869 5,885 5,781 5,577 

Other liabilities............................................... 5,145 4,558 4,506 6,319 5,059 3,373 5,573 5,463 

Payable in foreign currencies 2 .............................. 279,901 278,784 278,784 278,784 250,714 250,714 250,714 250,714 

Sector: 

Banks and other foreigners............................ 278,807 277,602 277,602 277,602 249,055 249,055 249,055 249,055 

International and regional organizations 1 .......... 1,094 1,182 1,182 1,182 1,659 1,659 1,659 1,659 

Major currencies: 

Canadian dollars............................................ 18,855 15,272 15,272 15,272 15,183 15,183 15,183 15,183 

Euro............................................................... 153,143 151,565 151,565 151,565 127,873 127,873 127,873 127,873 

United Kingdom pounds sterling.................... 18,176 19,923 19,923 19,923 11,064 11,064 11,064 11,064 

Japanese yen ................................................ 49,098 53,123 53,123 53,123 57,674 57,674 57,674 57,674 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars.............................................................. 3,301,255 3,317,389 3,264,288 3,197,513 3,075,427 3,049,733 3,053,732 3,027,056 

Liabilities to own foreign offices ........................ 2,020,906 2,054,391 2,025,732 1,944,612 1,870,603 1,836,023 1,816,228 1,911,296 

Liabilities collaterized by repurchase 

 agreements................................................. 1,107,751 1,103,311 1,092,243 1,088,385 987,456 995,842 1,026,483 895,475 

Foreign official institutions ........................ 154,617 136,762 133,304 143,790 140,821 149,356 153,119 145,487 

Foreign banks and other foreigners........... 948,989 962,710 955,620 939,763 842,818 844,145 869,563 747,219 

International and regional organizations 1.......... 4,145 3,839 3,319 4,832 3,817 2,341 3,801 2,769 

Reported by IBFs........................................... 481,998 496,442 480,499 476,879 468,814 485,825 463,544 471,569 

Respondents’ own liabilities payable in 

 foreign currencies 2.......................................... 261,508 257,937 257,937 257,937 233,449 233,449 233,449 233,449 

Reported by IBFs........................................... 69,985 69,687 69,687 69,687 72,595 72,595 72,595 72,595 

Liabilities held in custody for domestic 

 customers and selected other liabilities 3 ......... 1,144,124 1,225,949 1,211,977 1,221,320 1,187,100 1,202,871 1,224,987 1,236,540 

Payable in dollars .......................................... 1,125,731 1,205,102 1,191,130 1,200,473 1,169,835 1,185,606 1,207,722 1,219,275 

of which: other short-term negotiable 

securities and negotiable CDs................ 504,923 524,752 517,824 513,050 477,412 489,478 487,438 432,593 

 of which: short-term U.S. Government 

 agency securities................................ 200,312 186,202 180,566 165,199 168,155 163,923 154,520 156,136 

 of which: negotiable CDs........................ 97,990 124,953 126,418 133,182 89,021 107,231 115,243 100,824 

Payable in foreign currencies 2 ...................... 18,393 20,847 20,847 20,847 17,265 17,265 17,265 17,265 

 

 1

 Principally the International Bank for Reconstruction and Development (World Bank) and 

the Inter-American Development Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

December 2008 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2008 

Country 2005 2006 2007 r May r June July Aug. Sept. p

Europe: 

Austria ................................................. 3,607 3,934 4,989 4,690 5,405 3,915 5,852 3,383

Belgium ............................................... 17,105 15,595 22,493 20,615 16,110 14,765 13,249 14,378

Bulgaria ............................................... 139 88 148 95 132 89 104 115

Cyprus 1 .............................................. n.a. 634 1,068 662 711 611 611 938

Czech Republic.................................... 1,446 1,353 1,433 1,753 1,114 1,285 2,300 1,099

Denmark .............................................. 1,544 969 791 1,031 4,862 4,887 4,284 4,089

Finland................................................. 3,767 3,362 1,456 1,490 1,500 1,653 1,508 1,725

France ................................................. 76,016 83,606 73,302 79,671 69,662 65,776 67,247 85,000

Germany.............................................. 70,867 92,815 146,836 176,688 161,065 165,087 162,914 169,783

Greece................................................. 1,212 1,488 1,357 1,549 1,825 2,047 1,346 1,031

Hungary ............................................... 527 820 1,219 665 532 589 602 456

Iceland 1 .............................................. n.a. 431 667 406 221 302 352 387

Ireland.................................................. 68,669 84,414 113,671 166,607 162,585 162,503 171,198 147,319

Italy...................................................... 8,149 9,301 10,977 11,309 7,310 7,487 9,248 10,498

Kazakhstan 1 ....................................... n.a. 6,145 5,953 7,272 8,338 9,372 11,059 10,668

Luxembourg ........................................ 62,804 73,989 108,402 109,098 105,422 102,718 106,317 99,176

Monaco 1 ............................................ n.a. 380 206 226 167 155 128 224

Netherlands ......................................... 16,460 26,781 26,125 44,020 36,811 40,517 40,423 42,547

Norway ................................................ 27,927 42,401 48,309 29,761 30,869 34,030 36,404 23,912

Poland ................................................. 6,340 7,475 19,651 32,001 28,773 32,469 29,936 20,933

Portugal ............................................... 2,883 2,720 2,999 2,926 3,268 2,374 2,098 2,210

Romania .............................................. 565 492 581 700 462 360 966 376

Russia ................................................. 101,355 62,736 104,741 88,355 92,698 91,521 87,094 79,185

Serbia and Montenegro 2 .................... 119 295 532 530 334 303 293 144

Spain ................................................... 10,060 9,805 13,017 14,725 14,253 14,500 14,679 16,414

Sweden................................................ 4,796 3,890 7,723 3,638 4,804 2,740 3,259 12,318

Switzerland .......................................... 141,498 63,546 58,175 43,149 40,748 39,278 41,712 47,804

Turkey.................................................. 10,006 10,457 12,152 16,578 18,527 21,650 22,785 20,033

Ukraine 1 ............................................. n.a. 919 1,392 1,971 2,043 1,856 1,869 2,050

United Kingdom ................................... 590,505 926,069 1,063,674 1,006,925 902,842 906,429 919,194 821,277

Channel Islands .................................. 29,737 33,857 25,391 16,036 13,977 16,216 13,901 13,531

All other Europe 1................................. 23,540 3,852 4,897 6,240 5,510 6,443 5,837 5,496

Total Europe.................................... 1,281,643 1,574,620 1,884,327 1,891,380 1,742,880 1,753,928 1,778,768 1,658,499

Memo: Euro Area 3 ............................................. 341,599 407,811 525,624 634,380 586,136 584,189 596,918 594,638

Memo: European Union 4 ................... n.a. 1,349,799 1,623,469 1,682,971 1,530,090 1,534,098 1,558,045 1,455,755

Canada .................................................... 38,051 49,396 67,254 80,412 82,996 77,985 74,276 75,239

Latin America: 

Argentina ............................................. 9,775 10,628 12,139 12,345 11,789 11,825 11,805 13,541

Belize 5 ................................................ n.a. 484 307 299 328 322 358 385

Bolivia 5 ............................................... n.a. 2,123 2,559 2,649 2,717 3,161 3,136 3,438

Brazil.................................................... 12,898 16,271 24,910 28,620 24,435 23,094 24,677 18,462

Chile .................................................... 9,045 16,926 15,766 13,942 14,588 14,193 14,207 15,112

Colombia ............................................. 6,521 11,702 11,038 11,060 11,062 11,048 11,441 12,247

Costa Rica 5 ........................................ n.a. 2,967 2,502 3,645 3,515 3,305 2,782 2,626

Ecuador ............................................... 3,426 3,431 3,296 3,826 3,469 3,475 3,413 3,739

El Salvador 5 ....................................... n.a. 1,964 2,362 2,516 2,654 2,415 2,611 2,689

Guatemala ........................................... 1,660 1,444 1,851 1,949 2,061 1,741 1,740 1,697

Guyana 5 ............................................. n.a. 98 141 147 126 126 96 160

Honduras 5 .......................................... n.a. 2,594 2,162 1,835 1,995 2,147 1,799 1,796

Mexico ................................................. 44,738 45,846 53,233 52,462 53,334 58,277 60,349 59,688

Nicaragua 5 ......................................... n.a. 238 215 278 289 237 241 296

Panama ............................................... 5,334 7,183 7,046 7,665 7,211 7,456 6,982 7,674

Paraguay 5 .......................................... n.a. 672 693 683 658 665 672 687

Peru..................................................... 3,062 4,281 5,281 6,397 6,763 6,666 6,520 5,595

Suriname 5 .......................................... n.a. 128 128 174 136 145 150 178

Uruguay ............................................... 4,976 6,139 6,503 6,467 5,894 5,811 5,627 5,730

Venezuela............................................ 27,535 22,883 23,588 26,595 26,479 25,854 26,601 26,756

All other Latin America 5 ...................... 8,595 8 15 21 45 50 41 40

Total Latin America.......................... 137,565 158,010 175,735 183,575 179,548 182,013 185,248 182,536

Caribbean: 

Anguilla 6 ............................................ n.a. 3,149 13,065 9,745 8,006 6,887 7,954 12,643

Antigua and Barbuda 6 ........................ n.a. 186 217 238 230 216 217 135

Aruba 6 ................................................ n.a. 408 265 576 436 510 489 470

Bahamas ............................................. 213,833 257,200 286,684 285,917 292,710 302,611 281,371 301,762

Barbados 6 .......................................... n.a. 18,680 21,641 17,073 16,142 17,519 17,905 17,675

Bermuda .............................................. 52,361 55,502 49,757 47,300 50,735 51,633 46,605 46,176

British Virgin Islands 6 ......................... n.a. 22,082 34,919 40,132 40,322 41,409 42,929 43,463

Cayman Islands .................................. 922,518 1,316,517 1,484,991 1,437,187 1,423,193 1,369,773 1,389,614 1,402,418

Cuba.................................................... 120 82 80 94 93 92 94 94

Dominican Republic 6 .......................... n.a. 3,895 3,829 3,629 3,475 3,560 3,409 3,301

French West Indies 6 ........................... n.a. 19 35 37 38 35 54 34

Haiti 6 .................................................. n.a. 495 555 618 659 617 658 735

Jamaica ............................................... 970 1,056 1,358 1,139 1,500 1,455 1,354 1,195

Netherlands Antilles............................. 6,398 8,503 10,131 8,286 7,348 6,552 5,519 4,815

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2008 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2008 

Country 2005 2006 2007 r May r June July Aug. Sept. p

 

Caribbean, con. 

St. Kitts and Nevis 6 .......................... n.a. 90 122 110 115 133 135 132

Trinidad and Tobago......................... 2,836 3,354 3,389 2,902 4,085 3,088 3,329 3,866

Turks and Caicos Islands 6 ............... n.a. 165 208 239 227 228 213 245

All other Caribbean 6 ........................ 32,620 157 189 231 210 204 198 186

Total Caribbean ............................ 1,231,656 1,691,540 1,911,435 1,855,453 1,849,524 1,806,522 1,802,047 1,839,345

Asia: 

Bangladesh 7 .................................... n.a. 824 889 731 1,510 1,013 1,421 1,465

China, Mainland ............................... 46,466 44,474 94,369 68,401 58,505 65,098 72,224 122,722

Hong Kong........................................ 35,246 44,639 47,131 48,610 42,755 42,752 42,651 54,488

India.................................................. 13,860 18,813 18,257 12,957 14,861 15,700 17,539 18,257

Indonesia.......................................... 4,213 4,386 5,220 3,119 4,727 5,103 6,560 8,273

Israel................................................. 9,828 7,327 7,812 11,892 12,229 10,223 8,750 11,392

Japan................................................ 161,951 141,655 190,119 178,966 180,855 185,429 191,446 199,438

Jordan 7 ............................................ n.a. 2,146 1,179 1,363 1,255 1,056 1,165 1,320

Korea, South..................................... 27,200 28,099 35,215 21,993 21,900 21,897 20,445 16,739

Laos 7 .............................................. n.a. 120 380 240 243 268 176 68

Lebanon............................................ 797 1,168 1,032 1,028 1,209 980 881 1,169

Malaysia ........................................... 2,287 3,847 2,852 2,872 2,593 2,713 2,616 2,296

Pakistan............................................ 1,768 1,282 1,464 1,740 1,964 1,792 1,631 2,127

Philippines ........................................ 3,780 3,857 4,927 3,039 3,716 3,614 3,712 4,119

Singapore ......................................... 20,291 30,831 38,705 34,092 35,126 35,266 35,425 32,288

Syria ................................................. 28 25 24 55 26 29 26 24

Taiwan.............................................. 23,287 22,952 26,087 24,029 22,210 22,763 22,550 29,784

Thailand............................................ 9,966 8,319 14,189 19,828 17,841 18,923 18,006 14,365

Yemen 7 ........................................... n.a. 179 202 218 152 301 217 159

Oil exporting countries 8 .................... 50,659 70,314 80,594 105,219 105,424 112,873 125,391 121,860

All other Asia 7 ................................. 7,258 5,893 5,052 5,456 5,400 5,841 6,707 8,275

Total Asia ..................................... 418,885 441,150 575,699 545,848 534,501 553,634 579,539 650,628

Africa: 

Botswana 9 ....................................... n.a. 236 925 636 672 743 781 641

Egypt ................................................ 4,953 2,252 3,683 4,040 4,488 5,103 3,857 7,323

Ghana............................................... 572 389 346 318 525 160 320 399

Kenya 9 ............................................ n.a. 234 612 570 425 322 282 306

Liberia............................................... 217 469 422 342 354 364 357 325

Mauritius 9 ........................................ n.a. 641 6,436 16,439 17,552 18,224 1,268 866

Morocco............................................ 138 198 180 170 275 350 243 533

Mozambique 9 .................................. n.a. 87 126 109 137 111 54 60

South Africa ...................................... 3,054 1,565 1,649 3,403 2,980 2,678 3,007 2,983

Tanzania 9 ........................................ n.a. 363 407 329 379 366 305 319

Uganda 9 .......................................... n.a. 926 1,233 1,070 930 906 910 793

Zambia 9 .......................................... n.a. 143 190 146 183 195 179 142

Zimbabwe 9 ...................................... n.a. 78 105 92 90 74 75 71

Oil exporting countries 10 .................. 6,880 4,457 6,131 4,184 4,678 5,418 4,328 3,978

All other Africa 9 ............................... 4,313 2,981 3,443 5,260 3,548 4,698 5,791 6,280

Total Africa ................................... 20,127 15,019 25,888 37,108 37,216 39,712 21,757 25,019

Other countries: 

Australia............................................ 18,427 26,178 15,563 28,678 21,933 23,116 18,283 18,562

New Zealand .................................... 3,028 4,543 3,190 3,225 3,248 3,094 4,807 4,025

French Polynesia 11 ......................... n.a. 63 83 86 118 138 118 123

All other 11 ........................................ 14,612 18,704 19,455 21,748 17,955 18,286 17,985 17,738

Total other ................................... 36,067 49,488 38,291 53,737 43,254 44,634 41,193 40,448

All countries .......................................... 3,163,994 3,979,223 4,678,629 4,647,513 4,469,919 4,458,428 4,482,828 4,471,714

International and regional orgs: 

International organizations............... 17,598 26,862 24,201 24,871 21,207 22,682 24,827 19,807

Regional organizations 12 ................ 5,153 4,274 4,057 4,386 4,850 4,943 4,513 5,524

Total international and 

 regional organizations................ 22,751 31,136 28,258 29,257 26,057 27,625 29,340 25,331

Grand total................................ 3,186,745 4,010,359 4,706,887 4,676,770 4,495,976 4,486,053 4,512,168 4,497,045

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United States 

are reported under “All other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav 

Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. 

4 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

5 Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

7

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

8

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

9

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

10 Includes Algeria, Gabon, Libya, and Nigeria. 11 Before June 2006, data for French Polynesia are included in “All other.” 12 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2008 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2008, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 3,383 3,366 2,505 861 1,221 253 106 602 12 1,167 5 17

Belgium ............................ 14,378 13,895 5,991 7,905 3,257 523 1,925 1,497 4,480 1,006 1,207 482

Cyprus.............................. 938 938 928 10 326 301 8 2 - 301 - -

Czech Republic ................ 1,099 1,086 286 800 109 45 800 - - 132 - 13

Denmark........................... 4,089 3,976 3,705 271 478 60 60 77 51 3,250 - 113

Finland.............................. 1,725 1,551 540 1,011 199 207 268 46 648 183 - 174

France .............................. 85,000 81,814 69,503 12,312 31,562 1,577 3,319 7,914 907 17,514 19,021 3,185

Germany........................... 169,783 95,566 81,218 14,348 41,118 2,150 5,073 6,731 1,680 38,413 401 74,218

Greece.............................. 1,031 1,030 961 69 255 622 26 29 13 84 1 1

Hungary............................ 456 379 250 129 135 65 110 6 2 61 - 77

Ireland .............................. 147,319 147,158 24,604 122,554 8,604 3,130 22,845 56,726 37,943 6,019 11,891 161

Italy................................... 10,498 9,645 8,182 1,463 3,577 850 958 113 66 4,071 10 853

Kazakhstan....................... 10,668 10,442 2,180 8,262 694 9 7,772 490 - 1,477 - 226

Luxembourg ..................... 99,176 97,709 19,921 77,789 11,436 2,301 46,893 22,489 6,975 2,242 5,373 1,467

Monaco............................. 224 224 104 120 21 83 119 - 1 - - -

Netherlands ...................... 42,547 41,505 30,149 11,356 7,623 2,679 2,126 7,697 882 14,369 6,130 1,042

Norway ............................. 23,912 23,821 22,446 1,375 1,786 183 336 917 122 20,477 - 91

Poland .............................. 20,933 20,891 13,123 7,768 952 80 50 7,716 2 12,091 - 42

Portugal............................ 2,210 2,202 2,059 143 1,406 581 31 106 7 71 1 8

Romania........................... 376 376 374 2 24 33 - - 2 317 - -

Russia .............................. 79,185 79,154 6,774 72,380 5,330 366 24,305 48,070 5 1,033 45 31

Spain ................................ 16,414 15,011 12,980 2,031 7,114 1,991 768 632 546 3,743 217 1,403

Sweden............................. 12,318 12,225 9,410 2,815 919 678 83 1,403 855 8,208 79 93

Switzerland ....................... 47,804 44,494 16,426 28,068 9,952 2,478 17,020 9,607 1,409 3,543 485 3,310

Turkey............................... 20,033 19,977 2,446 17,531 1,406 278 17,478 19 32 762 2 56

Ukraine ............................. 2,050 2,050 1,435 615 1,143 23 555 - 60 269 - -

United Kingdom ................ 821,277 778,186 756,445 21,741 125,901 22,113 10,025 5,251 3,011 314,938 296,947 43,091

Channel Islands................ 13,531 13,299 8,906 4,393 6,755 1,472 1,100 2,290 829 136 717 232

All other Europe ................. 6,142 5,921 4,983 938 865 453 855 52 13 3,677 5 221

Total Europe.................. 1,658,499 1,527,891 1,108,832 419,059 274,168 45,584 165,013 180,482 60,553 459,554 342,537 130,608

Memo: Euro Area 4........ 594,638 511,584 259,732 251,852 117,739 17,301 84,345 104,584 54,160 89,198 44,257 83,054

Canada................................... 75,239 67,933 50,364 17,569 4,299 8,720 5,204 6,077 5,279 32,608 5,746 7,306

Latin America: 

Argentina............................ 13,541 13,310 10,306 3,004 774 8,992 2,380 200 403 402 159 231

Belize ................................. 385 385 283 102 60 156 48 10 44 63 4 -

Bolivia................................. 3,438 3,405 1,162 2,243 168 952 854 1,081 308 40 2 33

Brazil .................................. 18,462 18,049 15,760 2,289 3,113 4,832 1,416 695 135 7,204 654 413

Chile................................... 15,112 14,477 9,814 4,663 5,032 3,324 1,177 1,582 1,873 1,422 67 635

Colombia............................ 12,247 12,196 5,353 6,843 1,307 3,376 4,885 1,243 715 619 51 51

Costa Rica ......................... 2,626 2,616 2,066 550 1,039 661 58 40 452 365 1 10

Ecuador.............................. 3,739 3,701 3,240 461 770 2,310 199 92 63 129 138 38

El Salvador......................... 2,689 2,687 1,366 1,321 273 493 410 465 446 599 1 2

Guatemala ......................... 1,697 1,641 1,471 170 179 1,115 76 46 47 166 12 56

Honduras ........................... 1,796 1,775 1,699 76 953 677 15 4 57 65 4 21

Mexico................................ 59,688 56,139 38,433 17,706 17,034 18,824 10,078 6,721 867 2,257 358 3,549

Panama.............................. 7,674 7,618 5,276 2,342 2,149 2,827 1,409 686 245 269 33 56

Paraguay............................ 687 678 631 47 128 492 18 15 14 3 8 9

Peru.................................... 5,595 5,396 4,846 550 2,901 1,149 13 218 316 792 7 199

Uruguay ............................. 5,730 5,584 4,272 1,312 740 1,950 780 208 310 1,299 297 146

Venezuela.......................... 26,756 26,121 23,708 2,413 7,554 15,320 262 1,862 258 590 275 635

All other Latin America....... 674 674 636 38 162 391 18 4 16 72 11 -

Total Latin America ....... 182,536 176,452 130,322 46,130 44,336 67,841 24,096 15,172 6,569 16,356 2,082 6,084

Caribbean: 

Aruba.................................. 470 470 391 79 180 172 38 10 31 6 33 -

Bahamas............................ 301,762 300,850 297,638 3,212 203,345 6,456 2,388 482 182 80,905 7,092 912

Barbados............................ 17,675 17,622 3,416 14,206 2,894 497 4,307 6,010 3,880 25 9 53

Bermuda ............................ 46,176 44,705 20,172 24,533 2,607 9,440 13,053 10,223 994 185 8,203 1,471

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2008 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, September 30, 2008, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

negotiable securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean, con. 

British Virgin Islands ................ 43,463 41,946 21,679 20,267 14 20,236 17,036 2,230 828 1 1,601 1,517

Cayman Islands....................... 1,402,418 1,374,459 1,029,824 344,635 418,508 142,910 44,650 26,386 4,960 597,977 139,068 27,959

Dominican Republic................. 3,301 3,250 3,160 90 795 2,182 13 18 59 171 12 51

Haiti .......................................... 735 735 664 71 252 252 18 27 26 156 4 -

Jamaica.................................... 1,195 1,153 1,113 40 511 327 29 6 5 270 5 42

Netherlands Antilles................. 4,815 4,717 3,826 891 2,411 660 596 264 31 505 250 98

Trinidad and Tobago................ 3,866 3,757 2,742 1,015 1,408 239 179 772 15 1,095 49 109

All other Caribbean 13,469 12,685 12,417 268 175 7,094 137 74 49 11 5,145 784

Total Caribbean.................. 1,839,345 1,806,349 1,397,042 409,307 633,100 190,465 82,444 46,502 11,060 681,307 161,471 32,996

Asia: China, Mainland....................... 122,722 122,713 45,254 77,459 13,061 12,033 58,209 18,851 337 20,175 47 9

Hong Kong............................... 54,488 52,416 32,460 19,956 7,450 6,173 1,044 17,730 939 5,857 13,223 2,072

India ......................................... 18,257 18,201 4,410 13,791 1,660 1,242 5,046 8,615 14 1,516 108 56

Indonesia ................................. 8,273 8,269 2,926 5,343 1,323 348 2,665 2,642 36 1,244 11 4

Israel ........................................ 11,392 11,248 6,664 4,584 1,770 1,770 3,718 629 227 3,111 23 144

Japan ....................................... 199,438 150,036 82,295 67,741 45,459 6,730 55,522 9,501 335 30,823 1,666 49,402

Jordan ...................................... 1,320 1,319 1,154 165 890 48 59 - 106 216 - 1

Korea, South............................ 16,739 16,446 7,713 8,733 2,006 660 697 5,273 2,689 4,922 199 293

Malaysia................................... 2,296 2,293 1,906 387 1,093 116 156 197 11 696 24 3

Pakistan ................................... 2,127 2,127 1,747 380 668 151 259 82 10 933 24 -

Philippines................................ 4,119 4,101 3,593 508 1,788 456 360 109 39 1,298 51 18

Singapore................................. 32,288 30,891 25,529 5,362 20,962 1,465 4,333 862 133 2,924 212 1,397

Taiwan...................................... 29,784 29,733 26,974 2,759 7,805 6,848 1,982 241 501 12,344 12 51

Thailand ................................... 14,365 14,361 1,644 12,717 883 293 12,604 77 15 485 4 4

All other Asia............................ 133,020 132,885 44,665 88,220 11,422 1,762 67,920 14,992 5,299 31,394 96 135

Total Asia............................. 650,628 597,039 288,934 308,105 118,240 40,095 214,574 79,801 10,691 117,938 15,700 53,589

Africa: Egypt........................................ 7,323 7,321 4,172 3,149 989 112 3,002 22 125 3,071 - 2

Ghana ...................................... 399 386 386 - 215 39 - - - 132 - 13

Kenya....................................... 306 306 293 13 170 65 11 2 - 58 - -

Liberia ...................................... 325 323 223 100 1 150 71 24 1 72 4 2

Morocco ................................... 533 532 514 18 469 33 1 - 5 12 12 1

South Africa ............................. 2,983 2,967 2,378 589 1,923 305 443 14 132 143 7 16

All other Africa.......................... 13,150 12,952 10,685 2,267 5,634 857 2,148 113 6 4,146 48 198

Total Africa........................... 25,019 24,787 18,651 6,136 9,401 1,561 5,676 175 269 7,634 71 232

Other countries: Australia ................................... 18,562 17,666 12,056 5,610 5,399 1,312 1,275 994 3,138 4,371 1,177 896

New Zealand............................ 4,025 3,990 2,579 1,411 666 149 1,185 218 8 1,628 136 35

All other.................................... 17,861 552 467 85 102 197 57 11 17 165 3 17,309

Total other........................... 40,448 22,208 15,102 7,106 6,167 1,658 2,517 1,223 3,163 6,164 1,316 18,240

All countries.................................. 4,471,714 4,222,659 3,009,247 1,213,412 1,089,711 355,924 499,524 329,432 97,584 1,321,561 528,923 249,055

International and regional orgs: International organizations....... 19,807 18,304 14,717 3,587 - 10,783 103 363 3,121 - 3,934 1,503

Regional organizations5........... 5,524 5,368 3,092 2,276 - 1,563 183 1,974 119 - 1,529 156

Total International and 

 regional organizations ...... 25,331 23,672 17,809 5,863 - 12,346 286 2,337 3,240 - 5,463 1,659

Grand total ...................... 4,497,045 4,246,331 3,027,056 1,219,275 1,089,711 368,270 499,810 331,769 100,824 1,321,561 534,386 250,714

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.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

December 2008 

66 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2004 2005 2006 2007 Sept. 2008 

United Kingdom......................... 501,721 590,505 926,069 1,063,674 821,277

All other Europe ........................ 611,774 691,138 648,551 820,653 837,222

Caribbean banking centers 1 ...... 1,186,221 1,200,444 1,666,987 1,873,528 1,806,308

Japan......................................... 173,872 161,951 141,655 190,119 199,438

All other Asia ............................. 260,142 256,934 299,495 385,580 451,190

Subtotal ................................... 2,733,730 2,900,972 3,682,757 4,333,554 4,115,435

All other countries ..................... 284,143 285,773 327,602 373,333 381,610

Grand total............................... 3,017,873 3,186,745 4,010,359 4,706,887 4,497,045

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $4.5 trillion in 

September 2008, a decrease of 

$210 billion from yearend 2007. 

U.S. banking liabilities include 

foreign holdings of U.S. shortterm securities but exclude 

foreign holdings of U.S. longterm securities. U.S. banking 

liabilities increased about $697 

billion in 2007, about $824 billion 

in 2006, and about $169 billion in 

2005. However, much of the 

increase in liabilities to foreigners 

in 2006 reflects changes in 

coverage in the bank-reported 

data in the first and second 

quarters of 2006. Between June 

and December of 2006, when data 

were reported on a consistent 

basis, banking liabilities increased 

about $250 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on this 

page show that almost 60 percent 

of U.S. banking liabilities is 

currently recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years. 

Foreigners domiciled in the rest of 

Europe and in Asia account for 

about one-third of U.S. banking 

liabilities. 

0

200

400

600

800

1000

1200

1400

1600

1800

2000

2004 2005 2006 2007 Sept. 2008

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
 CAPITAL MOVEMENTS 

December 2008 

67

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 

Type of Claim 

Calendar 

Year 

2006 June Sept. r Dec. r Mar. June p 

Total claims.............................................................. 3,140,564 3,593,754 3,681,499 3,792,774 4,017,162 3,793,277 

Payable in dollars.................................................. 2,944,476 3,368,944 3,451,699 3,547,969 3,748,510 3,554,726 

Own claims on foreigners................................... 2,291,340 2,633,268 2,680,735 2,791,032 2,998,835 2,855,584 

Foreign official institutions............................... 98,010 96,012 86,799 108,326 101,408 96,578 

Foreign banks, including own foreign 

offices........................................................... 1,662,805 1,904,381 1,963,625 2,067,163 2,236,043 2,134,480 

All other foreigners .......................................... 530,525 632,875 630,311 615,543 661,384 624,526 

Claims of domestic customers.............................. 653,136 735,676 770,964 756,937 749,675 699,142 

Payable in foreign currencies .................................. 196,088 224,810 229,800 244,805 268,652 238,551 

Own claims on foreigners ..................................... 131,530 143,525 149,605 170,112 184,353 160,378 

of which: 

Canadian dollars.............................................. 16,024 24,797 35,419 32,718 31,010 27,741 

Euros................................................................ 65,947 67,638 56,535 75,137 81,239 62,854 

United Kingdom pounds sterling...................... 18,871 15,088 14,728 15,805 17,965 12,511 

Japanese yen................................................... 14,463 17,827 19,463 23,911 27,716 29,662 

Claims of domestic customers.............................. 64,558 81,285 80,195 74,693 84,299 78,173 

of which: 

Canadian dollars.............................................. 4,814 4,261 4,873 3,008 2,703 3,019 

Euros................................................................ 47,468 67,539 62,161 60,501 67,014 57,543 

United Kingdom pounds sterling...................... 7,068 3,348 3,925 3,160 5,197 6,058 

Japanese yen................................................... 1,676 381 2,739 2,817 3,109 5,975 

Memoranda: 

Total own claims on foreigners ............................. 2,422,870 2,776,793 2,830,340 2,961,144 3,183,188 3,015,962 

Non-negotiable deposits .................................... 983,110 1,065,498 991,664 1,051,387 1,193,620 1,163,214 

Short-term negotiable instruments 

(payable in dollars) .......................................... 15,508 18,834 39,876 48,082 44,901 42,383 

Resale agreements ............................................ 664,373 794,401 808,378 764,821 817,524 742,200 

Other................................................................... 759,879 898,060 990,422 1,096,854 1,127,143 1,068,165 

Claims on own foreign offices............................... 1,639,474 1,854,092 1,808,249 1,928,520 2,117,109 1,980,944 

Claims reported by IBFs ....................................... 562,430 648,582 615,052 686,623 646,189 527,087 

Payable in dollars............................................... 524,907 606,879 578,337 644,202 608,557 488,712 

Payable in foreign currencies............................. 37,523 41,703 36,715 42,421 37,632 38,375 

Total claims held for domestic customers ............ 717,694 816,961 851,159 831,630 833,974 777,315 

Non-negotiable deposits .................................... 312,635 365,866 389,057 442,973 438,773 385,024 

Short-term negotiable instruments 

(payable in dollars) .......................................... 353,438 401,187 399,862 340,734 346,228 343,544 

Other ..................................................................... 51,621 49,908 62,240 47,923 48,973 48,747 

 

 
CAPITAL MOVEMENTS 

December 2008 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2006 2007 2008 

Country 

Calendar 

year 

2005 Dec. Mar. June Sept. r Dec. r Mar. p June p

 

Europe: 

Austria .................................................... 5,432 8,563 8,309 8,572 9,189 8,083 7,980 9,371

Belgium................................................... 14,095 20,258 33,993 43,167 23,449 26,646 28,017 36,418

Bulgaria .................................................. 23 38 39 38 37 30 52 56

Czech Republic ...................................... 3,413 3,546 3,232 3,604 2,113 4,049 2,662 2,276

Denmark................................................. 2,619 2,770 5,699 1,757 2,393 10,314 10,984 10,789

Finland.................................................... 9,610 10,360 14,933 15,143 24,206 30,533 27,748 32,299

France .................................................... 131,334 165,030 190,458 199,784 189,346 202,757 235,543 223,187

Germany................................................. 48,290 45,429 59,267 71,143 86,617 79,122 92,778 96,286

Greece.................................................... 116 1,081 1,421 1,442 1,409 1,658 1,963 1,835

Hungary.................................................. 121 157 185 187 252 378 216 216

Ireland..................................................... 41,916 62,881 71,841 70,771 68,598 80,906 100,575 106,551

Italy ......................................................... 23,200 41,462 38,332 34,782 43,098 51,856 63,530 63,963

Kazakhstan 1........................................... n.a. 510 725 863 754 688 732 665

Luxembourg ........................................... 14,772 16,033 17,679 26,823 22,636 27,017 25,112 21,455

Netherlands ............................................ 30,557 38,723 45,310 60,364 73,708 63,711 72,195 75,267

Norway ................................................... 19,083 35,117 28,204 25,101 28,281 29,105 27,307 25,062

Poland .................................................... 1,840 1,115 1,842 3,454 3,999 8,242 17,108 17,271

Portugal .................................................. 1,138 1,988 2,245 2,506 2,840 3,113 3,672 2,988

Romania ................................................. 288 290 217 209 200 195 178 202

Russia..................................................... 1,320 4,254 1,819 1,777 3,334 1,869 1,638 2,315

Spain ...................................................... 10,809 15,969 32,377 25,154 26,085 32,753 56,322 62,332

Sweden................................................... 27,865 29,377 28,572 31,026 37,603 34,964 28,620 36,180

Switzerland............................................. 151,785 112,020 170,752 183,080 191,231 201,003 184,123 133,871

Turkey..................................................... 3,459 5,429 3,754 3,678 3,718 3,735 3,989 4,055

United Kingdom...................................... 627,105 938,123 974,980 1,043,097 1,137,811 1,108,746 1,182,675 1,067,249

Channel Islands...................................... 42,827 45,533 48,523 56,782 42,882 35,468 20,459 17,726

All other Europe 1.................................... 18,996 4,193 3,501 3,689 3,689 3,632 3,418 3,133

Total Europe ........................................ 1,232,013 1,610,249 1,788,209 1,917,993 2,029,478 2,050,573 2,199,594 2,053,017

Memo: Euro Area 2 .................................... 331,269 427,777 516,165 559,651 571,182 608,155 716,890 733,214

Memo: European Union 3 .......................... n.a. 1,404,001 1,532,513 1,644,892 1,757,330 1,776,737 1,959,420 1,867,476

Canada...................................................... 94,997 106,662 109,057 134,332 141,301 140,166 160,930 137,691

Latin America: 

Argentina ................................................ 2,507 2,977 2,880 3,631 4,197 4,251 4,346 4,547

Bolivia 4 ................................................... n.a. 157 139 172 166 169 172 166

Brazil....................................................... 15,621 20,454 22,354 25,578 32,740 31,500 28,278 38,984

Chile ....................................................... 6,990 7,152 6,120 6,489 7,887 9,829 10,267 11,378

Colombia ................................................ 2,506 2,915 4,104 4,287 6,208 4,972 4,953 4,779

Costa Rica 4 ............................................ n.a. 733 780 782 797 1,028 1,217 1,304

Ecuador.................................................. 602 612 581 777 896 993 886 801

El Salvador 4 ........................................... n.a. 872 871 901 801 831 797 772

Guatemala.............................................. 903 1,055 1,135 1,108 1,235 1,348 1,358 1,433

Honduras 4 .............................................. n.a. 433 461 417 606 494 493 484

Mexico .................................................... 15,194 17,936 19,257 19,824 23,028 24,582 26,843 25,560

Nicaragua ............................................... n.a. 89 89 82 74 83 93 131

Panama .................................................. 2,359 2,556 2,670 3,525 3,456 4,118 4,794 5,286

Paraguay 4 .............................................. n.a. 41 60 79 92 108 130 148

Peru ........................................................ 1,242 1,474 1,416 2,250 2,150 3,092 4,487 4,978

Uruguay.................................................. 486 361 1,119 341 1,083 415 403 393

Venezuela .............................................. 2,613 2,477 2,651 2,791 3,013 2,580 2,152 2,107

All other Latin America 4......................... 2,632 37 147 34 63 70 194 52

Total Latin America.............................. 53,655 62,331 66,834 73,068 88,492 90,463 91,863 103,303

Caribbean: 

Anguilla 5 ................................................ n.a. 5,281 2,575 3,479 3,140 6,493 7,796 8,035

Bahamas ................................................ 167,880 194,510 200,268 196,649 205,312 238,924 271,848 210,372

Barbados 5 .............................................. n.a. 471 372 794 352 445 557 594

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2008 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2006 2007 2008 

Country 

Calendar 

year 

2005 Dec. Mar. June Sept. r Dec. r Mar. p June p

 

Caribbean, con. 

Bermuda...................................... 20,875 21,721 29,321 18,845 20,419 12,378 19,442 15,740

British Virgin Islands 5.................. n.a. 4,270 5,934 7,420 5,190 4,857 6,012 6,779

Cayman Islands........................... 674,769 835,646 884,896 948,695 932,175 961,957 971,352 994,217

Dominican Republic 5 .................. n.a. 650 615 571 630 686 720 787

Haiti 5............................................ n.a. 50 56 67 56 46 52 76

Jamaica ....................................... 448 695 768 592 666 687 751 848

Netherlands Antilles .................... 4,558 2,686 2,897 2,634 4,877 4,624 5,085 4,288

Trinidad and Tobago ................... 957 1,055 1,034 680 524 673 724 809

All other Caribbean 5 ................... 8,687 383 563 627 584 770 786 672

Total Caribbean........................ 878,174 1,067,418 1,129,299 1,181,053 1,173,925 1,232,540 1,285,125 1,243,217

Asia: 

China, Mainland. ......................... 14,957 15,915 19,326 20,709 18,104 19,359 16,641 20,335

Hong Kong .................................. 9,042 8,300 6,500 7,506 7,472 10,263 10,545 9,997

India............................................. 2,669 3,209 3,209 3,514 4,563 4,588 4,620 5,984

Indonesia..................................... 523 559 549 525 583 1,030 1,089 1,243

Israel............................................ 5,827 6,568 6,390 7,680 6,451 5,031 4,902 4,907

Japan........................................... 114,713 157,671 136,611 130,634 106,578 97,856 107,349 87,864

Jordan 6........................................ n.a. 21 21 33 49 54 21 24

Korea, South ............................... 17,470 25,258 24,841 26,815 14,392 28,247 28,343 20,482

Lebanon....................................... 53 20 27 39 53 51 52 48

Malaysia ...................................... 834 947 627 1,104 1,914 1,989 1,166 1,114

Pakistan....................................... 33 29 42 105 218 164 64 115

Philippines ................................... 1,820 1,020 1,094 1,123 1,233 1,271 1,835 1,517

Singapore .................................... 8,210 5,519 5,347 6,163 5,687 6,662 7,867 7,393

Taiwan......................................... 8,909 3,607 3,880 6,140 3,864 1,641 3,065 2,027

Thailand....................................... 8,183 6,585 6,131 5,607 2,369 5,978 2,483 1,194

Asian oil exporters 7 .................... 13,670 11,789 13,281 15,470 15,403 23,932 14,672 13,996

All other Asia 6 ............................. 187 424 614 929 723 799 1,554 1,023

Total Asia.................................. 207,100 247,441 228,490 234,096 189,656 208,915 206,268 179,263

Africa: 

Cameroon 8.................................. n.a. 20 16 16 12 11 9 10

Egypt ........................................... 661 1,833 1,692 1,331 1,713 1,488 1,773 1,940

Ghana.......................................... 19 13 19 8 31 30 42 53

Liberia.......................................... 267 296 266 322 371 331 338 266

Morocco....................................... 94 84 77 85 47 50 45 55

South Africa................................. 414 640 416 438 431 730 617 496

African oil exporters 9 .................. 339 414 326 295 321 453 1,301 834

All other Africa 8 ........................... 252 251 269 388 424 6,570 13,594 16,880

Total Africa ............................... 2,046 3,551 3,081 2,883 3,350 9,663 17,719 20,534

Other countries: 

Australia....................................... 18,569 26,600 32,769 36,902 42,739 43,465 36,565 43,489

New Zealand ............................... 3,601 4,147 2,929 2,838 2,170 4,541 6,125 6,103

All other ....................................... 178 242 364 335 357 316 486 425

Total other countries................. 22,348 30,989 36,062 40,075 45,266 48,322 43,176 50,017

Total foreign countries ........... 2,490,333 3,128,641 3,361,032 3,583,500 3,671,468 3,780,642 4,004,675 3,787,042

International and regional orgs: 

International organizations.......... 8,086 11,279 10,236 9,779 9,371 10,930 11,444 5,594

Regional organizations 10 ............ 1,980 644 570 475 660 1,202 1,043 641

Total international 

and regional organizations............ 10,066 11,923 10,806 10,254 10,031 12,132 12,487 6,235

Grand total ............................. 2,500,399 3,140,564 3,371,838 3,593,754 3,681,499 3,792,774 4,017,162 3,793,277

1

 Before June 2006, data for Kazakhstan are included in “All other Europe.” 

2 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

4 Before June 2006, data for Bolivia, Costa Rica, El Salvador, Honduras, and Paraguay 

are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Barbados, the British Virgin Islands, Dominican 

Republic, and Haiti are included in “All other Caribbean.” 

6

 Before June 2006, data for Jordan are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Before June 2006, data for Cameroon are included in “All other Africa.” 

9 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

organizations. 
CAPITAL MOVEMENTS 

December 2008 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2008 

[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 

custom

er 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 9,371 5,422 5,416 2,783 2,633 6 3,948 2,660 1,288

Belgium.............................................. 36,418 31,418 31,029 23,436 7,593 389 5,000 3,016 1,984

Czech Republic ................................. 2,276 2,271 2,252 2,251 1 19 5 1 4

Denmark............................................ 10,789 4,118 4,021 3,620 401 97 6,671 6,641 30

Finland............................................... 32,299 29,883 29,854 29,760 94 29 2,416 1,624 792

France ............................................... 223,187 191,859 181,173 150,112 31,061 10,685 31,328 19,624 11,704

Germany............................................ 96,286 66,258 57,384 49,683 7,701 8,874 30,028 15,472 14,556

Greece............................................... 1,835 667 275 212 63 392 1,167 2 1,165

Hungary............................................. 216 139 101 13 88 38 77 - 77

Ireland................................................ 106,551 69,237 68,574 48,429 20,145 663 37,313 34,080 3,233

Italy .................................................... 63,963 54,777 48,224 47,955 269 6,553 9,186 872 8,314

Kazakhstan........................................ 665 638 626 521 105 12 27 - 27

Luxembourg ...................................... 21,455 11,938 10,767 2,878 7,889 1,171 9,517 8,474 1,043

Netherlands ....................................... 75,267 61,571 59,290 26,328 32,962 2,282 13,695 10,886 2,809

Norway .............................................. 25,062 15,131 15,073 14,166 907 58 9,931 9,760 171

Poland ............................................... 17,271 17,262 17,212 17,209 3 50 9 1 8

Portugal ............................................. 2,988 1,443 1,417 1,030 387 26 1,545 461 1,084

Romania ............................................ 202 202 167 2 165 35 - - -

Russia................................................ 2,315 2,254 2,244 2,076 168 10 61 61 -

Spain ................................................. 62,332 50,142 47,496 47,106 390 2,646 12,191 7,374 4,816

Sweden.............................................. 36,180 8,342 7,433 5,742 1,691 909 27,838 27,482 356

Switzerland........................................ 133,871 125,096 116,675 110,383 6,292 8,421 8,775 8,687 88

Turkey................................................ 4,055 4,051 3,675 2,678 997 376 4 3 1

United Kingdom................................. 1,067,249 901,200 874,381 643,434 230,947 26,819 166,049 156,570 9,479

Channel Islands .................................. 17,726 7,270 6,730 2,576 4,154 540 10,456 9,905 551

All other Europe ................................ 3,189 2,259 1,732 1,265 467 526 931 872 59

Total Europe ................................... 2,053,017 1,664,848 1,593,221 1,235,648 357,573 71,627 388,169 324,529 63,640

Memo: Euro Area 1 ............................... 733,214 575,406 541,405 430,099 111,306 34,001 157,808 104,996 52,812

Canada................................................. 137,691 110,830 88,786 76,275 12,511 22,044 26,861 23,877 2,984

Latin America: 

Argentina ........................................... 4,547 4,422 4,224 1,266 2,958 198 125 26 99

Bolivia 3 .............................................. 166 166 151 2 149 15 - - -

Brazil.................................................. 38,984 38,851 37,796 25,470 12,326 1,055 133 109 24

Chile .................................................. 11,378 11,370 10,353 5,028 5,325 1,017 8 5 3

Colombia ........................................... 4,779 4,708 3,625 1,916 1,709 1,083 71 68 3

Costa Rica ........................................ 1,304 1,299 1,232 370 862 67 5 -5

Ecuador............................................. 801 791 786 229 557 5 10 5 5

El Salvador ....................................... 772 772 772 221 551 - - - -

Guatemala......................................... 1,433 1,433 1,377 710 667 56 - - -

Honduras .......................................... 484 484 483 216 267 1 - - -

Mexico ............................................... 25,560 25,450 23,902 1,292 22,610 1,548 110 18 92

Panama ............................................. 5,286 5,268 5,020 3,878 1,142 248 18 14 4

Peru ................................................... 4,978 4,716 4,517 1,924 2,593 199 262 12 250

Uruguay............................................. 393 390 297 40 257 93 3 2 1

Venezuela ......................................... 2,107 1,986 1,873 232 1,641 113 121 113 8

All other Latin America ..................... 331 330 326 91 235 4 1 1 -

Total Latin America......................... 103,303 102,436 96,734 42,885 53,849 5,702 867 373 494

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2008 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2008, 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 ........................................... 210,372 147,959 147,091 141,190 5,901 868 62,413 62,231 182 

Bermuda............................................ 15,740 15,418 13,289 159 13,130 2,129 322 320 2 

British Virgin Islands ......................... 6,779 6,649 3,996 49 3,947 2,653 130 110 20 

Cayman Islands................................. 994,217 725,490 686,156 577,548 108,608 39,334 268,727 264,205 4,522 

Dominican Republic ......................... 787 751 729 240 489 22 36 32 4 

Jamaica ............................................. 848 848 818 202 616 30 - - - 

Netherlands Antilles .......................... 4,288 4,209 4,053 143 3,910 156 79 78 1 

Trinidad and Tobago ......................... 809 809 807 227 580 2 - - - 

All other Caribbean ........................... 9,377 9,357 8,591 201 8,390 766 20 18 2 

Total Caribbean.............................. 1,243,217 911,490 865,530 719,959 145,571 45,960 331,727 326,994 4,733 

Asia: 

China, Mainland ................................ 20,335 20,220 19,501 18,454 1,047 719 115 85 30 

Hong Kong ........................................ 9,997 9,771 8,886 6,865 2,021 885 226 56 170 

India................................................... 5,984 5,715 5,654 4,631 1,023 61 269 245 24 

Indonesia........................................... 1,243 1,229 1,144 880 264 85 14 2 12 

Israel.................................................. 4,907 4,246 4,109 3,933 176 137 661 661 - 

Japan................................................. 87,864 82,882 74,838 59,535 15,303 8,044 4,982 3,258 1,724 

Korea, South ..................................... 20,482 19,541 19,464 18,801 663 77 941 208 733 

Malaysia ............................................ 1,114 515 451 397 54 64 599 2 597 

Pakistan............................................. 115 115 98 92 6 17 - - - 

Philippines ......................................... 1,517 1,490 1,448 1,354 94 42 27 2 25 

Singapore .......................................... 7,393 7,252 6,247 4,025 2,222 1,005 141 107 34 

Taiwan............................................... 2,027 1,854 1,634 1,259 375 220 173 15 158 

Thailand............................................. 1,194 1,133 1,116 1,103 13 17 61 7 54 

All other Asia ..................................... 15,091 14,670 14,064 12,205 1,859 606 421 421 - 

Total Asia........................................ 179,263 170,633 158,654 133,534 25,120 11,979 8,630 5,069 3,561 

Africa: 

Egypt ................................................. 1,940 369 367 176 191 2 1,571 14 1,557 

Ghana................................................ 53 50 50 48 2 - 3 3 - 

Liberia................................................ 266 266 266 2 264 - - - - 

Morocco............................................. 55 52 30 29 1 22 3 3 - 

South Africa....................................... 496 446 374 328 46 72 50 41 9 

All other Africa ................................... 17,724 17,533 17,527 712 16,815 6 191 79 112 

Total Africa ..................................... 20,534 18,716 18,614 1,295 17,319 102 1,818 140 1,678 

Other countries: 

Australia............................................. 43,489 28,777 27,317 20,766 6,551 1,460 14,712 13,806 906 

New Zealand ..................................... 6,103 2,516 1,012 691 321 1,504 3,587 3,584 3 

All other ............................................. 425 424 424 5 419 - 1 1 - 

Total other countries....................... 50,017 31,717 28,753 21,462 7,291 2,964 18,300 17,391 909 

Total foreign countries ................. 3,787,042 3,010,670 2,850,292 2,231,058 619,234 160,378 776,372 698,373 77,999 

International and regional orgs: 

International organizations................ 5,594 4,888 4,888 - 4,888 - 706 617 89 

Regional organizations 2.................... 641 404 404 - 404 - 237 152 85 

Total international and regional 

organizations .................................. 6,235 5,292 5,292 - 5,292 - 943 769 174 

Grand total ................................... 3,793,277 3,015,962 2,855,584 2,231,058 624,526 160,378 777,315 699,142 78,173 

1

Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2008, also includes Cyprus, Malta, 

and Slovenia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2008 

72 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2004 2005 2006 2007 June 2008 

United Kingdom .............................. 567,001 627,105 938,123 1,108,746 1,067,249

All other Europe .............................. 527,615 604,908 672,126 941,827 985,768

Caribbean banking centers 1 .......... 755,954 870,441 1,061,389 1,226,858 1,236,682

Japan .............................................. 102,859 114,713 157,671 97,856 87,864

All other Asia................................... 70,601 92,387 89,770 111,059 91,399

Subtotal......................................... 2,024,030 2,309,554 2,919,079 3,486,346 3,468,962

All other countries ........................... 164,411 190,845 221,485 306,428 324,315

Grand total .................................... 2,188,441 2,500,399 3,140,564 3,792,774 3,793,277

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In June 2008, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $3.8 

trillion, about the same level as 

that recorded at yearend 2007. 

U.S. banking claims include 

holdings of foreign short-term 

securities but exclude holdings 

of foreign long-term securities. 

U.S. banking claims increased 

$652 billion in 2007 and $640 

billion in 2006, but part of the 

latter increase reflects changes 

in coverage in the bankreported data in the first and 

second quarters of 2006. 

Between June and December of 

2006, when data were reported 

on a consistent basis, banking 

claims increased about $209 

billion. Banking claims 

increased $312 billion in 2005. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

decade from about 20 percent at 

the end of 1996 to around 5 

percent currently. 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

2004 2005 2006 2007 June 2008

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)
CAPITAL MOVEMENTS 

December 2008 

73

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2007 2008 

Type of liability or claim 2004 2005 2006 June Sept. Dec. Mar. June p 

 

Total liabilities ................................................ 92,009 76,710 89,217 106,508 112,853 103,833 111,252 107,519 

Payable in dollars....................................... 55,386 58,728 72,331 82,029 84,072 79,159 85,082 86,698 

Financial................................................. 29,575 24,003 35,033 31,589 29,103 26,474 23,995 21,646 

Short-term negotiable securities........ 1,410 3,248 8,266 2,220 3,016 1,983 2,391 3,338 

Other .................................................. 28,165 20,755 26,767 29,369 26,087 24,491 21,604 18,308 

Commercial............................................ 25,811 34,725 37,298 50,440 54,969 52,685 61,087 65,052 

Trade payables .................................. 16,705 21,751 24,101 26,677 27,961 26,261 29,874 36,257 

Advance receipts and other............... 9,106 12,974 13,197 23,763 27,008 26,424 31,213 28,795 

Payable in foreign currencies .................... 36,623 17,982 16,886 24,479 28,781 24,674 26,170 20,821 

By major foreign currency: 

Canadian dollars................................ 2,623 2,525 3,536 2,035 1,500 2,162 2,655 1,790 

Euros.................................................. 10,125 5,041 5,239 12,031 13,488 9,075 10,496 9,624 

United Kingdom pounds sterling........ 19,041 3,640 4,494 4,585 4,307 4,267 4,261 4,589 

Japanese yen..................................... 1,860 2,326 1,770 2,778 3,673 3,908 4,249 2,597 

Other .................................................. 2,974 4,450 1,847 3,050 5,813 5,262 4,509 2,221 

By type of liability: 

Financial............................................. 33,272 15,246 13,679 21,060 25,948 21,445 22,180 17,639 

Short-term negotiable securities.... 10,349 5,802 3,351 4,563 1,647 2,940 5,360 3,036 

Other .............................................. 22,923 9,444 10,328 16,497 24,301 18,505 16,820 14,603 

Commercial........................................ 3,351 2,736 3,207 3,419 2,833 3,229 3,990 3,182 

Trade payables .............................. 1,476 1,299 1,572 1,560 1,361 1,605 2,398 1,515 

Advance receipts and other........... 1,875 1,437 1,635 1,859 1,472 1,624 1,592 1,667 

Total claims.................................................... 143,232 144,950 126,032 137,231 144,477 136,044 138,664 146,263 

Payable in dollars....................................... 94,884 105,700 100,031 106,269 105,282 109,698 114,844 123,069 

Financial................................................. 67,445 75,802 66,871 66,625 65,146 66,726 72,084 75,228 

Non-negotiable deposits .................... 42,005 42,140 28,380 23,844 25,583 28,393 32,439 41,538 

Negotiable CDs and short-term 

 negotiable instruments..................... 9,739 12,888 2,624 2,141 1,235 1,168 1,282 1,276 

Other .................................................. 16,314 20,774 35,867 40,640 38,328 37,165 38,363 32,414 

Commercial............................................ 27,439 29,898 33,160 39,644 40,136 42,972 42,760 47,841 

Trade receivables .............................. 24,778 26,080 29,388 32,813 33,345 36,736 35,594 40,771 

Advance payments and other............ 2,661 3,818 3,772 6,831 6,791 6,236 7,166 7,070 

Payable in foreign currencies .................... 48,348 39,250 26,001 30,962 39,195 26,346 23,820 23,194 

By major foreign currency: 

Canadian dollars................................ 1,841 9,829 9,194 4,387 5,024 5,371 5,751 4,911 

Euros.................................................. 22,212 10,643 6,951 16,572 16,622 10,833 8,962 9,846 

United Kingdom pounds sterling........ 10,805 8,341 4,675 4,557 4,274 4,210 3,612 4,036 

Japanese yen..................................... 7,583 3,724 1,027 1,125 9,398 1,378 1,139 1,064 

Other .................................................. 5,907 6,713 4,154 4,321 3,877 4,554 4,356 3,337 

By type of claim: 

Financial............................................. 43,072 35,592 21,775 27,169 35,638 21,305 19,754 20,059 

Non-negotiable deposits ................ 5,878 8,009 3,529 3,384 11,237 1,498 1,613 1,464 

Short-term negotiable securities.... 153 292 120 82 109 77 72 111 

Other .............................................. 37,041 27,291 18,126 23,703 24,292 19,730 18,069 18,484 

Commercial........................................ 5,276 3,658 4,226 3,793 3,557 5,041 4,066 3,135 

Trade receivables .......................... 4,451 3,151 3,414 3,188 3,175 4,684 3,797 2,900 

Advance payments and other........ 825 507 812 605 382 357 269 235 

 

Note. —For this table published between December 2006 and September 2008, the subcomponents of commercial liabilities (trade payables and advance receipts and other) and 

commercial claims (trade receivables and advance payments and other) were inaccurately allocated between those payable in dollars and those payable in foreign currencies. This error 

affected reporting periods from June 2006 through March 2008. This edition of the table remedies those errors. 
CAPITAL MOVEMENTS 

December 2008 

74 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2007 2008 

Country 2003 2004 2005 2006 June Sept. Dec. Mar. June p 

Europe: 

Austria.................................. 82 146 68 91 97 350 230 90 115

Belgium ................................ 163 74 73 181 429 197 492 308 1,194

Bulgaria................................ 3 2 - 44 48 26 36 34 6

Czech Republic.................... 6 34 17 14 14 21 25 52 48

Denmark............................... 67 41 78 132 133 1,030 937 269 156

Finland ................................. 47 38 20 140 77 38 63 69 160

France.................................. 4,443 2,368 2,631 2,562 2,180 3,133 3,165 3,296 2,173

Germany .............................. 4,386 3,935 3,646 12,391 8,465 8,325 4,977 3,127 2,912

Greece ................................. 474 248 401 182 180 197 187 199 347

Hungary................................ 11 14 12 18 14 18 46 16 21

Ireland .................................. 856 1,070 1,636 316 629 475 1,569 925 1,315

Italy....................................... 1,154 795 1,174 1,040 1,195 1,375 1,196 1,106 448

Luxembourg ......................... 705 824 378 977 643 483 235 197 168

Netherlands.......................... 668 668 895 1,709 959 1,171 1,194 1,036 1,417

Norway................................. 445 1,365 3,537 545 480 327 721 516 1,128

Poland.................................. 26 151 229 330 410 412 385 371 359

Portugal................................ 7 22 39 27 146 404 205 122 41

Romania............................... 30 33 4 9 6 7 6 10 42

Russia 2 ................................ 71 74 64 110 169 305 306 411 498

Serbia and Montenegro 

(formerly Yugoslavia)....... - 2 4 11 4 3 6 2

Spain.................................... 1,068 591 399 269 417 627 533 754 692

Sweden ................................ 656 800 747 952 824 951 438 237 271

Switzerland .......................... 1,884 1,078 1,237 1,070 1,683 1,580 1,703 2,004 2,832

Turkey .................................. 302 180 137 261 487 642 754 754 749

United Kingdom ................... 26,911 32,878 15,093 17,339 29,267 27,475 23,350 25,261 22,946

Channel Islands and 

Isle of Man ....................... - 2 501 15 2 117 208 149 117

Other Europe ....................... 188 286 250 421 364 455 539 505 466

Total Europe .................... 44,653 47,720 33,271 41,146 49,319 50,145 43,503 41,824 40,623

Canada..................................... 3,405 4,578 4,905 7,694 7,098 7,503 7,767 7,329 7,237

Latin America: 

Argentina.............................. 125 59 148 138 227 133 156 173 158

Brazil .................................... 475 321 288 264 375 448 940 1,168 1,113

Chile ..................................... 60 91 387 406 465 388 546 647 605

Colombia.............................. 118 84 106 208 292 327 356 372 360

Ecuador................................ 21 26 10 89 235 300 33 128 140

Guatemala ........................... 15 10 23 25 18 10 10 8 8

Mexico.................................. 1,332 1,968 2,234 2,150 2,547 2,963 2,848 3,112 4,190

Panama................................ 52 7 56 57 120 107 85 196 87

Peru...................................... 15 17 8 6 51 54 36 11 113

Uruguay................................ 4 2 2 13 44 25 20 7 26

Venezuela ............................ 332 451 681 353 677 602 575 886 1,187

Other Latin America............. 98 113 105 24 65 26 106 97 73

Total Latin America............. 2,647 3,149 4,048 3,733 5,116 5,383 5,711 6,805 8,060

Caribbean: 

Bahamas.............................. 14 32 70 70 163 129 89 180 163

Bermuda................................... 1,224 9,230 1,704 777 1,008 1,161 707 1,322 1,103

Cayman Islands ................... 3,154 7,279 6,522 12,804 13,035 14,722 15,969 15,830 13,494

Cuba..................................... 2 - - - - - - - -

Jamaica................................ 17 24 14 20 33 21 18 21 26

Netherlands Antilles............. 3 14 13 2 58 4 4 5 5

Trinidad and Tobago............ 16 15 44 25 21 108 74 100 93

Other Caribbean .................. 564 729 936 761 1,028 1,214 803 514 894

Total Caribbean ............... 4,994 17,323 9,303 14,459 15,346 17,359 17,664 17,972 15,778

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2008 

75

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2007 2008 

Country 2003 2004 2005 2006 June Sept. Dec. Mar. June p 

Asia: 

China, Mainland. .................... 1,129 3,983 3,825 1,297 3,207 3,653 857 4,041 4,746

Hong Kong ............................. 583 668 746 564 698 1,068 981 845 922

India........................................ 86 103 158 418 1,106 1,255 1,447 1,350 1,289

Indonesia................................ 60 74 89 57 133 141 172 250 253

Israel....................................... 519 302 613 385 295 291 293 264 280

Japan...................................... 6,196 5,869 7,354 7,210 7,080 7,152 6,888 8,030 6,374

Korea, South .......................... 1,331 723 1,743 1,350 1,609 1,516 1,213 1,348 1,235

Lebanon ................................. 13 35 42 11 6 7 9 5 18

Malaysia ................................. 188 256 335 471 324 399 562 566 555

Pakistan.................................. 233 171 230 171 324 282 172 50 62

Philippines.............................. 139 117 109 95 53 47 89 89 91

Singapore............................... 1,436 822 1,823 2,839 3,790 4,007 4,255 4,445 2,279

Syria ....................................... 2 21 4 878 888

Taiwan.................................... 441 491 1,010 1,093 1,005 1,166 1,019 975 877

Thailand.................................. 34 79 212 599 376 561 380 381 341

Oil-exporting countries 1......... 3,184 2,946 4,159 3,955 6,891 7,380 7,158 10,068 12,304

Other Asia .............................. 284 303 298 156 251 344 377 424 247

Total Asia ........................... 15,858 16,963 22,750 20,679 27,155 29,277 25,880 33,139 31,881

Africa: 

Congo (formerly Zaire)........... 86 - - - -1 ---

Egypt ...................................... 28 132 119 132 209 247 280 259 291

Ghana..................................... 4 2 1 626 12 1 18

Liberia..................................... - 14 1 311 6 63 75

Morocco.................................. 41 44 42 42 90 103 190 210 124

South Africa............................ 52 36 950 35 40 33 52 83 68

Oil-exporting countries 2......... 464 518 590 283 637 763 655 1,069 1,108

Other Africa ............................ 230 332 210 379 315 325 294 544 332

Total Africa ......................... 905 1,078 1,913 880 1,294 1,479 1,489 2,229 2,016

Other countries: 

Australia ................................. 1,053 1,047 397 560 1,082 1,581 1,658 1,824 1,784

New Zealand .......................... 71 51 38 36 70 77 91 80 75

All other .................................. 98 98 83 15 5 16 25 32 31

Total other countries .......... 1,222 1,196 518 611 1,157 1,674 1,774 1,936 1,890

Total foreign countries ... 73,684 92,007 76,708 89,202 106,485 112,820 103,788 111,234 107,485

International and regional orgs: 

International organizations..... - - - - -3 21 -

Regional organizations 3 ........ 16 2 2 15 23 30 43 17 34

Total international and 

 regional organizations...... 16 2 2 15 23 33 45 18 34

Grand total ..................... 73,700 92,009 76,710 89,217 106,508 112,853 103,833 111,252 107,519

 

 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 

December 2008 

76 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2007 2008 

Country 2003 2004 2005 2006 June Sept. Dec. Mar. June p

Europe: 

Austria....................................... 1,752 1,816 2,159 2,031 2,035 2,014 2,039 1,990 1,992

Belgium ..................................... 523 2,307 1,822 419 1,853 1,071 801 3,336 2,671

Bulgaria..................................... 14 37 29 3 1 4 6 9 7

Czech Republic......................... 54 64 49 50 52 127 134 128 93

Denmark.................................... 716 494 341 149 240 208 184 193 677

Finland ...................................... 176 617 336 591 515 528 805 627 970

France....................................... 5,865 3,713 5,063 3,420 5,513 4,822 6,066 5,552 5,282

Germany ................................... 4,132 6,787 4,238 10,148 10,838 9,256 4,919 5,825 8,772

Greece ...................................... 204 199 380 163 205 142 243 218 260

Hungary..................................... 53 46 57 45 104 174 153 163 165

Ireland ....................................... 423 1,672 795 858 1,367 1,007 968 781 2,356

Italy............................................ 4,069 2,434 3,702 2,337 2,542 2,442 2,507 3,019 2,219

Luxembourg .............................. 115 127 391 352 1,620 1,567 919 777 576

Netherlands............................... 3,184 7,883 3,387 3,570 5,803 4,435 3,984 2,771 4,674

Norway...................................... 315 229 402 366 935 289 326 356 603

Poland....................................... 104 57 58 99 113 160 153 146 167

Portugal..................................... 161 146 60 64 91 82 89 75 116

Romania.................................... 25 47 22 36 40 37 60 51 41

Russia 2 ..................................... 118 157 359 774 918 1,029 1,327 1,327 664

Serbia and Montenegro 

(formerly Yugoslavia)............ 13 14 17 10 6 18 15 23 17

Spain......................................... 1,803 1,242 2,032 1,425 1,729 1,634 1,633 2,072 2,066

Sweden ..................................... 779 648 503 652 687 632 690 1,156 548

Switzerland ............................... 2,538 2,506 1,876 1,424 1,893 1,768 2,151 2,028 2,108

Turkey ....................................... 474 594 638 420 555 540 721 543 588

United Kingdom ........................ 15,366 27,699 24,772 17,483 23,439 26,085 23,652 21,771 24,074

Channel Islands and 

Isle of Man ............................ - 25 16 19 56 116 109 115 102

Other Europe ............................ 546 607 1,315 1,267 1,241 965 1,465 1,157 930

Total Europe ......................... 43,522 62,171 54,820 48,175 64,391 61,152 56,119 56,209 62,738

Canada.......................................... 8,381 8,429 16,122 17,520 15,421 14,803 16,419 15,302 16,051

Latin America: 

Argentina................................... 398 406 350 470 435 495 463 563 596

Brazil ......................................... 2,735 2,758 2,972 2,927 2,502 2,409 2,681 2,674 2,827

Chile .......................................... 382 346 303 299 316 411 403 803 637

Colombia................................... 234 295 299 349 467 431 454 551 496

Ecuador..................................... 117 86 95 119 108 96 160 166 250

Guatemala ................................ 76 90 100 116 141 173 199 204 207

Mexico....................................... 2,968 3,756 4,108 3,242 3,118 3,413 3,499 3,534 4,362

Panama..................................... 232 177 198 266 198 273 307 294 444

Peru........................................... 73 95 117 164 148 228 198 239 279

Uruguay..................................... 16 13 5 12 45 17 34 30 75

Venezuela ................................. 361 474 539 481 609 624 693 691 649

Other Latin America.................. 427 504 485 376 359 413 417 541 445

Total Latin America................... 8,019 9,000 9,571 8,821 8,446 8,983 9,508 10,290 11,267

Caribbean: 

Bahamas................................... 1,075 1,631 1,631 3,949 2,119 2,493 2,198 1,909 1,650

Bermuda......................................... 1,024 5,358 2,238 1,734 2,536 2,925 1,708 1,780 1,781

Cayman Islands ........................ 20,067 36,320 36,416 26,051 21,332 23,487 16,987 28,363 26,742

Cuba.......................................... 16 8 12 2 2 2 10 - -

Jamaica..................................... 84 67 70 60 67 98 106 92 82

Netherlands Antilles.................. 32 37 42 30 8 92 118 187 46

Trinidad and Tobago................. 100 120 119 125 112 124 173 147 112

Other Caribbean ....................... 951 1,085 1,721 1,264 1,503 1,369 1,491 1,580 1,685

Total Caribbean .................... 23,349 44,626 42,249 33,215 27,679 30,590 22,791 34,058 32,098

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2008 

77

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2007 2008 

Country 2003 2004 2005 2006 June Sept. Dec. Mar. June p

 

Asia: 

China, Mainland..................... 1,066 3,688 4,958 1,772 2,127 1,866 1,908 1,880 2,152

Hong Kong ............................. 832 701 941 1,009 998 9,224 8,781 1,307 2,062

India ....................................... 668 643 413 654 596 781 812 707 825

Indonesia................................ 170 393 445 231 136 167 207 260 258

Israel ...................................... 749 482 403 360 539 563 587 629 615

Japan ..................................... 2,951 2,848 2,696 3,349 4,621 4,343 5,517 5,244 5,308

Korea, South .......................... 1,456 1,569 1,244 1,143 1,285 1,235 1,248 1,211 1,199

Lebanon ................................. 34 15 22 19 13 18 19 22 26

Malaysia................................. 497 549 536 270 356 344 362 304 306

Pakistan ................................. 34 43 57 86 59 54 115 83 67

Philippines.............................. 743 503 275 109 110 128 109 105 131

Singapore............................... 1,162 1,600 1,944 1,811 1,642 1,938 2,602 2,025 2,264

Syria ....................................... 6 14 6 10 7 10 11 12 11

Taiwan.................................... 783 892 853 972 1,298 1,098 1,241 1,398 1,173

Thailand ................................. 250 326 295 312 300 346 414 492 440

Oil-exporting countries 1......... 1,046 1,208 1,800 1,814 2,797 2,225 2,460 1,951 2,009

Other Asia .............................. 222 309 408 328 368 425 512 445 183

Total Asia ........................... 12,669 15,783 17,296 14,249 17,252 24,765 26,905 18,075 19,029

Africa: 

Congo (formerly Zaire)........... 2 1 1 11 6 6 6 65

Egypt...................................... 176 159 194 165 224 335 306 326 312

Ghana .................................... 8 4 16 3 2 7 8 4 10

Liberia .................................... 109 102 98 73 58 62 54 54 51

Morocco ................................. 27 33 23 21 31 34 21 30 30

South Africa ........................... 247 193 1,075 221 241 307 255 267 319

Oil-exporting countries 2......... 150 162 295 332 354 293 351 353 397

Other Africa............................ 336 281 419 411 432 331 391 713 736

Total Africa......................... 1,055 935 2,121 1,237 1,348 1,375 1,392 1,753 1,860

Other countries: 

Australia ................................. 3,619 1,588 2,144 2,365 2,430 2,584 2,467 2,566 2,709

New Zealand.......................... 208 441 420 351 166 148 145 154 151

All other.................................. 83 245 207 76 23 49 37 30 17

Total other countries .......... 3,910 2,274 2,771 2,792 2,619 2,781 2,649 2,750 2,877

Total foreign countries ... 100,905 143,218 144,950 126,009 137,156 144,449 135,783 138,437 145,920

International and regional orgs : 

International organizations..... 1 3 - 4 26 17 150 209 231

Regional organizations 3 ........ 10 11 - 19 49 11 111 18 112

Total international and 

 regional organizations...... 11 14 - 23 75 28 261 227 343

Grand total ..................... 100,916 143,232 144,950 126,032 137,231 144,477 136,044 138,664 146,263

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 

December 2008 

78 

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

Country, June 30, 2008, 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 ........................................... 115 27 88 1,992 1,918 74 

Belgium 1 ....................................... 1,194 980 214 2,671 2,455 216 

Bulgaria ......................................... 6 - 6 7 - 7 

Czech Republic............................. 48 2 46 93 4 89 

Denmark........................................ 156 9 147 677 613 64 

Finland........................................... 160 49 111 970 690 280 

France ........................................... 2,173 485 1,688 5,282 2,656 2,626 

Germany........................................ 2,912 1,553 1,359 8,772 6,124 2,648 

Greece........................................... 347 27 320 260 139 121 

Hungary......................................... 21 8 13 165 73 92 

Ireland ........................................... 1,315 367 948 2,356 1,911 445 

Italy................................................ 448 16 432 2,219 238 1,981 

Luxembourg 1 ................................ 168 5 163 576 496 80 

Netherlands................................... 1,417 284 1,133 4,674 3,592 1,082 

Norway .......................................... 1,128 44 1,084 603 234 369 

Poland ........................................... 359 1 358 167 63 104 

Portugal......................................... 41 6 35 116 3 113 

Romania........................................ 42 - 42 41 5 36 

Russia 2 ......................................... 498 78 420 664 335 329 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 2 - 2 17 - 17 

Spain ............................................. 692 87 605 2,066 1,191 875 

Sweden ......................................... 271 13 258 548 284 264 

Switzerland.................................... 2,832 91 2,741 2,108 1,128 980 

Turkey ........................................... 749 25 724 588 435 153 

United Kingdom............................. 22,946 18,521 4,425 24,074 18,581 5,493 

Channel Islands and 

Isle of Man 4 .............................. 117 117 - 102 94 8 

Other Europe................................. 466 51 415 930 669 261 

Total Europe.............................. 40,623 22,846 17,777 62,738 43,931 18,807 

Canada.............................................. 7,237 1,391 5,846 16,051 11,254 4,797 

Latin America: 

Argentina....................................... 158 10 148 596 113 483 

Brazil ............................................. 1,113 64 1,049 2,827 1,600 1,227 

Chile .............................................. 605 14 591 637 108 529 

Colombia ....................................... 360 5 355 496 59 437 

Ecuador......................................... 140 1 139 250 15 235 

Guatemala..................................... 8 - 8 207 46 161 

Mexico........................................... 4,190 70 4,120 4,362 1,419 2,943 

Panama......................................... 87 15 72 444 259 185 

Peru............................................... 113 - 113 279 19 260 

Uruguay......................................... 26 - 26 75 1 74 

Venezuela ..................................... 1,187 13 1,174 649 170 479 

Other Latin America 5 .................... 73 1 72 445 103 342 

Total Latin America ....................... 8,060 193 7,867 11,267 3,912 7,355 

Caribbean: 

Bahamas ....................................... 163 1 162 1,650 1,602 48 

Bermuda............................................. 1,103 93 1,010 1,781 495 1,286 

Cayman Islands 6............................. 13,494 12,635 859 26,742 26,103 639 

Cuba.............................................. - - - - - - 

Jamaica......................................... 26 6 20 82 - 82 

Netherlands Antilles ...................... 5 - 5 46 - 46 

Trinidad and Tobago..................... 93 3 90 112 52 60 

Other Caribbean 5 ......................... 894 150 744 1,685 433 1,252 

Total Caribbean......................... 15,778 12,888 2,890 32,098 28,685 3,413 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

December 2008 

79

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

Country, June 30, 2008, 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 ............................ 4,746 138 4,608 2,152 581 1,571 

Hong Kong .................................... 922 211 711 2,062 1,145 917 

India............................................... 1,289 50 1,239 825 201 624 

Indonesia....................................... 253 14 239 258 133 125 

Israel.............................................. 280 2 278 615 42 573 

Japan............................................. 6,374 810 5,564 5,308 1,296 4,012 

Korea, South ................................. 1,235 209 1,026 1,199 419 780 

Lebanon ........................................ 18 2 16 26 - 26 

Malaysia ........................................ 555 5 550 306 83 223 

Pakistan......................................... 62 3 59 67 - 67 

Philippines..................................... 91 - 91 131 36 95 

Singapore...................................... 2,279 139 2,140 2,264 110 2,154 

Syria .............................................. 8 - 8 11 - 11 

Taiwan........................................... 877 10 867 1,173 35 1,138 

Thailand......................................... 341 11 330 440 261 179 

Other Asia ..................................... 247 40 207 183 17 166 

Total Asia .................................... 31,881 1,694 30,187 19,029 4,525 14,504 

Africa: 

Congo (formerly Zaire).................. - - - 5 5 - 

Egypt ............................................. 291 - 291 312 9 303 

Ghana............................................ 18 1 17 10 1 9 

Liberia............................................ 75 62 13 51 51 - 

Morocco......................................... 124 - 124 30 9 21 

South Africa................................... 68 12 56 319 189 130 

Other Africa ................................... 332 21 311 736 201 535 

Total Africa ................................ 2,016 96 1,920 1,860 520 1,340 

Other countries: 

Australia ........................................ 1,784 171 1,613 2,709 2,154 555 

New Zealand 7............................... 75 2 73 151 99 52 

All other ......................................... 31 4 27 17 - 17 

Total other countries ................. 1,890 177 1,713 2,877 2,253 624 

Total foreign countries .......... 107,485 39,285 68,200 145,920 95,080 50,840 

International and regional orgs: 

International organizations............ - - - 231 207 24 

Regional organizations 8 ............... 34 - 34 112 - 112 

Total international and 

 regional organizations............. 34 - 34 343 207 136 

Grand total ............................ 107,519 39,285 68,234 146,263 95,287 50,976 

1

 Before March 2003, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before March 2003, data included in United Kingdom.

5

 Before March 2003, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning March 2003, Cayman Islands replaced British West Indies in the data series. 

7

 Before March 2003, data included in “All other countries.” 

8

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2008 

80

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 ......................................... 338,112 68,689 266,471 2,952 10,051,248 9,713,136 219,256 1,097,458 878,202 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ........................................ 200,940 2,994 198,994 -1,048 15,127,526 14,926,586 226,086 2,050,451 1,824,365 

2008 - Jan. - Sept. p ................ 307,124 100,057 206,846 221 12,091,403 11,784,279 93,750 2,133,659 2,039,909 

 

2007 - Sept............................... 24,300 14,370 9,787 143 1,223,098 1,198,798 11,482 182,090 170,608 

Oct................................ 54,924 3,980 50,590 354 1,338,029 1,283,105 14,878 179,040 164,162 

Nov ............................... 22,255 378 22,068 -191 1,504,227 1,481,972 26,637 174,264 147,627 

Dec ............................... 966 10,980 -10,289 275 1,000,665 999,699 -3,316 227,714 231,030 

2008 - Jan ................................ 38,917 36,101 2,863 -47 1,487,597 1,448,680 19,317 258,302 238,985 

Feb ............................... 15,743 -3,594 19,228 109 1,485,680 1,469,937 36,896 279,924 243,028 

Mar ............................... 51,770 28,011 23,600 159 1,459,154 1,407,384 18,733 332,852 314,119 

Apr................................ 76,958 22,298 54,646 14 1,202,021 1,125,063 15,271 259,359 244,088 

May............................... 5,673 -3,724 9,450 -53 1,156,223 1,150,550 28,155 255,882 227,727 

June.............................. 28,326 1,105 26,887 334 1,375,650 1,347,324 31,464 227,298 195,834 

July ............................... 34,290 10,068 24,590 -368 1,274,643 1,240,353 -40,107 173,505 213,612 

Aug. p .......................... 34,710 4,848 30,065 -203 1,022,035 987,325 -22,150 155,794 177,944 

Sept. p ......................... 20,737 4,944 15,517 276 1,628,400 1,607,663 6,171 190,743 184,572 

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) 

 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 .............................................................................. 372,222 1,277,006 904,784 81,950 4,731,749 4,649,799 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,522 10,639,316 10,443,794 

2008 - Jan. - Sept p....................................................... 82,650 1,155,547 1,072,897 37,022 9,788,702 9,751,680 

 

2007 - Sept.................................................................... 15,918 134,280 118,362 2,607 799,640 797,033 

Oct..................................................................... 32,910 166,764 133,854 30,264 999,347 969,083 

Nov .................................................................... 16,080 121,884 105,804 4,750 1,101,407 1,096,657 

Dec .................................................................... 37,299 140,595 103,296 33,461 944,625 911,164 

2008 - Jan ..................................................................... 3,392 125,095 121,703 17,178 1,268,101 1,250,923

Feb .................................................................... 19,249 138,083 118,834 1,115 1,016,491 1,015,376 

Mar .................................................................... -4,691 140,391 145,082 11,376 1,134,086 1,122,710 

Apr..................................................................... 25,003 164,754 139,751 -11,569 958,436 970,005 

May.................................................................... 59,842 189,665 129,823 15,980 997,461 981,481 

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. p................................................................ -13,130 80,587 93,717 -982 905,531 906,513 

Sept. p............................................................... -7,562 94,172 101,734 11,519 1,168,913 1,157,394 

 

 

*

 Data include transactions in directly placed issues abroad by U.S. corporations and issues of 

States and municipalities. 
 CAPITAL MOVEMENTS 

December 2008 

81

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from

U.S. 

(2) 

Gross foreign 

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 ..................................................... -172,391 -45,095 1,459,882 1,504,977 -127,296 2,240,104 2,367,400 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -224,313 -129,015 2,971,803 3,100,818 -95,298 5,215,765 5,311,063 

2008 - Jan. - Sept. p ............................ 36,924 59,944 1,860,169 1,800,225 -23,020 4,426,098 4,449,118 

 

2007 - Sept........................................... -40,378 -19,080 200,822 219,902 -21,298 359,679 380,977 

Oct............................................ -4,038 -9,063 264,633 273,696 5,025 546,421 541,396 

Nov ........................................... 20,564 10,947 209,698 198,751 9,617 521,977 512,360 

Dec ........................................... -13,461 -13,459 168,636 182,095 -2 430,971 430,973 

2008 - Jan ............................................ -18,308 -15,971 247,486 263,457 -2,337 523,685 526,022 

Feb. .......................................... -10,929 7,343 241,387 234,044 -18,272 442,624 460,896 

Mar ........................................... -43 2,879 264,947 262,068 -2,922 487,580 490,502 

Apr............................................ 10,483 10,728 193,225 182,497 -245 505,496 505,741 

May........................................... -26,409 -8,303 182,056 190,359 -18,106 494,660 512,766 

June.......................................... -9,955 -11,517 188,259 199,776 1,562 499,993 498,431 

July ........................................... 34,172 17,278 158,503 141,225 16,894 560,901 544,007 

Aug. p....................................... 22,548 19,697 157,238 137,541 2,851 428,218 425,367 

Sept. p ..................................... 35,365 37,810 227,068 189,258 -2,445 482,941 485,386 

 
CAPITAL MOVEMENTS 

December 2008 

82

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2008 2008 2008 2008 

Country 

 Calendar 

 year 

 2007 

 (1) 

 Jan. 

through 

Sept. 

(2) 

 July 

 through 

Sept. p 

 (3) 

Calendar

year 

2007 

(4) 

 Jan.

 through

Sept. 

 (5) 

 July 

 through

 Sept. p

 (6) 

 Calendar 

 year 

 2007 

 (7) 

 Jan.

 through

Sept.

 (8) 

July 

 through 

Sept. p 

 (9) 

Calendar 

year 

2007 

(10) 

 Jan. 

through

Sept. 

(11) 

July 

through

Sept. p 

(12) 

Europe: 

Austria............................. 97 -1,018 -339 -339 -180 -30 -644 -299 -242 -102 328 -121

Belgium........................... -3,100 -1,527 -454 -1,808 -1,205 18 -7,413 -7,965 -1,986 -1,168 -1,031 -483

Bulgaria........................... -28 7 - -30 -5 -5 12 -13 - 1 -6 -1

Cyprus 1 .......................... -4 59 -3 -9 -21 31 167 29 -17 175 102 65

Czech Republic............... 81 -300 215 -426 -897 -722 89 -51 -95 41 162 13

Denmark ......................... 912 626 -28 -268 -1,805 -150 1,496 -211 -17 1,378 1,214 161

Finland............................ 2 281 191 69 -18 38 56 -37 11 251 31 21

France............................. -7,827 -13,205 4,120 4,293 5,093 -3,716 4,261 -2,944 -1,544 19,521 -5,293 -4,142

Germany ......................... -3,358 813 5 290 -3,462 -1,640 5,419 5,856 -1,730 600 -17,071 702

Greece............................ -566 68 8 -9 100 1 7 55 - 88 -260 -235

Hungary .......................... -42 -295 -24 -438 72 9 -1,555 -141 -91 113 144 103

Ireland............................. 1,734 -11,226 -1,648 1,115 243 -2,496 8,658 -8,415 -6,574 28 602 -169

Italy ................................. -1,406 -2,041 -87 -96 -1,041 -167 -121 32 10 -4,289 -1,558 -551

Kazakhstan 1................... 857 1,550 -115 -594 -352 119 -38 60 -24 -32 1 -18

Luxembourg.................... -28 115 411 -8,520 -21,658 -8,050 -14,650 -6,806 -5,132 -7,143 -5,996 -2,609

Monaco 1......................... -302 -185 -85 37 -14 -2 18 79 31 -1,440 -60 149

Netherlands .................... 1,471 -3,607 -3,260 -585 -1,011 326 -652 -1,126 -840 6,887 724 -3,118

Norway............................ -27,339 27,636 8,941 8,221 -2,117 997 4,747 -71 -241 6,120 5,946 667

Poland............................. -111 5,265 -1,001 -202 1,160 653 7 -5 -4 -176 -92 -15

Portugal .......................... 1,293 1,162 135 -477 59 -3 -261 2 29 148 105 -36

Romania ......................... -353 254 -92 466 -532 -54 32 9 - -15 -3 -2

Russia............................. 7,215 12,765 -1,316 18,303 7,123 -729 378 560 34 104 53 -3

Serbia and Montenegro 2... 349 114 30 4 -9 -9 - -1 - -2 2 2

Spain............................... 2,514 -5,482 -3,102 37 165 -94 -1,353 -1,030 -88 430 -18 -151

Sweden........................... 2,176 -2,055 -774 -442 -732 -3,041 1,715 -348 -428 250 7,740 853

Switzerland ..................... -2,560 -1,278 -1,496 -1,906 -280 146 3,581 625 -174 -2,977 3,198 -2,374

Turkey............................. -803 -2,053 -200 132 581 167 152 -3 -12 36 -16 -2

Ukraine 1 ......................... -138 422 129 187 -519 -275 32 24 -17 2 -36 -1

United Kingdom .............. 208,792 174,237 54,526 60,306 101,762 6,317 208,956 26,035 1,194 69,473 23,442 17,546

Channel Islands .............. -974 856 406 4,823 -1,361 -55 -6,717 -11,696 -1,258 877 1,125 1,212

All other Europe 1 ............ -69 399 54 -109 -84 -33 1,104 -577 -442 82 77 113

Total Europe ............... 178,485 182,357 55,148 82,025 79,055 -12,449 207,482 -8,373 -19,647 89,259 13,556 7,576

Memo: Euro Area 3.............. -9,174 -35,535 -4,000 -6,030 -22,962 -15,776 -6,694 -22,778 -18,189 15,249 -29,194 -10,748

Memo: European Union 4 .... 201,938 142,513 48,830 52,995 75,767 -12,952 204,111 2,449 -17,640 86,576 3,441 7,930

Canada ............................... -1,936 2,503 -6,591 3,232 6,326 -2,065 12,274 4,847 329 8,086 6,695 835

Latin America: 

Argentina ........................ 210 147 - -26 -221 -46 84 369 115 612 501 64

Brazil............................... 77,066 10,698 -10,228 1,160 145 2,007 780 323 112 -1,768 1,141 677

Chile ............................... 4,202 4,187 1,154 630 -850 -684 317 151 -38 1,147 912 1,440

Colombia......................... 833 -818 -41 1,383 1,641 344 783 317 118 320 -59 -254

Ecuador .......................... 206 78 183 132 -12 24 281 39 4 -36 13 -7

Costa Rica 5 .................... -2 20 -27 -21 -203 2 261 -220 -50 29 56 21

Guatemala ...................... -75 -172 -17 -21 -5 - -20 16 -15 18 9 -4

Mexico ............................ 1,735 -1,643 -6,508 1,730 4,996 -1,020 1,860 220 -85 148 1,449 417

Panama .......................... -132 113 50 -275 277 83 154 299 -46 -279 469 -94

Peru ................................ 1,560 3,221 348 1,100 335 -410 633 169 54 189 -122 -

Uruguay .......................... 423 455 180 55 -202 -143 230 329 57 337 308 18

Venezuela....................... -196 -323 -145 151 146 -15 -298 1 38 56 241 28

All other Latin America 5 ... 330 -778 166 378 300 327 32 68 -4 7 27 9

Total Latin America..... 86,160 15,185 -14,885 6,376 6,347 469 5,097 2,081 260 780 4,945 2,315

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2008 

83

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2008 2008 2008 2008 

Country 

Calendar 

year 

2007 

(1) 

 Jan. 

through 

Sept. 

(2) 

 July 

 through

Sept. p 

 (3) 

Calendar

year 

2007 

(4) 

 Jan.

through

Sept.

(5) 

 July 

 through

Sept. p 

 (6) 

Calendar 

year 

2007 

(7) 

 Jan.

 through

Sept. 

 (8) 

July 

 through 

Sept. p 

 (9) 

Calendar 

year 

2007 

(10) 

 Jan. 

through 

Sept. 

(11) 

July 

 through

Sept. p 

 (12) 

Caribbean: 

Anguilla 6 ................................... 640 -154 -383 -112 563 11 -1,565 -296 -8 4,087 -322 141

Bahamas ................................... 9,429 -11,456 305 559 1,252 223 1,463 -32 650 -136 -595 1,499

Barbados 6 ................................. 622 -11 79 3,103 634 221 388 72 13 73 176 40

Bermuda .................................... -4,246 1,587 -2,972 -25,540 -37,221 -1,879 8,257 188 -1,646 5,450 1,956 7,943

British Virgin Islands 6 ................ 2,652 -182 -2,201 -202 1,583 580 695 -2,154 162 1,570 -2,799 -2,582

Cayman Islands......................... -2,786 32,352 37,869 13,129 -13,175 2,780 31,912 22,378 -6,433 40,174 -21,932 -4,001

Cuba.......................................... - - -- - - - - - - - -

Jamaica ..................................... 3 -55 -28 34 -182 -5 17 4 13 45 15 -3

Netherlands Antilles................... -3,738 -6,319 -5,968 78 209 204 410 73 -89 -2,826 -5,633 571

Trinidad and Tobago.................. -372 79 39 188 135 30 -84 - -25 99 -39 5

All other Caribbean 6.................. 176 143 -14 834 -232 -102 201 152 6 54 31 -13

Total Caribbean ..................... 2,380 15,984 26,726 -7,929 -46,434 2,063 41,694 20,385 -7,357 48,590 -29,142 3,600

Asia: 

China, Mainland......................... -7,968 80,510 36,098 73,733 27,807 -18,213 41,675 26,419 -1,810 3,993 -974 -724

Hong Kong................................. 2,056 9,345 937 30,722 23,533 1,140 12,780 5,307 508 35,434 24,457 2,268

India........................................... 1,076 726 -482 184 24 -1 17 95 6 -460 1,358 -83

Indonesia................................... 4,513 -2,742 -1,700 -658 131 361 441 18 9 -68 -6 -1

Israel.......................................... -2,735 -3,576 784 209 -64 59 75 112 36 -287 770 -220

Japan......................................... -47,384 2,522 -6,190 14,061 16,045 -9,585 39,565 23,378 4,755 -4,973 8,691 1,772

Korea, South.............................. -17,874 -2,263 -302 12,048 -5,135 -3,608 11,277 2,520 -1,413 112 2,713 253

Lebanon..................................... -1 -25 -9 -1 -3 - 109 -4 -2 76 74 32

Malaysia .................................... 382 64 -977 3,068 2,968 -1,876 2,052 309 -62 342 -109 3

Pakistan..................................... -171 33 16 -94 -1,248 -585 -14 -69 -57 -4 -4 -1

Philippines ................................. 3,054 -1,403 -429 186 -1 -123 176 119 7 30 28 -13

Singapore .................................. 2,467 -8,707 -1,693 -561 -309 -1,161 6,868 -62 -656 -2,539 -796 -10,330

Syria .......................................... - - - - - - - - - -3 5 -

Taiwan....................................... -8,284 -1,525 -3,693 -1,033 -1,565 -472 1,176 1,448 572 94 315 7

Thailand..................................... 842 -3,594 -642 544 210 52 48 197 19 -39 2 -10

Oil exporting countries 7 ............. 1,805 13,680 8,931 8,353 -13,272 -7,888 3,803 4,625 1,506 12,240 7,207 -364

All other Asia.............................. 372 1,707 181 178 172 -406 -58 -95 -2 26 33 -8

Total Asia .............................. -67,850 84,752 30,830 140,939 49,293 -42,306 119,990 64,317 3,416 43,974 43,764 -7,419

Africa: 

Egypt ......................................... 1,042 1,546 502 72 -1,647 -792 -3 -18 -16 -34 4 4

Liberia........................................ -59 -95 -8 19 24 13 -18 -281 -191 -44 -2,480 -794

Morocco..................................... -79 -267 -158 40 29 60 - 1 -1 -16 -2 -3

South Africa ............................... 801 -1,481 -1,381 -40 -14 14 -50 -57 -22 12 307 116

Oil exporting countries 8 ............. 4,568 7,685 185 -74 388 -2 -35 -1 -4 -302 -2,599 -1,144

All other Africa ........................... -146 327 -62 21 -77 -47 -63 68 -20 84 93 2

Total Africa ............................ 6,127 7,715 -922 38 -1,297 -754 -169 -288 -254 -300 -4,677 -1,819

Other countries: 

Australia..................................... -1,349 -1,359 -326 1,172 668 -876 5,030 -161 -1,428 4,826 1,722 -340

New Zealand.............................. 1 -256 36 -151 293 18 695 -25 -15 300 83 -17

All other countries ...................... -30 22 16 5 36 3 15 - - 47 46 20

Total other countries.............. -1,378 -1,593 -274 1,026 997 -855 5,740 -186 -1,443 5,173 1,851 -337

Total foreign countries ....... 201,988 306,903 90,032 225,707 94,287 -55,897 392,108 82,783 -24,696 195,562 36,992 4,751

International and regional orgs: International organizations......... -358 295 -18 83 15 219 1,637 194 -9 -3 17 2

Regional organizations 9 ............ -690 -74 -277 296 -552 -408 -390 -327 -125 -37 13 6

Total international and 

 regional organizations.............. -1,048 221 -295 379 -537 -189 1,247 -133 -134 -40 30 8

Grand total......................... 200,940 307,124 89,737 226,086 93,750 -56,086 393,355 82,650 -24,830 195,522 37,022 4,759

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As 

of January 2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included 

in “All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2008 

84

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2008, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria..................................... 5,620 2,247 257 114 1,301 329 1,373 6,363 2,585 287 356 1,422 169 1,544

Belgium................................... 19,623 1,834 503 603 4,330 1,817 10,536 24,371 2,288 486 2,589 4,813 6,888 7,307

Bulgaria................................... 16 11 - - 5 - - 23 11 5 - 6 1 -

Cyprus 1 .................................. 2,035 40 32 2 262 273 1,426 1,440 43 1 19 197 188 992

Czech Republic....................... 977 483 46 - 192 157 99 1,463 268 768 95 179 73 80

Denmark ................................. 15,700 1,963 934 287 5,836 4,188 2,492 12,936 1,991 1,084 304 5,675 1,241 2,641

Finland.................................... 3,392 1,180 287 25 282 464 1,154 2,737 989 249 14 261 68 1,157

France..................................... 1,273,143 592,470 6,345 3,985 592,304 44,223 33,816 1,258,440 588,350 10,060 5,529 596,446 24,407 33,647

Germany ................................. 103,176 29,745 6,670 2,979 32,014 16,285 15,483 101,289 29,740 8,310 4,709 31,312 12,996 14,222

Greece.................................... 1,331 187 19 4 417 64 641 1,241 179 18 4 652 47 341

Hungary .................................. 901 268 44 3 374 139 73 987 292 35 94 271 140 155

Ireland..................................... 85,881 36,349 10,761 4,018 14,913 12,866 6,974 93,729 37,997 13,257 10,592 15,082 8,941 7,860

Italy ......................................... 17,424 1,694 426 159 5,977 4,707 4,461 14,528 1,781 593 149 6,528 774 4,703

Kazakhstan 1........................... 1,466 694 223 1 21 499 28 1,881 809 104 25 39 885 19

Luxembourg............................ 40,418 2,385 10,340 1,575 9,944 4,591 11,584 60,472 1,973 18,390 6,707 12,553 8,763 12,086

Monaco 1................................. 1,479 - - 41 1,245 67 126 1,515 85 2 10 1,096 164 158

Netherlands............................. 73,168 10,380 3,334 1,254 29,481 6,486 22,234 77,444 13,639 3,008 2,094 32,599 4,365 21,739

Norway.................................... 58,053 25,314 13,586 644 11,471 2,598 4,440 45,854 16,373 12,589 885 10,804 1,603 3,600

Poland..................................... 5,627 4,010 1,195 1 60 173 188 6,080 5,011 542 5 75 31 416

Portugal .................................. 2,512 570 78 51 788 823 202 1,947 435 81 22 824 352 233

Romania ................................. 662 591 1 - 53 17 - 800 683 55 - 55 7 -

Russia..................................... 16,676 13,656 437 44 469 379 1,691 17,431 14,972 1,166 10 472 85 726

Serbia and Montenegro 2 ........ 218 182 - - 30 - 6 210 152 9 - 28 20 1

Spain....................................... 28,617 5,653 190 378 1,617 15,456 5,322 18,023 8,756 284 466 1,768 302 6,448

Sweden................................... 55,585 1,819 1,560 118 18,096 9,985 24,007 51,933 2,593 4,601 546 17,243 5,469 21,481

Switzerland ............................. 57,689 8,751 1,958 3,124 24,883 2,107 16,866 63,030 10,247 1,812 3,298 27,257 3,044 17,372

Turkey..................................... 5,170 4,010 167 5 188 569 231 6,420 4,210 - 17 190 1,600 403

Ukraine 1 ................................. 1,522 908 150 - 68 388 8 1,470 779 425 17 69 110 70

United Kingdom ...................... 3,294,002 1,858,279 84,592 128,077 531,655 216,451 474,948 3,197,055 1,803,753 78,275 126,883 514,109 208,624 465,411

Channel Islands ...................... 34,584 16,458 159 912 11,290 1,090 4,675 33,412 16,052 214 2,170 10,078 682 4,216

All other Europe 1 .................... 3,929 730 465 27 1,461 287 959 4,158 676 498 469 1,348 401 766

Total Europe ....................... 5,210,598 2,622,861 144,758 148,431 1,301,027 347,477 646,044 5,108,683 2,567,713 157,207 168,078 1,293,451 292,440 629,794

Memo: Euro Area 3...................... 1,657,607 684,797 39,285 15,167 694,462 108,388 115,508 1,663,326 688,797 55,061 33,356 705,210 68,289 112,613

Canada ....................................... 410,446 126,400 10,940 6,310 118,031 58,776 89,989 412,443 132,991 13,005 5,981 117,196 57,678 85,592

Latin America: 

Argentina ................................ 5,657 742 71 178 1,491 1,931 1,244 5,967 742 117 63 1,427 1,670 1,948

Brazil....................................... 47,721 22,692 3,308 183 5,596 4,938 11,004 56,797 32,920 1,301 71 4,919 2,220 15,366

Chile........................................ 21,331 11,573 757 387 4,073 2,215 2,326 18,644 10,419 1,441 425 2,633 925 2,801

Colombia................................. 7,756 4,895 921 240 691 797 212 7,474 4,936 577 122 945 626 268

Costa Rica 4 ............................ 2,177 1,537 33 41 323 177 66 1,954 1,354 9 37 330 133 91

Ecuador .................................. 933 144 87 11 112 105 474 893 171 85 61 91 119 366

Guatemala .............................. 322 148 3 8 75 71 17 405 165 3 23 79 122 13

Mexico .................................... 36,779 10,334 3,486 1,586 8,620 3,700 9,053 43,065 16,842 4,506 1,671 8,203 3,948 7,895

Panama .................................. 3,298 466 255 271 1,081 415 810 3,292 416 172 317 1,175 300 912

Peru ........................................ 2,385 703 226 72 674 319 391 2,246 355 636 18 674 113 450

Uruguay .................................. 4,166 1,570 90 136 737 1,131 502 3,799 1,390 233 79 719 828 550

Venezuela............................... 2,075 148 53 111 723 761 279 2,029 293 68 73 695 658 242

All other Latin America 4.......... 1,203 291 520 21 221 64 86 716 125 193 25 212 53 108

Total Latin America............. 135,803 55,243 9,810 3,245 24,417 16,624 26,464 147,281 70,128 9,341 2,985 22,102 11,715 31,010

Caribbean: 

Anguilla 5................................. 128,815 3,175 50 123 111,219 56 14,192 129,463 3,558 39 131 111,078 117 14,540

Bahamas................................. 158,862 77,810 1,086 5,388 50,612 4,117 19,849 156,997 77,505 863 4,738 49,113 4,524 20,254

Barbados 5 .............................. 1,215 171 446 107 234 106 151 910 92 225 94 194 109 196 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2008 

85

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Third Quarter 2008, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

Total 

 sales

(8) 

Marketable 

Treasury 

and 

Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11)

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14)

Caribbean, con. 

Bermuda ................................... 337,997 47,938 13,927 7,035 218,189 4,518 46,390 339,116 50,910 15,806 8,681 210,246 9,086 44,387

British Virgin Islands 5 ............... 239,661 16,703 1,190 8,392 164,681 5,185 43,510 246,959 18,904 610 8,230 167,263 5,281 46,671

Cayman Islands ........................ 2,404,945 481,086 249,237 65,867 1,258,378 49,174 301,203 2,388,349 443,217 246,457 72,300 1,262,379 42,404 321,592

Cuba ......................................... - - - - -- - - - -- - - -

Jamaica .................................... 1,780 1,567 59 29 63 57 5 1,790 1,595 64 16 66 43 6

Netherlands Antilles .................. 104,921 78,723 789 226 18,400 1,186 5,597 109,474 84,691 585 315 17,829 996 5,058

Trinidad and Tobago................. 1,289 226 210 44 79 205 525 1,170 187 180 69 74 146 514

All other Caribbean 5 ................. 1,383 119 132 85 817 72 158 1,604 133 234 79 830 113 215

Total Caribbean.................... 3,380,868 707,518 267,126 87,296 1,822,672 64,676 431,580 3,375,832 680,792 265,063 94,653 1,819,072 62,819 453,433

Asia: 

China, Mainland........................ 121,345 101,641 9,195 2,905 4,210 2,000 1,394 105,666 65,543 27,408 4,715 4,934 1,422 1,644

Hong Kong............................ 121,439 11,776 7,620 2,265 14,754 1,589 83,435 107,796 10,839 6,480 1,757 12,486 1,391 74,843

India...................................... 10,432 2,696 1 11 290 69 7,365 9,861 3,178 2 5 373 56 6,247

Indonesia .............................. 3,215 1,086 495 9 283 276 1,066 4,482 2,786 134 - 284 201 1,077

Israel..................................... 79,751 65,553 1,264 268 8,061 339 4,266 79,342 64,769 1,205 232 8,281 91 4,764

Japan.................................... 306,330 129,015 28,907 14,780 11,540 22,361 99,727 307,959 135,205 38,492 10,025 9,768 24,958 89,511

Korea, South......................... 35,135 15,153 5,318 715 955 1,368 11,626 36,857 15,455 8,926 2,128 702 1,546 8,100

Lebanon................................ 323 1 - 7 256 31 28 271 10 - 9 224 2 26

Malaysia................................ 4,460 1,283 570 31 167 615 1,794 6,813 2,260 2,446 93 164 475 1,375

Pakistan................................ 295 19 31 2 76 1 166 875 3 616 59 77 24 96

Philippines ............................ 2,911 1,854 138 32 370 114 403 3,769 2,283 261 25 383 427 390

Singapore ............................. 82,793 32,863 14,901 1,235 10,554 2,901 20,339 95,361 34,556 16,062 1,891 20,884 1,086 20,882

Syria ..................................... 474 - - - 423 - 51 475 - - - 423 - 52

Taiwan .................................. 19,314 3,116 3,070 663 5,807 359 6,299 22,182 6,809 3,542 91 5,800 522 5,418

Thailand................................ 5,048 3,633 281 20 166 175 773 5,741 4,275 229 1 176 198 862

All other Asia......................... 48,590 20,529 9,476 3,098 10,123 2,616 2,748 44,291 11,417 17,770 1,594 10,495 1,298 1,717

Total Asia.......................... 841,855 390,218 81,267 26,041 68,035 34,814 241,480 831,741 359,388 123,573 22,625 75,454 33,697 217,004

Africa: 

Egypt .................................... 3,527 2,380 39 1 115 64 928 3,618 1,878 831 17 111 11 770

Liberia................................... 1,026 12 16 10 728 23 237 1,882 20 3 201 1,522 7 129

Morocco................................ 162 25 78 - 23 31 5 250 183 18 1 26 - 22

South Africa .......................... 2,642 947 75 6 410 326 878 4,416 2,328 61 28 294 531 1,174

All other Africa ...................... 8,225 4,227 33 11 1,133 1,758 1,063 8,083 4,104 82 35 2,275 490 1,097

Total Africa ....................... 15,582 7,591 241 28 2,409 2,202 3,111 18,249 8,513 995 282 4,228 1,039 3,192

Other countries: 

Australia................................ 74,024 12,045 4,536 1,185 10,776 13,222 32,260 69,233 12,371 5,412 2,613 11,116 4,946 32,775

New Zealand......................... 1,907 260 477 17 425 377 351 4,574 224 459 32 442 3,087 330

All other ................................ 250 22 25 1 156 5 41 453 6 22 1 136 6 282

Total other countries ......... 76,181 12,327 5,038 1,203 11,357 13,604 32,652 74,260 12,601 5,893 2,646 11,694 8,039 33,387

Total foreign countries .. 10,071,333 3,922,158 519,180 272,554 3,347,948 538,173 1,471,320 9,968,489 3,832,126 575,077 297,250 3,343,197 467,427 1,453,412

International and regional orgs: 

International organizations.... 3,827 2,510 553 3 40 599 122 3,218 2,528 334 12 38 228 78

Regional organizations 6 ....... 5,400 410 309 12 14 4,037 618 3,188 687 717 137 8 369 1,270

Total international and 

 regional organizations.... 9,227 2,920 862 15 54 4,636 740 6,406 3,215 1,051 149 46 597 1,348

Grand total.................... 10,080,560 3,925,078 520,042 272,569 3,348,002 542,809 1,472,060 9,974,895 3,835,341 576,128 297,399 3,343,243 468,024 1,454,760

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and 

Slovenia. 

4 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

December 2008 

86

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total 

 sales 

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks 

 (14) 

Europe: 

Austria............................... 21,977 4,996 1,096 1,336 5,635 4,577 4,336 21,971 4,899 1,435 1,980 5,738 2,629 5,289

Belgium............................. 86,240 32,640 1,272 4,236 16,077 7,731 24,284 128,791 35,741 3,080 11,649 17,245 38,877 22,200

Bulgaria............................. 171 62 - 26 15 68 - 307 90 30 14 14 4 155

Cyprus 1 ........................... 8,430 55 17 199 893 516 6,750 8,356 59 26 32 718 427 7,094

Czech Republic................. 5,810 3,336 478 155 976 227 638 5,838 3,255 904 66 935 43 635

Denmark ........................... 39,662 9,255 2,532 3,750 13,874 4,737 5,514 37,364 8,343 2,800 2,254 12,496 5,289 6,182

Finland .............................. 11,024 1,925 856 414 1,736 2,494 3,599 8,609 1,923 787 358 1,485 380 3,676

France............................... 2,840,463 1,352,783 17,464 28,522 1,294,501 32,176 115,017 2,831,479 1,360,611 13,171 24,261 1,274,980 37,263 121,194

Germany ........................... 497,118 107,428 12,422 20,625 260,264 53,692 42,688 488,193 110,786 12,132 15,206 259,664 38,884 51,520

Greece .............................. 8,422 1,564 45 51 1,940 2,435 2,387 7,471 2,130 54 44 1,852 353 3,038

Hungary ............................ 3,065 121 64 138 560 1,751 431 5,346 163 502 1,693 447 1,733 808

Ireland............................... 2,025,155 766,743 40,963 39,418 46,921 1,092,199 38,911 2,016,623 765,008 39,849 30,760 46,892 1,098,095 36,019

Italy ................................... 86,525 9,664 2,327 1,304 40,406 10,023 22,801 87,539 11,070 2,423 1,425 44,695 5,809 22,117

Kazakhstan 1 .................... 10,419 7,469 2,076 80 80 594 120 10,766 6,612 2,670 118 112 1,100 154

Luxembourg ...................... 306,501 15,313 173,088 31,927 49,127 13,427 23,619 364,961 15,341 181,609 46,577 56,270 41,665 23,500

Monaco 1 ......................... 5,459 989 90 126 3,272 293 689 6,872 1,291 53 108 4,712 121 587

Netherlands....................... 325,553 84,559 17,526 8,074 116,613 17,742 81,038 311,524 83,087 18,112 8,726 109,727 17,109 74,764

Norway.............................. 326,379 170,808 78,698 13,773 29,149 21,852 12,099 330,486 198,147 70,477 9,026 23,029 16,819 12,988

Poland............................... 15,696 12,610 1,124 60 191 775 936 15,806 12,721 1,326 53 367 343 996

Portugal............................. 9,541 3,050 32 68 3,639 905 1,846 13,062 1,757 508 329 3,491 5,542 1,434

Romania............................ 4,607 3,922 582 32 42 22 7 4,496 4,275 116 - 57 18 30

Russia............................... 66,363 31,520 27,724 416 707 822 5,174 39,305 24,305 9,421 38 603 382 4,556

Serbia and Montenegro 2 .. 2,430 2,254 4 - 145 27 - 2,052 1,905 - - 147 - -

Spain................................. 94,063 30,671 651 18,898 7,360 11,778 24,704 101,551 28,157 614 20,251 6,930 21,450 24,149

Sweden............................. 171,405 18,996 2,283 3,614 49,890 9,401 87,221 164,312 16,820 2,725 1,899 49,640 9,918 83,310

Switzerland ....................... 229,147 27,341 11,486 23,485 99,796 9,614 57,425 237,638 29,901 13,392 19,904 102,773 12,993 58,675

Turkey............................... 24,266 20,108 132 204 816 801 2,205 27,620 20,911 - 52 780 2,721 3,156

Ukraine 1 .......................... 3,083 1,733 378 36 56 869 11 2,765 1,871 191 4 54 490 155

United Kingdom................. 13,530,367 7,908,840 419,740 878,803 1,854,952 774,900 1,693,132 13,137,746 7,700,048 359,434 669,847 1,785,479 863,008 1,759,930

Channel Islands ................ 74,217 3,505 6,716 25,008 17,778 8,061 13,149 75,158 4,479 1,893 31,725 16,901 8,222 11,938

All other Europe 1 .............. 14,912 3,300 1,157 1,744 4,312 2,701 1,700 15,896 3,369 1,265 640 4,230 4,189 2,203

Total Europe ................. 20,848,472 10,637,560 823,024 1,106,522 3,921,723 2,087,211 2,272,432 20,509,904 10,459,075 740,999 899,040 3,832,464 2,235,875 2,342,451

Memo: Euro Area 3................ 6,312,582 2,411,336 267,743 154,873 1,844,219 1,249,180 385,231 6,381,775 2,420,510 273,774 161,567 1,828,970 1,308,055 388,899

Canada ................................. 1,420,653 654,499 33,256 49,309 209,598 253,234 220,757 1,409,932 656,435 30,024 37,035 201,512 258,609 226,317

Latin America: 

Argentina........................... 19,399 1,422 292 526 5,416 6,077 5,666 20,302 1,212 318 442 4,804 7,624 5,902

Brazil................................. 199,443 122,993 6,387 1,455 10,963 18,516 39,129 133,351 45,927 5,227 675 12,731 16,433 52,358

Chile.................................. 50,729 26,848 2,250 1,017 6,956 6,499 7,159 41,003 22,646 1,620 700 5,809 3,901 6,327

Colombia........................... 28,877 12,340 3,562 1,477 2,881 6,643 1,974 27,651 11,507 2,179 694 2,561 8,183 2,527

Costa Rica 4 ..................... 4,156 1,501 254 527 790 781 303 3,094 1,295 122 246 826 395 210

Ecuador............................. 3,225 103 247 697 270 207 1,701 2,750 105 268 436 241 122 1,578

Guatemala ........................ 1,455 954 54 10 180 161 96 1,543 1,029 75 30 162 161 86

Mexico .............................. 140,767 54,337 12,668 6,320 18,163 15,541 33,738 132,145 52,602 10,938 4,460 18,015 13,752 32,378

Panama............................. 15,362 1,387 1,065 1,801 4,142 3,560 3,407 14,849 1,519 1,340 1,647 4,421 2,846 3,076

Peru .................................. 11,468 2,610 1,524 1,259 1,856 2,182 2,037 7,128 1,050 424 626 1,667 913 2,448

Uruguay ............................ 24,766 12,790 1,071 741 3,941 3,486 2,737 24,464 12,367 1,016 511 3,604 4,368 2,598

Venezuela......................... 8,691 1,312 388 485 1,976 3,488 1,042 10,458 1,508 237 783 1,920 5,146 864

All other Latin America 4 ... 5,012 2,208 727 149 957 587 384 4,147 1,878 349 117 950 485 368

Total Latin America ....... 513,350 240,805 30,489 16,464 58,491 67,728 99,373 422,885 154,645 24,113 11,367 57,711 64,329 110,720

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

December 2008 

87

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2007, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5............................... 431,728 11,292 58 4,222 374,820 2,491 38,844 429,021 10,652 171 5,787 370,733 2,789 38,889

Bahamas .............................. 615,401 253,179 6,401 15,005 180,949 90,949 68,918 603,730 243,750 5,842 13,542 181,085 90,117 69,394

Barbados 5 ............................ 10,081 1,348 5,051 1,499 1,057 450 676 6,768 726 1,948 1,111 984 1,291 708

Bermuda ............................... 1,846,549 484,834 76,313 60,131 938,826 36,218 250,227 1,873,094 489,080 101,853 51,874 933,376 38,592 258,319

British Virgin Islands 5 ........... 703,685 125,983 3,790 30,651 403,883 26,662 112,716 698,964 123,331 3,992 29,956 402,313 27,440 111,932

Cayman Islands .................... 8,193,284 1,776,820 554,299 419,020 4,200,821 207,214 1,035,110 8,116,011 1,779,606 541,170 387,108 4,160,647 220,372 1,027,108

Cuba..................................... - --- ----- --- - -

Jamaica ................................ 4,954 1,808 1,791 326 118 843 68 5,149 1,805 1,757 309 73 1,114 91

Netherlands Antilles.............. 128,135 30,613 4,683 3,188 58,170 3,937 27,544 134,716 34,351 4,605 2,778 60,996 3,901 28,085

Trinidad and Tobago............. 5,769 774 2,307 231 357 608 1,492 6,715 1,146 2,119 315 258 1,481 1,396

All other Caribbean ............... 4,929 671 1,554 556 1,146 329 674 4,054 495 719 355 1,092 629 764

Total Caribbean................ 11,944,515 2,687,322 656,247 534,829 6,160,147 369,701 1,536,269 11,878,222 2,684,942 664,176 493,135 6,111,557 387,726 1,536,686

Asia: 

China, Mainland ............... 350,636 107,959 159,782 50,300 10,690 15,761 6,144 227,551 115,927 86,049 8,625 6,697 4,660 5,593

Hong Kong ........................ 575,877 72,138 65,903 18,794 76,892 11,272 330,878 485,391 70,082 35,181 6,014 41,458 8,443 324,213

India .................................. 27,583 5,464 186 141 501 496 20,795 29,406 4,388 2 124 961 3,173 20,758

Indonesia........................... 17,729 12,661 - 449 546 744 3,329 15,032 8,148 658 8 614 2,112 3,492

Israel ................................. 43,955 11,656 3,721 5,612 12,502 1,124 9,340 47,257 14,391 3,512 5,537 12,789 1,165 9,863

Japan ................................ 1,216,881 451,448 116,625 68,260 49,249 76,966 454,333 1,211,580 498,832 102,564 28,695 54,222 71,218 456,049

Korea, South ..................... 138,820 31,151 53,813 13,525 1,621 7,988 30,722 132,554 49,025 41,765 2,248 1,509 6,508 31,499

Lebanon ............................ 1,809 107 - 117 812 292 481 1,382 108 1 8 736 27 502

Malaysia............................ 36,087 9,169 10,282 2,405 953 1,888 11,390 30,996 8,787 7,214 353 611 1,302 12,729

Pakistan ............................ 1,171 44 13 27 428 17 642 1,942 215 107 41 432 19 1,128

Philippines......................... 16,748 10,318 713 396 1,179 1,693 2,449 14,447 7,264 527 220 1,149 2,361 2,926

Singapore.......................... 192,945 49,348 16,259 17,516 30,395 17,242 62,185 182,663 46,881 16,820 10,648 32,934 9,189 66,191

Syria.................................. 7 --- 5 -28 - - -8 - -

Taiwan .............................. 66,902 11,775 10,628 3,064 13,678 4,079 23,678 72,790 20,059 11,661 1,888 13,584 1,605 23,993

Thailand ............................ 26,248 17,327 1,697 150 512 1,574 4,988 24,322 16,485 1,153 102 551 750 5,281

All other Asia..................... 125,141 25,103 28,004 8,734 47,837 7,917 7,546 97,099 22,926 19,473 4,989 35,571 6,661 7,479

Total Asia...................... 2,838,539 815,668 467,626 189,490 247,800 149,053 968,902 2,574,420 883,518 326,687 69,500 203,826 119,193 971,696

Africa: 

Egypt................................. 6,835 2,265 186 20 580 572 3,212 5,530 1,223 114 23 614 354 3,202

Liberia ............................... 4,784 13 623 468 2,435 148 1,097 4,806 72 604 486 2,479 89 1,076

Morocco ............................ 558 403 62 - 33 22 38 594 482 22 - 49 6 35

South Africa....................... 7,039 1,320 99 104 925 1,245 3,346 7,988 519 139 154 913 1,442 4,821

All other Africa................... 15,001 5,447 218 173 2,374 3,705 3,084 8,491 1,025 271 271 2,592 708 3,624

Total Africa.................... 34,217 9,448 1,188 765 6,347 5,692 10,777 27,409 3,321 1,150 934 6,647 2,599 12,758

Other countries: 

Australia ............................ 258,333 64,325 25,535 12,196 32,893 20,329 103,055 252,131 65,674 24,363 7,166 28,067 21,540 105,321

New Zealand..................... 11,453 659 4,192 1,000 1,899 1,707 1,996 19,203 658 4,343 305 1,599 10,192 2,106

All other............................. 520 14 70 62 238 19 117 823 44 65 47 191 33 443

Total other countries...... 270,306 64,998 29,797 13,258 35,030 22,055 105,168 272,157 66,376 28,771 7,518 29,857 31,765 107,870

Total foreign 

 countries ............... 37,870,052 15,110,300 2,041,627 1,910,637 10,639,136 2,954,674 5,213,678 37,094,929 14,908,312 1,815,920 1,518,529 10,443,574 3,100,096 5,308,498

International and regional orgs: 

International organizations... 21,773 12,571 2,512 2,164 113 4,081 332 16,615 12,929 2,429 527 116 166 448

Regional organizations 6 ..... 26,343 4,655 6,312 506 67 13,048 1,755 15,034 5,345 6,016 896 104 556 2,117

Total international and 

 regional organizations....... 48,116 17,226 8,824 2,670 180 17,129 2,087 31,649 18,274 8,445 1,423 220 722 2,565

 Grand total................... 37,918,168 15,127,526 2,050,451 1,913,307 10,639,316 2,971,803 5,215,765 37,126,578 14,926,586 1,824,365 1,519,952 10,443,794 3,100,818 5,311,063

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other 

Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities 

of the former Yugoslavia recognized as independent states by the United States are reported under “All 

other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and 

Slovenia; and beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the 

Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes Slovenia; however, 

separate data for Slovenia are not available. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
88 CAPITAL MOVEMENTS

December 2008 

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 2005 2006 2007 

 2008

 Jan. - Sept.

2008

July - Sept. 

United Kingdom..................................... 363,593 472,380 547,527 325,476 79,583 

All other Europe .................................... 146,910 126,118 9,724 -58,881 -48,955 

Caribbean banking centers 1 .......................... 102,259 139,732 75,772 -38,762 25,008 

Japan..................................................... 79,814 58,050 1,269 50,636 -9,248 

All other Asia ......................................... 187,284 226,863 235,784 191,490 -6,231 

Subtotal ............................................. 879,860 1,023,143 870,076 469,959 40,157 

All other countries ................................. 131,680 120,078 145,827 50,587 -26,577 

Grand total ........................................ 1,011,540 1,143,221 1,015,903 520,546 13,580 

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 longterm U.S. securities (that is, U.S. 

Treasury and Government agency 

bonds and notes, and U.S. corporate 

bonds and stocks) as reported to the 

TIC reporting system. Foreign 

investors also acquired U.S. equities 

through mergers and reincorporations 

that involve stock swaps. Net foreign 

acquisitions of U.S. equities through 

stock swaps have been modest, 

amounting to $36 billion in 2004, $6 

billion in 2005, $4 billion in 2006, $11 

billion in 2007, and less than $1billion 

so far in 2008. (Stock swaps data for 

the most recent quarter are Federal 

Reserve Board/Treasury estimates and 

are subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are available on the TIC Web site. The 

TIC Website also provides estimates 

from the Federal Reserve Bank of New 

York on principal repayment flows on 

foreign holdings of U.S. government 

agency and corporate asset-backed 

securities (ABS). These repayments, 

also not reported under the TIC 

system, are estimated to have reduced 

foreign net purchases of U.S. securities 

by $86 billion in 2004, $144 billion in 

2005, $160 billion in 2006, $235 

billion in 2007, and $157 billion in the 

first three quarters of 2008. 

Net foreign purchases of U.S. 

securities first surpassed $100 billion 

in 1993. In 2005, net foreign 

acquisitions of U.S. securities 

(including stock swaps and accounting 

for ABS repayment flows) totaled 

$873 billion. Net purchases reached a 

new record of $987 billion in 2006, but 

then slowed to $792 billion in 2007. 

Net acquisitions have slowed further to 

$364 billion so far in 2008, with net 

acquisitions of $391 billion in the first 

half of 2008, and net sales of $27 

billion (after accounting for ABS 

repayments) in the third quarter. 

-300

-200

-100

0

100

200

300

400

500

600

700

800

900

2005 2006 2007 2008 

Jan. - Sept.

2008 

July - Sept.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2008 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.
 CAPITAL MOVEMENTS 

December 2008 

89

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. However, in 

the past several years, U.S. investors 

also have acquired a substantial amount 

of foreign stocks, mostly European, 

through mergers that involve stock 

swaps. In addition, when foreign firms 

reincorporate in the United States, the 

associated stock swap reduces U.S. 

holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, $17 

billion in 2003, -$12 billion in 2004, $4 

billion in 2005, $19 billion in 2006, 

$11 billion in 2007, and $3 billion in 

the first three quarters of 2008. (Stock 

swaps data for the most recent quarter 

are Federal Reserve Board/Treasury 

estimates and are subject to substantial 

revisions.) These stock swaps are not 

reported under the TIC reporting 

system, but are available on the TIC 

Web site. 

Including the stock swaps, annual U.S. 

net purchases of long-term foreign 

securities averaged about $100 billion 

from the mid-1990s through 2000, 

without much variation from year to 

year. U.S. investors’ acquisitions of 

foreign securities (including stock 

swaps) then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $176 billion in 

2005. The pace of U.S. acquisitions 

picked up further in 2006, as U.S. 

investors acquired $270 billion in 

foreign securities, but eased a bit in 

2007, as U.S. investors acquired $234 

billion in foreign securities. The pace 

of acquisition has slowed further in 

2008, with U.S. investors acquiring 

only $71 billion in foreign securities in 

the first half of the year, and then 

selling $92 billion in the third quarter. 

-400

-300

-200

-100

0

100

200

300

400

500

2004 2005 2006 2007 2008

Jan.-Sept.

2008

July-Sept.

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2008

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

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 2004 2005 2006 2007 

 2008 

 Jan. - Sept.

2008 

July - Sept.

Foreign bonds ........... 67,872 45,095 144,452 129,015 -59,944 -74,785 

Foreign stocks........... 84,970 127,296 106,455 95,298 23,020 -17,300 

Total ........................ 152,842 172,391 250,907 224,313 -36,924 -92,085 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
CAPITAL MOVEMENTS 

December 2008 

90 

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

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2006 2007 2008 

 Dec. June Sept. Dec. r Mar. June p 

Gross total of holdings with negative fair values ........................... 1,179,159 1,489,898 1,649,656 2,487,860 4,055,518 3,524,108 

Total over-the-counter (OTC) contracts..................................... 1,156,241 1,462,713 1,621,385 2,456,093 4,015,089 3,465,261 

Single-currency interest rate contracts.................................. 749,009 969,166 901,771 1,434,083 2,320,674 1,780,381

Forwards ............................................................................ 541 2,042 1,483 1,410 3,554 4,586 

Swaps ................................................................................ 678,413 879,661 795,200 1,275,308 2,125,556 1,593,638 

Options............................................................................... 70,055 87,463 105,088 157,365 191,564 182,157 

Foreign exchange contracts .................................................. 151,046 166,586 242,717 240,138 367,553 294,295 

Forwards ............................................................................ 47,068 51,084 85,173 72,450 120,033 85,270

Swaps ................................................................................ 78,390 84,892 115,327 115,889 172,489 152,786 

Options............................................................................... 25,588 30,610 42,217 51,799 75,031 56,239 

Other contracts ...................................................................... 256,186 326,961 476,897 781,872 1,326,862 1,390,585 

Total exchange-traded contracts ............................................... 22,918 27,185 28,271 31,767 40,429 58,847 

Own contracts on foreign exchanges .................................... 4,042 4,803 3,799 4,101 6,033 5,778 

U.S. customers’ contracts on foreign exchanges.................. 2,738 2,729 3,337 3,658 4,019 6,110 

Foreign counterparty contracts on U.S. exchanges .............. 16,138 19,653 21,135 24,008 30,377 46,959 

Memorandum items: 

Contracts with own foreign office........................................... 312,724 420,988 475,390 615,885 1,018,175 936,582 

Contracts with foreign official institutions .............................. 9,586 10,572 13,916 14,495 15,166 13,149 

Contracts of U.S. depository institutions with foreigners....... 391,948 485,572 511,518 790,580 1,409,843 997,078 

Gross total of holdings with positive fair values............................. 1,238,995 1,546,712 1,720,605 2,559,332 4,186,275 3,634,631 

Total over-the-counter (OTC) contracts..................................... 1,213,354 1,516,672 1,687,484 2,526,075 4,142,982 3,571,992 

Single-currency interest rate contracts.................................. 793,057 1,004,345 936,941 1,463,086 2,363,064 1,825,757 

Forwards ............................................................................ 1,027 2,312 1,646 1,234 3,445 4,926 

Swaps ................................................................................ 702,386 902,124 815,722 1,288,685 2,146,969 1,620,155 

Options............................................................................... 89,644 99,909 119,573 173,167 212,650 200,676 

Foreign exchange contracts .................................................. 176,267 196,449 279,826 290,943 436,499 347,366 

Forwards ............................................................................ 44,941 47,015 79,290 73,894 123,941 82,668

Swaps ................................................................................ 102,795 114,228 153,116 160,129 230,375 203,422 

Options............................................................................... 28,531 35,206 47,420 56,920 82,183 61,276 

Other contracts ...................................................................... 244,030 315,878 470,717 772,046 1,343,419 1,398,869 

Total exchange-traded contracts ............................................... 25,641 30,040 33,121 33,257 43,293 62,639 

Own contracts on foreign exchanges .................................... 4,590 6,005 5,063 4,558 5,730 5,543 

Customers’ contracts on foreign exchanges ......................... 2,882 2,192 3,109 3,422 4,869 7,742 

Foreign counterparty contracts on U.S. exchanges .............. 18,169 21,843 24,949 25,277 32,694 49,354 

Memorandum items: 

Contracts with own foreign office........................................... 318,870 427,383 479,632 623,349 1,044,166 953,851 

Contracts with foreign official institutions .............................. 10,385 10,821 11,017 13,040 17,015 12,845 

Contracts of U.S. depository institutions with foreigners....... 407,594 501,678 526,490 811,889 1,435,062 1,029,986 

 
 CAPITAL MOVEMENTS 

December 2008 

91

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 2006 2007 2008 

Country Dec. June Sept. Dec. r Mar. June p 

Europe: 

Belgium.......................................................................... 9,338 9,409 9,699 12,803 16,305 17,750 

France............................................................................ 67,056 77,359 87,513 130,795 215,113 194,356 

Germany ........................................................................ 85,235 101,391 110,814 175,390 276,936 255,608 

Ireland ............................................................................ 115,002 128,092 121,036 162,977 265,049 185,014 

Italy................................................................................. 5,850 5,379 5,070 6,412 8,841 8,952 

Netherlands.................................................................... 21,114 24,152 26,644 31,659 60,808 58,265 

Switzerland .................................................................... 28,036 31,898 42,079 61,915 104,751 96,360 

United Kingdom ............................................................. 632,362 863,035 963,006 1,535,536 2,594,941 2,249,094 

All other Europe ............................................................. 30,383 37,320 41,971 56,910 59,745 74,959 

Total Europe .............................................................. 994,376 1,278,035 1,407,832 2,174,397 3,602,489 3,140,358 

Memo: Euro Area 1 ........................................................ 323,436 371,630 387,989 549,170 879,490 757,633 

Memo: European Union 2............................................... 963,045 1,241,915 1,360,096 2,095,271 3,488,499 3,020,135 

Canada............................................................................... 27,239 32,131 39,513 43,759 58,898 58,359 

Total Latin America............................................................ 13,299 14,668 13,908 13,764 18,827 17,088 

Caribbean: 

Cayman Islands ............................................................. 57,234 69,515 82,005 110,074 144,650 121,701 

All other Caribbean ........................................................ 15,655 16,607 18,331 22,706 30,542 32,045 

Total Caribbean ......................................................... 72,889 86,122 100,336 132,780 175,192 153,746 

Asia: 

 Japan ........................................................................... 37,077 38,566 40,878 67,577 101,660 66,700 

All other Asia.................................................................. 16,367 22,725 23,546 33,085 66,326 57,140 

Total Asia ................................................................... 53,444 61,291 64,424 100,662 167,986 123,840 

Total Africa......................................................................... 2,153 2,251 2,794 3,025 3,930 5,845 

Other countries: 

Australia ......................................................................... 10,567 10,909 14,915 13,239 20,309 18,648 

All other.......................................................................... 576 841 801 849 789 547 

Total other countries .................................................. 11,143 11,750 15,716 14,088 21,098 19,195 

Total foreign countries ........................................... 1,174,543 1,486,248 1,644,523 2,482,475 4,048,420 3,518,431 

Total International and regional organizations .................. 4,616 3,650 5,135 5,389 7,097 5,677 

Grand total ................................................................. 1,179,159 1,489,898 1,649,656 2,487,860 4,055,518 3,524,108 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro area 

also includes Slovenia; however, separate data for Slovenia are not available.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania.
CAPITAL MOVEMENTS 

December 2008 

92 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Country 2006 2007 2008 

 Dec. June Sept. Dec. r Mar. June p 

 

Europe: 

Belgium ..................................................................... 9,806 8,842 9,314 13,329 18,708 19,872 

France ....................................................................... 73,478 83,389 93,953 139,382 226,062 204,123 

Germany.................................................................... 97,012 117,155 121,413 185,036 290,360 271,666 

Ireland ....................................................................... 120,433 133,020 126,251 163,883 275,417 192,197 

Italy............................................................................ 12,119 12,016 12,539 15,668 20,850 20,761 

Netherlands............................................................... 23,547 26,664 30,090 36,044 66,908 62,914 

Switzerland................................................................ 29,175 34,479 47,315 69,586 111,750 102,850 

United Kingdom......................................................... 658,948 886,400 997,074 1,558,496 2,639,440 2,272,179 

All other Europe ........................................................ 23,466 29,745 31,943 47,949 51,901 67,924 

Total Europe.......................................................... 1,047,984 1,331,710 1,469,891 2,229,373 3,701,396 3,214,486 

Memo: Euro Area 1.................................................... 349,741 396,621 409,853 572,162 925,817 799,487 

Memo: European Union 2.......................................... 1,015,511 1,293,805 1,418,452 2,144,029 3,581,027 3,088,337 

Canada.......................................................................... 31,611 37,100 45,346 51,648 71,569 74,886 

Total Latin America ....................................................... 14,278 16,905 16,055 16,037 21,763 20,119 

Caribbean: 

Cayman Islands ........................................................ 49,702 58,765 76,659 112,007 154,244 130,784 

All other Caribbean ................................................... 17,461 16,627 17,114 21,305 30,145 28,035 

Total Caribbean..................................................... 67,163 75,392 93,773 133,312 184,389 158,819 

Asia: 

Japan......................................................................... 38,327 40,831 41,031 66,643 98,841 65,405 

All other Asia ............................................................. 19,560 22,538 26,414 36,647 73,158 64,680 

Total Asia .............................................................. 57,887 63,369 67,445 103,290 171,999 130,085 

Total Africa .................................................................... 3,088 3,075 3,579 4,260 4,987 6,155 

Other countries: 

Australia .................................................................... 13,509 15,424 20,397 17,356 25,327 25,666 

All other ..................................................................... 762 968 865 954 1,042 708 

Total other countries ............................................. 14,271 16,392 21,262 18,310 26,369 26,374 

Total foreign countries ...................................... 1,236,282 1,543,943 1,717,351 2,556,230 4,182,472 3,630,924 

Total international and regional organizations.............. 2,713 2,770 3,253 3,104 3,802 3,705 

Grand total ............................................................ 1,238,995 1,546,712 1,720,605 2,559,332 4,186,275 3,634,631 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. As of January 2007, the euro 

area also includes Slovenia; however, separate data for Slovenia are not available.

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania.
CAPITAL MOVEMENTS 

December 2008 

93

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2007 2007 2008 

Type of Derivatives Contract Total r Apr. - June July - Sept. Oct. - Dec. r Jan. - Mar. Apr. - June. p 

Total over-the-counter (OTC) contracts................................................. 6,851 862 5,001 -9,218 -4,221 -4,607 

Single-currency interest rate contracts .............................................. 11,030 6,557 4,365 -399 -6,127 2 

Foreign exchange contracts............................................................... -3,814 -2,814 -2,229 -824 -3,559 792 

Other contracts................................................................................... -365 -2,881 2,865 -7,995 5,465 -5,401 

Total exchange-traded contracts ........................................................... -629 -1,869 941 -4,290 -3,745 2,088 

Own contracts on foreign exchanges ................................................ 3,566 1,229 2,353 -1,095 1,709 7,053 

U.S. customers’ contracts on foreign exchanges .............................. 2,634 1,300 -627 543 -648 1,185 

Foreign counterparty contacts on U.S. exchanges ........................... -6,829 -4,398 -785 -3,738 -4,806 -6,150 

Total net cash settlements from foreigners ........................................... 6,222 -1,007 5,942 -13,508 -7,966 -2,519 

Memorandum items: 

Contracts with foreign official institutions....................................... 872 1,315 -309 309 1,431 -1,200 

 

 Note.—Negative figures indicate net cash payments or a net outflow of capital from the United States. 
CAPITAL MOVEMENTS 

December 2008 

94 

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

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2007 2007 2008 

Country Total r Apr. - June July - Sept. Oct. - Dec. r Jan. - Mar. Apr. - June. p

Europe: 

Belgium .............................................................................................. -2,380 139 381 -2,396 23 101

France................................................................................................ -3,685 -1,679 -1,175 -103 -156 -2,675

Germany ............................................................................................ 84 -424 -1,804 338 -563 -2,746

Ireland ................................................................................................ -319 1,103 605 1,087 -1,061 -318

Italy..................................................................................................... 730 55 641 303 -249 44

Netherlands........................................................................................ 516 928 -444 89 -594 -3,202

Switzerland ........................................................................................ 6,498 1,847 2,080 -887 -5,085 -1,013

United Kingdom ................................................................................. 12,570 -1,185 8,408 -6,129 -1,866 5,424

All other Europe ................................................................................. 2,114 3,057 1,432 -1,869 1,524 -4,208

Total Europe .................................................................................. 16,128 3,841 10,123 -9,567 -8,027 -8,593

Memo: Euro area 1 ............................................................................. -2,962 3,462 -1,018 -2,026 -2,367 -13,613

Memo: European Union 2................................................................... 9,750 2,187 8,190 -8,585 -2,906 -8,304

Canada................................................................................................... -3,005 -3,865 -625 -1,145 3,139 393

Total Latin America................................................................................ -1,329 485 1,346 -2,355 -330 243

Caribbean: 

Cayman Islands ................................................................................. -1,159 -1,238 -3,732 2,738 3,149 3,102

All other Caribbean ............................................................................ -250 -33 -22 -1,117 -1,003 1,096

Total Caribbean ............................................................................. -1,409 -1,271 -3,754 1,621 2,146 4,198

Asia: 

Japan ................................................................................................. -2,703 -936 511 -2,264 -4,730 2,998

All other Asia...................................................................................... -12 2,041 -1,885 -363 -1,647 -1,649

Total Asia ....................................................................................... -2,715 1,105 -1,374 -2,627 -6,377 1,349

Total Africa............................................................................................. -264 -212 329 -118 -146 35

Other countries: 

Australia ............................................................................................. -1,602 -2,012 -36 1,095 1,352 53

All other.............................................................................................. -230 -38 -65 9 18 49

Total other countries ...................................................................... -1,832 -2,050 -101 1,104 1,370 102

Total foreign countries ............................................................... 5,574 -1,967 5,944 -13,087 -8,225 -2,273

Total international and regional organizations....................................... 651 959 -2 -418 255 -247

Grand total ..................................................................................... 6,222 -1,007 5,942 -13,508 -7,966 -2,519

1

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. As of January 2007, the euro area also includes 

Slovenia; however, separate data for Slovenia are not available. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, 

Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, 

Sweden, and the United Kingdom. Data available beginning June 2006. As of January 2007, 

also includes Bulgaria and Romania. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the United 

States. 
 December 2008 

95

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

December 2008 

96 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

04/02/08 .................................................................... 727,491 747,411 1,314 1.0173 

04/09/08 .................................................................... 714,167 733,362 1,390 1.0192 

04/16/08 .................................................................... 727,982 746,823 1,525 1.0021 

04/23/08 .................................................................... 731,564 753,101 1,273 1.0194 

04/30/08 .................................................................... 786,625 806,551 1,267 1.0092 

 

05/07/08 .................................................................... 759,913 777,744 1,846 1.0020 

05/14/08 .................................................................... 733,995 756,722 1,596 1.0018 

05/21/08 .................................................................... 739,128 758,182 1,502 0.9840 

05/28/08 .................................................................... 752,027 769,697 1,300 0.9913 

 

06/04/08 .................................................................... 798,089 815,805 920 1.0145 

06/11/08 .................................................................... 870,491 891,674 1,253 1.0170 

06/18/08 .................................................................... 693,450 718,247 1,338 1.0186 

06/25/08 .................................................................... 695,358 716,469 1,363 1.0134 

 

07/02/08 .................................................................... 716,449 737,048 1,170 1.0127 

07/09/08 .................................................................... 711,322 732,182 1,051 1.0108 

07/16/08 .................................................................... 715,333 735,096 1,052 1.0020 

07/23/08 .................................................................... 697,995 719,553 712 1.0088 

07/30/08 .................................................................... 757,078 777,097 478 1.0240 

 

08/06/08 .................................................................... 774,042 793,291 -15 1.0470 

08/13/08 .................................................................... 784,424 804,575 -110 1.0658 

08/20/08 .................................................................... 778,138 800,182 164 1.0627 

08/27/08 .................................................................... 812,165 835,662 995 1.0483 

 

09/03/08 .................................................................... 845,058 869,690 1,213 1.0610 

09/10/08 .................................................................... 876,972 894,307 993 1.0735 

09/17/08 .................................................................... 704,084 717,697 900 1.0788 

09/24/08 .................................................................... 705,521 736,071 2,075 1.0351 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

97

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2005 - Dec................... 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Dec................... 579,771 588,986 160,820 146,721 74,389 68,162 90,305 94,040 6,142 1.1652 

2007 - Oct ................... 825,912 834,311 212,025 192,486 81,806 80,320 83,153 87,385 2,267 0.9496 

Nov .................. 912,166 927,671 203,040 187,837 87,140 84,501 87,329 92,796 -590 1.0007 

Dec .................. 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Jan ................... 776,057 792,881 192,919 172,864 73,674 69,899 80,493 84,503 -359 1.0018 

Feb .................. 813,057 828,410 203,219 186,880 70,622 67,515 78,337 82,716 34 0.9796 

Mar .................. 704,900 725,870 197,173 181,297 68,766 64,611 79,214 84,604 636 1.0275 

Apr................... 792,511 811,750 204,674 182,754 72,251 61,955 78,321 86,569 446 1.0092 

May.................. 783,032 800,143 193,260 175,265 75,246 62,438 69,409 81,474 305 0.9938 

June................. 708,422 723,727 195,618 177,698 73,064 62,946 66,938 77,223 550 1.0185 

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 

 

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) 

 

2005 - Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 21,479 27,460 n.a. n.a. 662 824 2,870 905 -826 1.167 

 June ................. 22,757 27,397 n.a. n.a. 463 758 2,501 688 -700 1.115 

 Sept.................. 22,644 29,191 87,920 n.a. 419 460 2,269 882 -459 1.1151 

 Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

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 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

98 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

04/02/08 .................................................................. 428,101 431,277 1,701 102.77 

04/09/08 .................................................................. 422,763 425,708 1,816 101.83 

04/16/08 .................................................................. 424,130 427,777 2,023 101.40 

04/23/08 .................................................................. 423,244 426,654 1,880 103.55 

04/30/08 .................................................................. 436,662 440,487 1,893 104.53 

 

05/07/08 .................................................................. 439,104 442,271 1,994 105.28 

05/14/08 .................................................................. 425,139 429,348 1,961 105.20 

05/21/08 .................................................................. 423,070 427,499 2,161 103.34 

05/28/08 .................................................................. 432,260 438,033 1,973 104.69 

 

06/04/08 .................................................................. 427,496 432,391 1,962 104.99 

06/11/08 .................................................................. 447,107 451,614 1,767 106.77 

06/18/08 .................................................................. 390,734 394,974 1,873 108.05 

06/25/08 .................................................................. 399,781 404,530 2,047 108.29 

 

07/02/08 .................................................................. 409,912 413,427 2,420 105.87 

07/09/08 .................................................................. 400,950 405,428 2,444 107.12 

07/16/08 .................................................................. 409,473 413,657 2,508 104.64 

07/23/08 .................................................................. 400,323 404,868 2,382 107.68 

07/30/08 .................................................................. 408,004 412,602 2,696 108.17 

 

08/06/08 .................................................................. 416,106 420,953 2,575 109.39 

08/13/08 .................................................................. 425,314 431,597 2,638 108.71 

08/20/08 .................................................................. 414,802 420,027 2,637 109.98 

08/27/08 .................................................................. 427,108 432,054 2,527 109.72 

 

09/03/08 .................................................................. 426,579 430,636 2,534 108.18 

09/10/08 .................................................................. 451,295 452,551 2,684 107.86 

09/17/08 .................................................................. 382,063 387,629 2,741 104.71 

09/24/08 .................................................................. 389,166 392,787 2,662 106.03 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

99

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2005 - Dec.................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Dec.................. 326,745 321,477 59,888 61,243 80,330 84,922 81,768 78,511 -1,538 119.02 

2007 - Oct .................. 451,506 448,407 72,174 72,115 113,350 119,390 120,779 120,995 1,004 115.27 

Nov ................. 501,581 498,485 64,974 66,744 117,272 121,852 125,500 124,894 731 111.02 

Dec ................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

2008 - Jan .................. 490,030 488,827 71,259 73,463 107,544 112,513 120,372 116,450 1,499 106.74 

Feb ................. 495,368 494,130 69,639 71,944 101,084 108,656 122,855 117,542 1,301 104.19 

Mar ................. 443,854 446,334 72,918 75,250 97,540 104,402 120,219 115,041 1,795 99.85 

Apr.................. 466,324 469,942 65,225 64,829 99,022 105,469 126,044 116,971 1,886 104.53 

May................. 461,438 466,315 63,410 62,519 95,209 99,745 122,994 116,228 1,860 105.46 

June................ 439,162 443,086 61,139 61,095 96,713 97,406 121,907 120,939 2,325 106.17 

July ................. 441,716 446,651 60,836 61,555 88,992 83,603 108,585 111,919 2,760 108.10 

Aug ................. 392,062 396,748 63,062 63,542 85,876 79,157 104,878 109,226 2,497 108.69 

Sept................ 423,091 425,131 50,022 53,276 74,504 66,723 89,868 94,721 2,867 105.94 

 

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) 

 

2005 - Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,571 10,001 10,039 6,016 817 n.a. 1,041 n.a. -78 117.48 

June ................. 8,718 8,903 7,932 4,224 1,061 n.a. 505 n.a. 198 114.51 

Sept.................. 8,643 9,325 6,821 3,439 n.a. n.a. 782 n.a. -57 117.99 

Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 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 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

100

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

04/02/08 .................................................................. 1,027,414 1,028,072 n.a. 1.0148 

04/09/08 .................................................................. 982,412 985,275 4,888 1.0019 

04/16/08 .................................................................. 998,147 999,115 5,105 0.9979 

04/23/08 .................................................................. 988,753 993,155 6,783 1.0146 

04/30/08 .................................................................. 1,014,228 1,019,364 8,441 1.0422 

 

05/07/08 .................................................................. 1,024,591 1,029,042 8,026 1.0583 

05/14/08 .................................................................. 1,002,284 1,004,982 n.a. 1.0558 

05/21/08 .................................................................. 1,017,888 1,025,352 7,667 1.0297 

05/28/08 .................................................................. 1,088,952 1,096,887 7,950 1.0382 

 

06/04/08 .................................................................. 1,073,794 1,080,299 7,622 1.0408 

06/11/08 .................................................................. 1,104,272 1,110,498 7,007 1.0328 

06/18/08 .................................................................. 873,140 879,905 4,961 1.0413 

06/25/08 .................................................................. 875,865 882,816 4,991 1.0424 

 

07/02/08 .................................................................. 922,910 925,676 5,001 1.0151 

07/09/08 .................................................................. 909,518 912,942 5,034 1.0301 

07/16/08 .................................................................. 956,480 961,463 5,450 1.0148 

07/23/08 .................................................................. 945,664 950,069 5,126 1.0372 

07/30/08 .................................................................. 984,538 989,975 5,376 1.0484 

 

08/06/08 .................................................................. 971,702 975,739 n.a. 1.0602 

08/13/08 .................................................................. 992,620 998,428 n.a. 1.0855 

08/20/08 .................................................................. 997,669 1,005,873 4,913 1.1008 

08/27/08 .................................................................. 1,026,016 1,033,517 4,426 1.1009 

 

09/03/08 .................................................................. 1,045,545 1,053,547 4,756 1.1055 

09/10/08 .................................................................. 1,097,185 1,100,484 2,268 1.1360 

09/17/08 .................................................................. 865,195 872,129 3,341 1.1208 

09/24/08 .................................................................. 841,059 844,977 4,387 1.0889 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

101

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2005 - Dec................... 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Dec................... 603,056 627,243 79,535 75,067 132,261 124,219 155,127 164,475 n.a. 1.2195 

2007 - Oct ................... 1,177,725 1,184,422 97,481 98,900 308,071 311,637 271,207 262,912 7,223 1.1589 

Nov .................. 1,309,051 1,311,137 93,579 95,429 315,267 312,092 268,136 253,543 4,224 1.1287 

Dec .................. 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Jan ................... 1,183,779 1,190,500 94,103 93,353 298,632 296,744 271,835 261,703 6,042 1.0845 

Feb .................. 1,247,179 1,246,541 98,182 103,160 303,261 296,929 272,978 261,076 6,329 1.0435 

Mar .................. 1,023,038 1,024,562 89,945 94,181 312,854 311,534 279,277 264,442 4,678 0.9921 

Apr................... 1,066,288 1,070,771 90,352 95,096 321,797 313,672 288,797 276,183 9,454 1.0422 

May.................. 1,077,285 1,083,612 81,621 87,293 237,148 240,622 292,500 270,968 7,882 1.0426 

June................. 961,572 965,153 78,608 85,377 240,478 248,576 288,702 261,523 4,852 1.0202 

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 

 

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) 

 

2005 - Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 19,986 28,587 41,674 11,025 n.a. n.a. 745 575 n.a. 1.3025 

June ................. 17,463 20,886 45,077 11,561 n.a. n.a. 623 479 n.a. 1.2247 

Sept.................. 16,524 23,319 44,741 11,124 n.a. n.a. 1,099 590 n.a. 1.2504 

Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.224 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

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 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

102

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

04/02/08 .................................................................. 1,154,448 1,157,926 1,674 1.9827 

04/09/08 .................................................................. 1,117,228 1,121,331 1,108 1.9726 

04/16/08 .................................................................. 1,147,467 1,151,000 1,002 1.9756 

04/23/08 .................................................................. 1,144,102 1,144,435 1,170 1.9786 

04/30/08 .................................................................. 1,162,114 1,167,346 783 1.9847 

 

05/07/08 .................................................................. 1,167,935 1,171,464 443 1.9522 

05/14/08 .................................................................. 1,186,989 1,187,957 81 1.9451 

05/21/08 .................................................................. 1,183,785 1,183,974 442 1.9669 

05/28/08 .................................................................. 1,274,659 1,277,612 210 1.9806 

 

06/04/08 .................................................................. 1,238,965 1,239,332 -366 1.9548 

06/11/08 .................................................................. 1,306,128 1,308,547 -127 1.9646 

06/18/08 .................................................................. 1,137,435 1,139,294 84 1.9570 

06/25/08 .................................................................. 1,106,842 1,108,790 778 1.9672 

 

07/02/08 .................................................................. 1,124,718 1,120,437 949 1.9925 

07/09/08 .................................................................. 1,140,132 1,133,802 697 1.9812 

07/16/08 .................................................................. 1,168,710 1,165,979 1,265 1.9995 

07/23/08 .................................................................. 1,191,908 1,189,965 2,274 2.0021 

07/30/08 .................................................................. 1,218,653 1,209,927 2,090 1.9810 

 

08/06/08 .................................................................. 1,202,671 1,191,078 1,728 1.9479 

08/13/08 .................................................................. 1,303,419 1,291,700 1,464 1.8682 

08/20/08 .................................................................. 1,232,568 1,218,348 608 1.8603 

08/27/08 .................................................................. 1,243,362 1,226,769 635 1.8318 

 

09/03/08 .................................................................. 1,271,133 1,255,472 377 1.7795 

09/10/08 .................................................................. 1,374,085 1,359,060 -443 1.7547 

09/17/08 .................................................................. 1,170,684 1,161,230 -53 1.7895 

09/24/08 .................................................................. 1,150,411 1,147,325 1,361 1.8502 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

103

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2005 - Dec................... 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Dec................... 813,178 846,452 400,194 350,140 81,276 73,370 78,380 80,387 2,269 1.9586 

2007 - Oct ................... 1,186,907 1,199,999 468,682 398,002 80,558 75,506 92,091 104,966 4,037 2.0777 

Nov .................. 1,279,478 1,296,715 448,573 370,895 90,111 80,093 98,136 112,968 5,504 2.0567 

Dec .................. 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Jan ................... 1,220,025 1,231,394 463,681 374,928 76,989 66,042 110,200 119,264 1,464 1.9895 

Feb .................. 1,245,182 1,249,918 471,218 368,666 78,323 67,643 114,945 125,253 1,878 1.9864 

Mar .................. 1,173,412 1,179,272 474,291 375,421 80,102 69,629 124,441 139,517 1,339 1.9855 

Apr................... 1,201,518 1,207,229 506,423 359,458 82,412 67,934 123,659 139,813 -310 1.9847 

May.................. 1,246,155 1,248,506 479,557 332,747 84,379 68,920 111,410 126,483 -1,069 1.9793 

June................. 1,172,121 1,168,789 470,463 331,253 72,241 58,749 91,843 104,769 -473 1.9906 

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 

 

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) 

 

2005 - Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 19,284 50,266 56,236 25,296 409 336 2,413 714 146 1.7393 

June ................. 26,222 46,526 60,738 26,947 394 336 2,559 667 182 1.8491 

Sept.................. 23,238 32,069 52,940 20,660 n.a. n.a. 2,244 722 176 1.8716 

Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

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 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

104

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

04/02/08 ................................................................ 17,367,606 17,380,562 7,122 n.a. 

04/09/08 ................................................................ 17,141,332 17,151,010 3,171 n.a. 

04/16/08 ................................................................ 17,523,992 17,578,434 132 n.a. 

04/23/08 ................................................................ 17,676,652 17,716,111 3,696 n.a. 

04/30/08 ................................................................ 17,596,187 17,613,127 549 n.a. 

 

05/07/08 ................................................................ 17,353,682 17,381,837 45 n.a. 

05/14/08 ................................................................ 17,375,351 17,402,807 5,246 n.a. 

05/21/08 ................................................................ 17,630,914 17,657,671 1,552 n.a. 

05/28/08 ................................................................ 18,621,035 18,732,894 724 n.a. 

 

06/04/08 ................................................................ 18,193,607 18,233,625 -2,806 n.a. 

06/11/08 ................................................................ 18,869,487 18,876,705 3,646 n.a. 

06/18/08 ................................................................ 16,680,151 16,647,728 2,538 n.a. 

06/25/08 ................................................................ 16,852,449 16,814,219 -2,940 n.a. 

 

07/02/08 ................................................................ 17,109,541 17,102,297 -5,746 n.a. 

07/09/08 ................................................................ 17,058,331 17,074,878 -485 n.a. 

07/16/08 ................................................................ 17,450,721 17,469,346 -4,045 n.a. 

07/23/08 ................................................................ 17,402,864 17,411,829 -3,659 n.a. 

07/30/08 ................................................................ 18,164,102 18,157,419 -790 n.a. 

 

08/06/08 ................................................................ 18,013,902 18,028,375 1,966 n.a. 

08/13/08 ................................................................ 18,386,126 18,388,516 1,876 n.a. 

08/20/08 ................................................................ 18,147,207 18,145,537 4,086 n.a. 

08/27/08 ................................................................ 18,752,292 18,756,348 1,666 n.a. 

 

09/03/08 ................................................................ 18,568,911 18,595,390 3,175 n.a. 

09/10/08 ................................................................ 19,264,034 19,328,267 8,820 n.a. 

09/17/08 ................................................................ 16,747,673 16,767,152 1,765 n.a. 

09/24/08 ................................................................ 16,926,195 16,960,138 -1,367 n.a. 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

105

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2005 - Dec.................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Dec.................. 10,523,993 10,613,502 - - 1,877,190 1,921,370 2,004,037 2,251,079 -8,890 n.a. 

2007 - Oct .................. 17,003,995 17,019,367 - - 2,656,709 2,590,575 2,620,663 n.a. 878 n.a. 

Nov ................. 18,964,405 18,978,000 - - 2,786,076 2,714,895 2,783,284 n.a. 5,738 n.a. 

Dec ................. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a. 

2008 - Jan .................. 18,485,177 18,506,856 - - 2,713,748 2,515,460 2,553,416 n.a. -3,773 n.a. 

Feb ................. 19,347,277 19,391,890 - - 3,566,916 2,868,568 2,622,890 n.a. 11,550 n.a. 

Mar ................. 18,225,601 18,226,937 - - 2,797,478 2,527,739 2,632,024 n.a. 5,332 n.a. 

Apr.................. 18,600,434 18,653,717 - - 2,736,978 2,700,906 2,651,712 n.a. n.a. n.a. 

May................. 18,987,815 19,043,557 - - 3,287,386 3,803,175 3,285,883 6,608,679 12,071 n.a. 

June................ 18,131,933 18,165,420 - - 3,200,841 3,290,251 3,322,983 6,668,912 8,027 n.a. 

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. 

 

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) 

 

2005 - Dec................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 444,770 436,861 - - 21,312 18,906 18,612 20,083 2,115 n.a. 

June.................. 441,758 453,766 - - 16,802 19,028 16,754 17,785 954 n.a. 

Sept .................. 466,483 478,373 - - 25,157 32,393 20,992 26,372 4,174 n.a. 

Dec ................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

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. 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

106

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

04/02/08 ............................................................................. 4,148,946 4,091,264 9,278 0.6403 

04/09/08 ............................................................................. 4,108,079 4,048,716 9,005 0.6328 

04/16/08 ............................................................................. 4,224,840 4,152,979 8,781 0.6259 

04/23/08 ............................................................................. 4,277,764 4,196,449 7,023 0.6290 

04/30/08 ............................................................................. 4,312,696 4,223,258 5,993 0.6423 

 

05/07/08 ............................................................................. 4,276,181 4,188,983 4,834 0.6506 

05/14/08 ............................................................................. 4,238,900 4,144,523 7,169 0.6465 

05/21/08 ............................................................................. 4,360,232 4,255,735 7,307 0.6340 

05/28/08 ............................................................................. 4,479,426 4,370,137 6,376 0.6399 

 

06/04/08 ............................................................................. 4,495,000 4,389,059 6,524 0.6471 

06/11/08 ............................................................................. 4,552,435 4,460,048 7,745 0.6426 

06/18/08 ............................................................................. 4,080,087 3,993,133 7,053 0.6451 

06/25/08 ............................................................................. 4,127,525 4,037,021 6,681 0.6423 

 

07/02/08 ............................................................................. 4,166,159 4,078,695 8,258 0.6302 

07/09/08 ............................................................................. 4,214,517 4,110,285 7,214 0.6352 

07/16/08 ............................................................................. 4,305,963 4,206,081 6,543 0.6310 

07/23/08 ............................................................................. 4,276,810 4,177,857 5,464 0.6366 

07/30/08 ............................................................................. 4,457,183 4,368,957 3,999 0.6427 

 

08/06/08 ............................................................................. 4,396,092 4,307,828 6,931 0.6490 

08/13/08 ............................................................................. 4,528,388 4,444,347 6,902 0.6714 

08/20/08 ............................................................................. 4,556,240 4,469,099 8,350 0.6802 

08/27/08 ............................................................................. 4,770,207 4,692,264 8,433 0.6810 

 

09/03/08 ............................................................................. 4,710,165 4,634,602 7,462 0.6902 

09/10/08 ............................................................................. 4,893,921 4,813,895 5,870 0.7133 

09/17/08 ............................................................................. 4,267,569 4,195,538 4,756 0.7035 

09/24/08 ............................................................................. 4,316,597 4,226,857 2,583 0.6824 

 
FOREIGN CURRENCY POSITIONS 

December 2008 

107

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2005 - Dec................... 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Dec................... 2,908,461 2,899,018 1,471,459 1,427,573 651,970 693,889 508,842 587,473 -14,933 0.7578 

2007 - Oct ................... 4,211,730 4,156,064 2,031,255 1,991,848 648,218 658,900 578,780 594,839 1,934 0.6912 

Nov .................. 4,695,167 4,651,424 1,976,694 1,952,169 667,478 669,233 589,421 591,722 1,923 0.6808 

Dec .................. 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Jan ................... 4,507,929 4,438,088 1,903,183 1,880,082 594,741 574,110 574,188 587,291 10,179 0.6738 

Feb .................. 4,702,185 4,642,890 1,992,369 1,960,485 591,100 594,740 604,782 624,269 2,606 0.6585 

Mar .................. 4,242,145 4,202,857 2,026,042 1,971,843 590,344 587,194 593,820 625,854 7,609 0.6327 

Apr................... 4,480,698 4,386,596 1,805,029 1,783,161 610,838 603,295 593,853 645,204 4,393 0.6423 

May.................. 4,578,782 4,466,296 1,721,464 1,714,719 568,784 565,827 590,647 639,306 4,569 0.6427 

June................. 4,303,139 4,237,361 1,616,625 1,628,034 608,851 615,710 601,216 643,773 6,264 0.6350 

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 

 

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) 

 

2005 - Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 131,132 149,125 223,971 135,999 10,580 6,100 6,992 5,441 -1,532 0.8238 

June ................. 130,803 137,764 232,161 136,551 6,763 3,575 7,462 4,729 -934 0.7825 

Sept.................. 141,600 146,199 220,610 154,973 7,614 3,680 7,305 5,329 -2,956 0.7882 

Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

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 

 
December 2008 

108

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of March 31, 2008, and June 30, 2008 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital March 31, 2008 

April 1, 2008, 

through 

June 30, 2008 June 30, 2008 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 16,698,542 77,737 16,776,279 

Special drawing rights 1 ........................................................... 9,892,018 -42,863 9,849,155 

Foreign exchange and securities: 

European euro ..................................................................... 15,544,835 76,848 15,621,683 

Japanese yen....................................................................... 9,536,918 -555,096 8,981,822 

Accounts receivable................................................................. 216,254 21,912 238,166 

Total assets.......................................................................... 51,888,567 -421,462 51,467,105 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 37,996 1,366 39,362 

Total current liabilities ...................................................... 37,996 1,366 39,362 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 8,057,277 -53,307 8,003,970 

Total other liabilities ......................................................... 10,257,277 -53,307 10,203,970 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 41,393,294 -369,521 41,023,773 

Total capital...................................................................... 41,593,294 -369,521 41,223,773 

Total liabilities and capital............................................ 51,888,567 -421,462 51,467,105 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 109 

December 2008 

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

April 1, 2008, 

through 

June 30, 2008 

Fiscal year to date

October 1, 2007, 

through 

June 30, 2008 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -623,908 2,192,127 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... -12,080 85,280 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 12,636 41,981 

U.S. Government securities......................................................... 88,231 378,712 

Foreign exchange ........................................................................ 165,600 479,729 

Commissions ............................................................................... - -

 

Income from operations............................................................... -369,521 3,177,829 

Net income (+) or loss (-)............................................................. -369,521 3,177,829 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

December 2008 

113

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2009. 

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 2009. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 79.1

less: 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... -3.1

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 82.2

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 137.8

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

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2009) .............................................................................................................. 15.1

less: 

Cash balance (fiscal year 2009) ......................................................................................................................................................................................... 4.2

Unfunded authorizations (fiscal year 2009)........................................................................................................................................................................ 10.9

48-month revenue estimate (fiscal years 2010, 2011, 2012, and 2013)............................................................................................................................ 19.6

Note.—Updated figures reflecting the 8 billion dollar transfer from the General Fund to the Highway Trust Fund per P.L.110-318 are not yet available. 
114 

December 2008 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001.
RESEARCH PAPER SERIES 

December 2008 

115

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
December 2008 

116

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of September 2008, the 

debt limit was $10,615,000 million; the limit may change 

from year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

December 2008 

117

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—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 

December 2008 

118

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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