Con tents
 DE CEM BER 2001
 

FI NAN CIAL OPERA TIONS
 

PRO FILE OF THE ECONOMY

Anal y sis.—Sum mary of economic indi ca tors ............................................................... 3
 

FED ERAL FISCAL OPERA TIONS

In tro duc tion.—Fed eral fiscal oper a tions .................................................................. 10

Anal y sis.—Bud get results and financ ing of the U.S. Govern ment and fourth-quarter receipts by source ................ 11
 FFO-A.—Chart: Monthly receipts and outlays ............................................................. 13
 FFO-B.—Chart: Budget receipts by source ................................................................ 13

FFO-1.—Sum mary of fiscal oper a tions................................................................... 14
 FFO-2.—On-budget and off-budget receipts by source....................................................... 15
 FFO-3.—On-budget and off-budget outlays by agency....................................................... 17

FFO-4.—Sum mary of U.S. Govern ment receipts by source and outlays by agency, Septem ber 2001 and other periods .... 19

FFO-5.—In ter nal reve nue receipts by regions and districts.................................................... 20

FFO-6.—Cus toms collec tion of duties, taxes and fees by districts and ports ...................................... 21
 

AC COUNT OF THE U.S. TREASURY

In tro duc tion.—Source and availabil ity of the balance in the account of the U.S. Treasury ........................... 25
 UST-1.—El e ments of change in Federal Reserve and tax and loan note account balances............................ 25
 

FED ERAL DEBT

In tro duc tion.—Fed eral debt ............................................................................ 27

FD-1.—Sum mary of Federal debt ....................................................................... 28
 FD-2.—Debt held by the public ......................................................................... 29

FD-2.—In ter est-bearing public debt (histor i cal) ............................................................ 30

FD-3.—Gov ern ment account series...................................................................... 31

FD-4.—In ter est-bearing secu ri ties issued by Govern ment agencies ............................................. 32

FD-5.—Ma tu rity distri bu tion and aver age length of market able inter est-bearing public debt held by private inves tors ..... 33
 FD-6.—Debt subject to statu tory limit.................................................................... 34
 FD-6.—Debt subject to statu tory limi ta tion (histor i cal) ...................................................... 34

FD-7.—Trea sury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies....................... 35
 FD-A.—Charts: Av er age length of privately held market able debt.............................................. 37
 

PUB LIC DEBT OPERA TIONS

In tro duc tion.—Pub lic debt oper a tions .................................................................... 38

TREA SURY FINANCING ............................................................................ 38

PDO-1.—Ma tu rity schedules of inter est-bearing market able public debt secu ri ties other than regu lar weekly
 and 52-week Treasury bills outstand ing........................................................... 41

PDO-2.—Of fer ings of regu lar weekly Treasury bills ........................................................ 46
 PDO-3.—Offerings of market able secu ri ties other than regu lar weekly Treasury bills .............................. 47

PDO-4A.—Al lot ments by inves tor class for market able public debt secu ri ties other than bills ........................ 48

PDO-4B.—Al lot ments by inves tor class for market able public debt secu ri ties, 52-week bills......................... 49
 

U.S. SAVINGS BONDS AND NOTES

In tro duc tion.—Sav ings bonds and notes .................................................................. 50
 SBN-1.—Sales and redemp tions by series, cumu la tive ....................................................... 50
 SBN-2.—Sales and redemp tions by period, all series of savings bonds and notes combined.......................... 51
 SBN-3.—Sales and redemp tions by period, series E, EE, H, HH and I........................................... 51
 

OWN ER SHIP OF FEDERAL SECU RITIES

In tro duc tion.—Own er ship of Federal secu ri ties ............................................................ 53

OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues................................. 54

OFS-1.—Dis tri bu tion of Federal secu ri ties by class of inves tors and type of issues (histor i cal) ....................... 55

OFS-2.—Es ti mated owner ship of U.S. Trea sury secu ri ties.................................................... 56
 

MARKET YIELDS

In tro duc tion.—Mar ket yields........................................................................... 57

MY-1.—Trea sury market bid yields at constant matu ri ties: bills, notes and bonds.................................. 57
 MY-A.—Chart: Yields of Treasury secu ri ties .............................................................. 58

MY-2.—Av er age yields of long-term Treasury, corpo rate and munic i pal bonds ................................... 59
 MY-B.—Chart: Av er age yields of long-term Treasury, corpo rate and munic i pal bonds .............................. 62
 
IV
 

Con tents
 

U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION

In tro duc tion.—U.S. currency and coin outstand ing and in circu la tion ........................................... 63
 USCC-1.—Amounts outstand ing and in circu la tion; currency, coin ............................................. 63
 USCC-2.—Amounts outstand ing and in circu la tion; by denom i na tion, per capita compar a tive totals................... 64
 

IN TER NA TIONAL STATIS TICS 

IN TER NA TIONAL FINAN CIAL STATIS TICS

In tro duc tion.—In ter na tional finan cial statis tics............................................................. 67
 IFS-1.—U.S. Reserve assets............................................................................ 67

IFS-2.—Se lected U.S. lia bil i ties to foreign ers.............................................................. 68

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes issued to offi cial insti tu tions
 and other resi dents of foreign countries ............................................................ 69
 

CAP ITAL MOVEMENTS

In tro duc tion.—Cap i tal movements ...................................................................... 70
 

SEC TION I.—LIA BIL ITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal lia bil i ties by type and holder .............................................................. 72

CM-I-2.—To tal lia bil i ties by country..................................................................... 73

CM-I-3.—To tal lia bil i ties by type and country ............................................................. 75
 CM-A.—Chart: U.S. lia bil i ties to foreign ers reported by U.S. banks, brokers and dealers with respect to
 selected countries............................................................................. 77
 

SEC TION II.—CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES
 CM-II-1.—To tal claims by type ......................................................................... 78
 CM-II-2.—To tal claims by country ...................................................................... 79
 CM-II-3.—To tal claims on foreign ers by type and country ................................................... 81
 CM-B.—Chart: U.S. claims on foreign ers reported by U.S. banks, brokers and dealers with respect to 
 selected countries............................................................................. 83
 

SEC TION III.—SUPPLE MENTARY LIA BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED
 STATES

CM-III-1.—Dol lar lia bil i ties to, and dollar claims on, foreign ers in countries and areas not regu larly reported sepa rately .. 84
 

SEC TION IV.—LIA BIL ITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS 

ENTER PRISES IN THE UNITED STATES
 CM-IV-1.—To tal lia bil i ties and claims by type ............................................................. 85
 CM-IV-2.—To tal lia bil i ties by country ................................................................... 86
 CM-IV-3.—To tal lia bil i ties by type and country ............................................................ 88
 CM-IV-4.—To tal claims by country...................................................................... 90
 CM-IV-5.—To tal claims by type and country .............................................................. 92
 CM-C.—Chart: Net purchases of long-term domes tic secu ri ties by foreign ers, selected countries ..................... 94
 

SEC TION V.—U.S. INTER NA TIONAL TRANSAC TIONS IN LONG-TERM SECU RITIES
 CM-V-1.—U.S. transac tions with foreign ers in long-term domes tic secu ri ties by type .............................. 95
 CM-V-2.—U.S. transac tions with foreign ers in long-term foreign secu ri ties by type................................ 96
 CM-V-3.—Net foreign transac tions in long-term domes tic secu ri ties by type and country ........................... 97
 CM-V-4.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country, 
 during third quarter 2001, preliminary .......................................................... 99
 CM-V-5.—U.S. transac tions with foreign ers in long-term domes tic and foreign secu ri ties, by type and country,
 during calen dar year 2000 ................................................................... 101
 CM-D.—Chart: Net purchases of long-term foreign secu ri ties by U.S. inves tors.................................. 103
 

FOR EIGN CURRENCY POSI TIONS

In tro duc tion.—For eign currency posi tions ............................................................... 104
 

SEC TION I.—CANA DIAN DOLLAR POSI TIONS
 FCP-I-1.—Weekly report of major market partic i pants...................................................... 105
 FCP-I-2.—Monthly report of major market partic i pants..................................................... 106

FCP-I-3.—Quar terly report of large market partic i pants..................................................... 106
 
V
 

Con tents
 

SEC TION II.—GERMAN MARK POSI TIONS
 FCP-II-1.—Weekly report of major market partic i pants ..................................................... 107
 FCP-II-2.—Monthly report of major market partic i pants .................................................... 108

FCP-II-3.—Quar terly report of large market partic i pants .................................................... 108
 

SEC TION III.—JAP A NESE YEN POSI TIONS
 FCP-III-1.—Weekly report of major market partic i pants .................................................... 109
 FCP-III-2.—Monthly report of major market partic i pants.................................................... 110

FCP-III-3.—Quar terly report of large market partic i pants.................................................... 110
 

SEC TION IV.—SWISS FRANC POSI TIONS
 FCP-IV-1.—Weekly report of major market partic i pants..................................................... 111
 FCP-IV-2.—Monthly report of major market partic i pants.................................................... 112
 FCP-IV-3.—Quar terly report of large market partic i pants.................................................... 112
 

SEC TION V.—STER LING POSI TIONS
 FCP-V-1.—Weekly report of major market partic i pants ..................................................... 113
 FCP-V-2.—Monthly report of major market partic i pants .................................................... 114
 FCP-V-3.—Quar terly report of large market partic i pants .................................................... 114
 

SEC TION VI.—U.S. DOLLAR POSI TIONS
 FCP-VI-1.—Weekly report of major market partic i pants .................................................... 115
 FCP-VI-2.—Monthly report of major market partic i pants ................................................... 116

FCP-VI-3.—Quar terly report of large market partic i pants ................................................... 116
 

SEC TION VII.—EURO POSI TIONS
 FCP-VII-1.—Weekly report of major market partic i pants.................................................... 117
 FCP-VII-2.—Monthly report of major market partic i pants................................................... 118

FCP-VII-3.—Quar terly report of large market partic i pants................................................... 118
 

EX CHANGE STABI LI ZA TION FUND

In tro duc tion.—Ex change Stabi li za tion Fund .............................................................. 119

ESF-1.—Bal ance sheet............................................................................... 119

ESF-2.—In come and expense ......................................................................... 120
 

SPE CIAL REPORTS 

TRUST FUNDS

In tro duc tion.—Trust funds............................................................................ 123
 TF-A.—Chart: Major trust funds, total net increase or decrease in assets........................................ 123
 TF-B.—Chart: Total receipts of major trust funds .......................................................... 124
 TF-C.—Chart: Total expen di tures of major trust funds...................................................... 125
 TF-1.—Civil Service Retire ment and Disabil ity Fund....................................................... 126

TF-2.—Fed eral Hospi tal Insur ance Trust Fund ............................................................ 127

TF-3.—Fed eral Disabil ity Insur ance Trust Fund ........................................................... 128

TF-4.—Fed eral Old-Age and Survi vors Insur ance Trust Fund ................................................ 129

TF-5.—Fed eral Supple men tary Medi cal Insur ance Trust Fund................................................ 130

TF-6.—Na tional Service Life Insur ance Fund............................................................. 131

TF-7.—Rail road Retire ment Account ................................................................... 132

TF-8.—Un em ploy ment Trust Fund ..................................................................... 133

TF-9.—In vest ments of speci fied trust accounts in public debt secu ri ties by issue ................................. 135

In tro duc tion.—High way Trust Fund .................................................................... 136

TF-15A.—High way Trust Fund, highway account and mass transit account ..................................... 136

In tro duc tion.—Aquatic Resources Trust Fund............................................................. 137
 TF-20.—Aquatic Resources Trust Fund, sport fish resto ra tion and boat safety ................................... 137

In tro duc tion.—Oil Spill Lia bil ity Trust Fund ............................................................. 140
 TF-21.—Oil Spill Lia bil ity Trust Fund .................................................................. 140
 

RE SEARCH PAPER INDEX.......................................................................... 141
 

GLOS SARY ....................................................................................... 142
 

ORDER FORM FOR TREASURY PUBLI CA TIONS ........................................... In side back cover
 

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

round ing; p = Prelim i nary; n.a. = Not available; r = Revised. 
VI
 

Nonquarterly Ta bles and Reports 

For the conve nience of the “Trea sury Bulle tin” user, nonquarterly tables and reports 

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

Issues 

March June Sept. Dec. 

Fed eral Fiscal Oper a tions 

FFO-5.—Internal reve nue receipts by State ................... � 

FFO-6.—Cus toms collections of duties, taxes and fees by 

districts and ports...................................... � 

Spe cial Reports 

Fi nan cial Report of the United States Govern ment excerpt ....... � 

Trust Fund Reports: 

Air port and Airway Trust Fund.......................... � 

Aquatic Resources Trust Fund * ......................... � 

Black Lung Disabil ity Trust Fund........................ � 

Civil Service Retire ment and Disabil ity Fund .............. � 

Fed eral Disabil ity Insur ance Trust Fund................... � 

Fed eral Hospi tal Insur ance Trust Fund .................... � 

Fed eral Old-Age and Survi vors Insur ance Trust Fund ........ � 

Fed eral Supple men tary Medi cal Insur ance Trust Fund ....... � 

Har bor Mainte nance Trust Fund ......................... � 

Haz ard ous Substance Superfund......................... � 

High way Trust Fund .................................. � 

In land Water ways Trust Fund ........................... � 

In vest ments of speci fied trust accounts ................... � 

Leaking Under ground Stor age Tank Trust Fund............. � 

Na tional Service Life Insur ance Fund .................... � 

Nu clear Waste Fund .................................. � 

Oil Spill Lia bil ity Trust Fund *.......................... � 

Rail road Retire ment Account ........................... � 

Re for es ta tion Trust Fund............................... � 

Un em ploy ment Trust Fund ............................. � 

Ura nium Enrich ment Decon tam i na tion and 

Decom mis sioning Fund ............................. � 

Vac cine Injury Compen sa tion Trust Fund.................. � 

*Data was incomplete at time of publi ca tion; therefore, it is included in this issue. 
3
 

Profile of the Economy 

[Source: Office of Macro eco nomic Analy sis] 

Real gross domestic product (GDP) 

Real GDP declined at a 0.4 percent annual rate in the third 

quar ter of 2001, accord ing to the advance esti mate. Except for 

a small dip early in 1993, that was the first decline since the 

1990-91 reces sion. Economic activ ity was growing at a modest pace in the first 2 months of the third quarter, but fell off 

sharply in Septem ber after the terror ist attacks. The 

third-quarter perfor mance followed a 0.3 percent increase in 

real GDP in the second quarter. 

The tip into nega tive terri tory chiefly reflected a sharp pullback in consumer spending, which repre sents about 

two-thirds of GDP. Personal consump tion expen di tures rose 

at a 1.2 percent annual rate, less than half the 2.5 percent 

growth in the second quarter. Business fixed invest ment was 

also weak, down at an 11.9 percent annual rate for the third decrease in a row. Invest ment demand was held back by declining corpo rate profits, excess capac ity worldwide and 

height ened uncer tainty. 

In addi tion to cutting spending on capi tal equipment and 

struc tures, businesses contin ued to liqui date inven to ries in the 

third quarter. The decline in inven tory invest ment reduced 

real GDP growth by 0.4 percent age point, about the same as in 

the second quarter. Net exports provided a small boost to the 

econ omy as imports declined by more than exports, narrow ing 

the foreign trade defi cit. 

The national accounts measures of infla tion indi cated that 

price pressures were largely absent in the third quarter. The 

GDP price index increased at a 2.1 percent annual rate, the 

Inflation 

The infla tion picture improved during the first 10 months of 

2001, as a slowing economy reduced pressure on both prices 

and wages. Held down by sharply falling energy prices, the

con sumer price index (CPI) de clined at a 0.5 percent annual 

rate over the 4-month period ending in Octo ber after rising at a 

3.8-percent pace during the first half of 2001. As a result, consumer price infla tion for the first 10 months of 2001 slowed to a 

2.1 percent annual rate from 3.4 percent during all of 2000. Energy prices fell sharply after mid-year, yielding a decline at a 

7.2 percent annual rate during the first 10 months of 2001. By

con trast, consumer energy prices had surged by nearly 14 percent annu ally during 1999 and 2000. 

Both food prices and “core” consumer prices (exclud ing the 

food and energy compo nents) firmed somewhat during the first 

10 months of 2001, mainly reflect ing rapid growth at the start 

of the year. Food prices increased at a 3.6 percent annual rate 

same as in the second quarter. Exclud ing a special adjust ment 

to insur ance prices to reflect large payouts in the wake of the 

tragic losses suffered on Septem ber 11, the GDP price index 

was up at only a 1.2 percent rate. Falling energy prices kept

over all price growth low. 

Growth of Real GDP 

(Percent change, fourth quarter to fourth quarter) 

7 

6 

5 

4 

3 

2 

1 

0 

95 96 97 98 99 00 01* 

2.2 

4.1 4.3 

4.8 

4.4 

2.8 

0.4 

* Based on first three quarters 

dur ing the 10 months available for 2001, up from 2.8 percent 

dur ing 2000. Core consumer prices rose at a 2.8 percent pace, 

slightly faster than the 2.6 percent increase during 2000. 

At the producer level, prices have actu ally declined by 0.8

per cent at an annual rate during the first 10 months of 2001. 

Fin ished goods prices fell by a record 1.6 percent in Octo ber,

eras ing a small gain recorded in the earlier months of the year. 

En ergy prices dropped sharply in Octo ber, bringing the annual 

rate of decline for finished energy goods prices during the 10 

months of 2001 to 12.6 percent. Food prices increased at a 

3.4 percent annual rate during 2001. Core finished goods 

prices rose by 0.8 percent at an annual rate during the first 10 

months of 2001, less than the 1.3 percent increase during all of 

2000. Price pressure was also absent further back in the produc tion chain, with core prices for crude and inter me di ate 

goods contin u ing to decline. 
4 PRO FILE OF THE ECON OMY

-4

-2

0

2

4

6

8

10

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)

1

2

3

4

5

6

7

89 90 91 92 93 94 95 96 97 98 99 00 01

Excluding food and

energy

Total

Consumer Prices

(Percent change from a year earlier)

Employment and unemployment

The se vere eco nomic dis rup tions caused by the ter ror ist at -

tacks, com bined with an econ omy that was al ready weak ening, gen er ated job losses and a ris ing un em ploy ment rate

through Oc to ber. all, the num ber of nonfarm pay roll

jobs, which had av er aged monthly gains of 11,000 dur ing the

first half of 2001, av er aged de clines of 166,000 from June

through Oc to ber. The Oc to ber monthly de cline of 415,000

was the larg est since May 1980. u fac turing pay rolls contin ued to be hit hard. ing the first six months of 2001,

man u fac tur ing job losses av er aged 99,000 a month, a down -

ward pace that ac cel er ated to 114,00 a month dur ing the July

through Oc to ber pe riod. Since man u fac tur ing em ploy ment

be gan to fall in Au gust 2000, the sec tor has lost nearly 1.2 million jobs, about 6.5 per cent of the man u fac tur ing workforce.

The weak ness in the man u fac tur ing econ omy spilled over

into the ser vice-producing sec tors in the third quar ter, while

lay offs in air trans por ta tion and other travel-related businesses af fected by the ter ror ist-attack dis rup tions di rectly re -

duced over all ser vice-sector em ploy ment. Pri vate

ser vice-producing em ploy ment, which av er aged monthly

gains of 58,000 dur ing the first half of 2001, av er aged

monthly de clines of 94,000 from July through Oc to ber. -

vate ser vice-sector pro duc ing jobs fell by 265,000 in Oc to ber

alone. ber of re tail trade jobs dropped sharply in Octo ber, and the per son nel sup ply ser vices in dus try, which is

mostly tem po rary help work ers, fell by 122,000. sonnel sup ply ser vices sec tor, which sup plies tem po rary work ers

to all other sec tors, in clud ing a sub stan tial frac tion to the manu fac tur ing in dus try, lost more than 500,000 jobs in the year

end ing Oc to ber.

The faster pace of job losses led to a rise in the unemployment rate. em ploy ment rate av er aged 4.4 per cent dur -

ing the first six months of 2001, and in creased to 4.5 per cent in

July. ever, from July through Oc to ber, the un em ploy ment

rate jumped nearly a per cent age point, reach ing 5.4 per cent in

Oc to ber. The Oc to ber rate was 1.5 per cent age points above

Oc to ber 2000, which was a 30-year low. 

Av er age hourly earn ings con tin ued to rise through out the

third quar ter and the first month of the fourth quar ter, pro viding some sup port to con sumer in comes. In the year end ing in

Oc to ber 2001, av er age hourly earn ings in the pri vate sec tor

grew 4.1 per cent. Hourly earn ings in ser vice-producing in dustries in creased 4.6 per cent, while earn ings rose 3.3 per cent in

man u fac tur ing. De spite the con tin ued gains, growth has

slowed since the mid dle of the year. ings grew at a

4 per cent an nual rate in the first six months of 2001, but at only

a 3.4 per cent an nual rate from June through Oc to ber.

Ev i dence sug gests that wage pres sures have eased over the

course of 2001, as work ers have reined in wage de mands in the

face of ris ing un em ploy ment. Growth of hourly com pen sa tion

costs (in clud ing stock op tions) as cal cu lated in the na tional income ac counts for the nonfarm sec tor slowed to 5.8 per cent

dur ing the year end ing in the third quar ter. ing the com para ble year-earlier pe riod, com pen sa tion costs rose 6.3 per cent. 

A slow down in pro duc tiv ity dur ing the past year caused

growth of la bor costs per unit of out put none the less to ac cel erate to 3.9 per cent from 2.6 per cent dur ing the year ended in the

third quar ter of 2000. ploy ment cost in dex for to tal

com pen sa tion, a fixed-weighted com pen sa tion mea sure that

does not ac count for stock op tions, in creased by 4.1 per cent for

the 12-month pe riod end ing in Sep tem ber 2001, also ex hib iting some de cel er a tion from the 4.3 per cent gain dur ing the

year end ing in Sep tem ber 2000.

Over

Man

Dur

Pri 

The num

The per

The un

How

Hourly earn

Dur

The em
PRO FILE OF THE ECONOMY 5
 

Unemployment Rate 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

94 95 96 97 98 99 00 01 

Real disposable personal income 

and consumer spending 

Per sonal income grew 2.9 percent at an annual rate in the 

third quarter, down consid er ably from the nearly 7 percent 

growth from 1999 to 2000. Declines in payroll employ ment in 

the third quarter contrib uted to slowing growth in wages and

sal a ries, which account for slightly less than 60 percent of personal income. Wages and sala ries grew 2.3 percent at an annual rate, well off the 8.2-percent pace for 2000. 

Other compo nents of personal income also showed either 

slow ing growth or declines. Propri etors’ in come grew 3.8 percent at an annual rate in the third quarter, after growing 6.4 percent in 2000. Declining inter est rates, partic u larly short-term 

in ter est rates, have caused personal inter est income to slip.

Per sonal inter est income, account ing for more than 11 percent 

of personal income, fell at a 3.9 percent annual rate in the third 

quar ter, and has fallen for three straight quarters. In contrast,

gov ern ment transfer payments grew 7.4 percent in the third 

quar ter, helping to support income growth. 

Ad justing for infla tion, after-tax income rose 3 percent in the 

third quarter, up from the 2.4 percent increase in the second 

quar ter and near the 3.4-percent pace for 2000. The growth in

af ter-tax real income was helped by reduc tions in federal personal income tax rates that began in July and by advance refund checks sent to taxpay ers throughout the quarter. 

Real consumer spending increased 1.2 percent at an annual 

rate in the third quarter, the lowest quarterly growth in consumer spending since the first quarter of 1993. Spending during the first two months of the quarter was slow, but it dropped 

sharply in Septem ber as consum ers reined in their purchases in 

the wake of the terror ist attacks. Spending overall fell 1.3 

Establishment Employment 

(Average monthly change in thousands) 

600 

500 

400 

300 

200 

100 

0 

-100 

-200 

-300 

-400 

-500 

-600 

359 

176 

26 

107 96 

-74 -83 

-415 

00-I II III IV 0I-1 II III IV* 

*Based on October data. 

per cent in Septem ber, with spending on dura ble goods down 

2.8 percent and spending on services down 0.4 percent. Data 

on auto sales and other retail spending show some rebound for 

Oc to ber, so it is likely that some of the Septem ber decline may 

be offset by growth later in the year. 

The slowdown in consumer spending, coupled with the effects of the advance tax refunds and the reduc tions in the personal tax rates, pushed the personal saving rate up in the third

quar ter. The saving rate, which had aver aged 1.1 percent in the 

sec ond quarter, rose sharply to an aver age of 3.8 percent in the 

third. Within the third quarter, the personal saving rate hit 4.7 

per cent in Septem ber, and rose throughout the quarter. 

Industrial production 

and capacity utilization 

The end of Septem ber marked the one-year anni ver sary of 

the slump in the indus trial sector as indus trial produc tion fell 

by a season ally adjusted 1.0 percent in Septem ber. Such an extended string of losses last occurred at the end of World War II, 

when arms manu fac tur ers were ramping down produc tion. 

The third-quarter perfor mance of the indus trial sector was 

quite poor, with activ ity falling at a 6.2 percent annual rate on 

top of a 4.4 percent decline in the second quarter. Septem ber’s 

de cline leaves indus trial activ ity a sharp 5.8 percent below its 

Sep tem ber 2000 level. The fall in produc tion over the past 

year far exceeds the 4.5 percent drop recorded over the 12 

months ended in March 1991, when the economy was in recession, although steeper declines have occurred in previ ous

re ces sions. 

Man u fac turing produc tion, which accounts for just over 87

per cent of all indus trial output, fell by 1.1 percent in September, bringing the decline for the entire third quarter to 6.6 
6 PROFILE OF THE ECONOMY
 

per cent at an annual rate. The overall produc tion both of durable and nondu ra ble goods decreased in the third quarter. 

Among dura ble goods, the largest third-quarter declines were 

in machin ery, espe cially the high-technology indus tries (comput ers, commu ni ca tions equipment, and semicon duc tors). 

Since Septem ber 2000, the high-tech indus tries have declined 

by 11.3 percent. Among nondurables, declines were largest in 

ap parel products, textile mill products, printing and publishing, and paper and paper products. Alto gether, manu fac tur ing

pro duc tion has fallen by 6.7 percent since it peaked in September 2000. The latest 12-month decline far exceeds the 5.3 percent decrease recorded in the twelve months after activ ity 

peaked in March 1990, but is still below the 10.4 percent drop 

posted follow ing the July 1981 peak in factory produc tion. 

The overall capac ity utili za tion rate for the indus trial sector 

slid by 0.9 percent age point in Septem ber to 75.5 percent, a 

level not seen since the summer of 1983, when the economy 

was emerging from deep reces sion. Slowing produc tion has 

pushed this rate 6.6 percent age points lower than its long-term

av er age and 8.9 points below the Janu ary 1995 peak of 84.4

per cent. Utili za tion in the manu fac tur ing sector is also at a 

near 18-year low. Septem ber’s read ing of 73.8 percent was 7.3 

points below the long-term aver age. 

Nonfarm productivity and unit labor costs 

Pre lim i nary infor ma tion for the third quarter suggests that 

strong produc tiv ity growth has been maintained despite the 

weak en ing economy. Labor produc tiv ity (real output per hour 

worked) in the nonfarm business sector rose 2.7 percent at an 

an nual rate in the third quarter, slightly faster than the 2.4 percent rate that the economy has aver aged since the end of 1995. 

The faster pace of produc tiv ity growth since 1995 has been respon si ble for the longer-term rise in real labor incomes and 

prof its without upward pressure on prices. By compar i son,

pro duc tiv ity growth aver aged 1.4 percent from the end of 1973 

through the end of 1995. 

While the third quarter’s produc tiv ity growth was solid, it resulted from a decline in output and a sharper reduc tion in payroll employ ment and worker hours. During the third quarter, 

nonfarm business output fell at a 1 percent annual rate, the second straight quarterly output decline. Real output had not declined for two consec u tive quarters since the first quarter of 

1991, when the economy was in reces sion. Labor hours 

dropped at a 3.6 percent annual rate in the third quarter. 

Hourly compen sa tion costs rose at a 4.5 percent annual rate 

in the third quarter of 2001, the slowest pace since the fourth

quar ter of 1999 and a marked decel er a tion from the growth

dur ing 2000. Hourly labor compen sa tion costs grew 7.4 percent from the fourth quarter of 1999 through the fourth quarter 

of 2000 and annu al ized quarterly growth peaked at just under 9 

per cent in the fourth quarter of 2000. 

Faster produc tiv ity growth, combined with slower growth in

la bor compen sa tion, caused unit labor costs to rise 1.8 percent 

at an annual rate in the third quarter. The increase was the 

small est since the second quarter of 2000 and signif i cantly below the 5.0 percent growth during the previ ous four quarters. 

De cel er ating unit labor costs will help to provide some support 

for profits, which will need to stabi lize before business begins

re stock ing inven to ries and invest ing in new plants and

equip ment. 

Out put and labor hours in manu fac tur ing dropped sharply in 

the third quarter; however, since hours fell more, produc tiv ity 

rose 1.1 percent at an annual rate. Hourly compen sa tion grew 

at a 5.1 percent annual rate in the third quarter, the lowest 

growth since the first quarter of 2000. Factory unit labor costs 

rose 4 percent at an annual rate in the third quarter, and are 6.5 

per cent above year-earlier levels, reflect ing the surge in compen sa tion costs that occurred at the end of 2000 and the early 

part of this year. Easing labor costs should help to stabi lize

man u fac tur ing profits, which have been severely hit as the 

econ omy has slowed. 

Current account balance 

The current account, which measures trade in goods and services as well as income, partic u larly invest ment income, flows 

and unilat eral transfers, has gener ally been in defi cit since the 

early 1980s, but has fluctu ated signif i cantly over time. It 

moved from a small surplus in 1981 to a defi cit equiva lent to 

3.5 percent of GDP at the end of 1986, and then briefly back to 

a small surplus in early 1991. By 2000, the current account 

def i cit had risen to $444.7 billion, or 4.5 percent of nomi nal 

GDP. The current account balance has improved somewhat 

this year, however, reflect ing slower growth in the United 

States. In the second quarter of 2001, the defi cit eased to $426 

bil lion at an annual rate, or 4.2 percent of GDP, from $447 billion (4.4 percent of GDP) in the first quarter. The decline was 

largely a reflec tion of a narrow ing in the merchan dise trade 

def i cit. Data on trade in goods and services in July and August

sug gest that the current account defi cit contin ued to shrink in 

the third quarter. 

Growth of the current account defi cit in recent years has been

fu eled mainly by a dete ri o ra tion in the merchan dise trade balance, which doubled in the latter half of the 1990s to an all-time 

high of -$452 billion last year. Factors that contrib uted to the 

bur geon ing defi cit on trade in goods included strong growth in 

U.S. domes tic demand that outpaced that of our major trading

part ners and higher prices for imported oil since 1998. Other 

ma jor compo nents of the current account also fueled the growing shortfall. The surplus on trade in services has eased somewhat since 1997. Moreover, what had been a posi tive balance 

on invest ment income turned nega tive in 1998. This shift has 

re sulted primar ily from the fact that foreign purchases of U.S. 

as sets have increas ingly outpaced U.S. acqui si tions of foreign

as sets. 

The current account defi cit is, by defi ni tion, financed by offset ting transac tions in the finan cial and capi tal accounts, with 

any differ ence in the recorded flows listed as a statis ti cal discrep ancy. The finan cial account measures transac tions that alter foreign finan cial assets and lia bil i ties of the United States. 

In the second quarter of 2001, foreign purchases of U.S. assets 

mod er ated but that was more than offset by slower growth of 

U.S.-owned assets overseas. As a result, net foreign investment in the United States rose to $499 billion at an annual rate 

from $414 billion in the first quarter of 2001. Capi tal account 

trans ac tions, which consist mainly of debt forgive ness and 

wealth transfers asso ci ated with immi gra tion, are typi cally 

small and were little changed in the second quarter at an annual 

rate of $0.7 billion. 
PRO FILE OF THE ECONOMY 7 

Exchange rate of the dollar 

The dollar remains strong compared to the curren cies of 

Amer ica’s key trading partners, despite a weaken ing U.S. 

econ omy. Between Decem ber 1999 and Octo ber 2001, the

nom i nal exchange rate of the dollar against a broad index of 26 

cur ren cies of impor tant U.S. trading partners appre ci ated by 

9.6 percent. This followed a 2-year period of rela tive stabil ity

af ter a sharp increase in 1996 and 1997. 

Nearly all of the appre ci a tion over the past two years was fueled by improve ment of the dollar against the seven curren cies 

of the United States’ major trading partners, includ ing the 

euro-area countries, Canada, Japan, the United Kingdom, Austra lia, Sweden and Switzer land. Over the 22 months ended in 

Oc to ber 2001, the exchange value of the dollar in rela tion to 

the curren cies of the United States’ major trading partners 

climbed by 11.8 percent. The dollar/euro exchange rate has 

eased somewhat from its autumn 2000 peak, but in Octo ber 

2001 it was still 11.7 percent higher than in Decem ber 1999. 

The dollar/yen exchange rate has fluctu ated in a fairly narrow 

range for the better part of this year and in Octo ber was 18.4 

per cent above its late 1999 level. 

The rise of the dollar over the past few years mainly reflected 

rapid growth in the United States. More recent gains have been

at trib uted to global inves tors’ contin ued strong prefer ence for 

U.S. assets and percep tions that the U.S. economy is more resil ient than others, partic u larly Europe. Other factors such as 

dif fer ing central bank and foreign exchange poli cies, the 

course of structural reforms in the euro area, and uncer tainty

sur round ing Japan’s pros pects for economic recov ery also 

have played a role. 

Interest rates 

The Federal Reserve eased mone tary condi tions this year in

re sponse to the slowdown in economic growth. From the begin ning of 2001 through early Novem ber, the Federal Reserve 

Short-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

3.0 

2.5 

2.0 

1.5 

Discount rate 

Federal funds rate 

3-month Treasury bills 

1999 2000 2001 

cut the target for the federal funds rate (the rate that banks and 

other finan cial insti tu tions charge each other for overnight 

loans) by a total of 4-1/2 percent age points. The Federal Reserve described its actions as the appro pri ate policy in light of 

the weak economy and the added dele te ri ous effects of the Septem ber 11 terror ist attacks. 

In 2001, the Federal Reserve actions lowered the federal 

funds target from 6-1/2 percent at the end of last Decem ber to 2 

per cent by early Novem ber. The target rate is now at the lowest 

level since the early 1960s. Over the same period, the discount 

rate (the rate that the Federal Reserve charges banks for 

short-term funds) was reduced from 6 percent to 1-1/2 percent. 

The market inter est rate for the 3-month Treasury bill, which

usu ally centers around the level of the discount rate, moved 

down from over 6 percent late in 2000 to under 2 percent in 

early Novem ber. 

Rates on long-term Trea sury secu ri ties declined through 

most of 2000 and have fallen further this year. The yield on the 

10-year note, for instance, fell by more than 100 basis points

dur ing 2000 and contin ued to decline this year to less than 

4-1/2 percent in early Novem ber. Long-term rates are influenced by a number of factors. Weak ness in equity markets and 

in the economy in general, as well as reduced infla tion ary expec ta tions, has contrib uted to the decline in yields. The downtrend in the yield, which moves inversely to its price, also 

partly reflected a shrinking supply of Treasury secu ri ties due to 

grow ing budget surpluses. Recently, long-term rates have 

been driven down in response to the terror ist attacks, which 

made Treasury secu ri ties desir able as safe havens against uncer tainty in the economy. 

Mort gage inter est rates gener ally follow the pattern of the 

10-year Treasury note. The inter est rate on a conven tional 

30-year fixed rate loan declined from a recent peak of 8-1/2

per cent in May 2000 to around 6-1/2 percent in early November. This decline of 200 basis points in the mortgage rate has 

helped boost housing demand. 

Long-term Interest Rates 

(Percent) 

7.0 

6.5 

6.0 

5.5 

5.0 

4.5 

4.0 

30-year bond 

10-year note 

1999 2000 2001 
8 PROFILE OF THE ECONOMY
 

Housing 

Housing activ ity grew in the third quarter of 2001, but at a 

slower pace than in previ ous quarters. Sales of new single-family homes posted an 881,000 annual pace in the quarter, down from 890,000 in the second quarter and an all-time 

re cord of 950,000 in the first quarter. Resales of exist ing single-family homes eased to a 5.2 million annual rate in the latest 

quar ter from a peak of 5.3 million in the second quarter. The 

high level of housing demand for both new and exist ing 

homes, despite weakness in other areas of the economy, was

sup ported by low mortgage inter est rates. The mortgage rate 

for a 30-year loan declined throughout the third quarter to a 

very low 6.8 percent in Septem ber. 

The expan sion in home sales over the past several years 

meant a dramatic increase in home owner ship. The number of 

new homeown ers grew by more than 500,000 in the third quarter and by 13 million since the early 1990s. In the third quarter, 

the home owner ship rate rose to a record 68.1 percent. 

Housing starts eased by 7 percent at an annual rate in the 

third quarter after very strong growth earlier in the year. The 

av er age for the year is still a very strong 1.62 million at an annual rate, up substan tially from 1.57 million in 2000 and close 

to the cycle peak of 1.64 million in 1999. The real value of resi den tial invest ment contin ued to rise in the latest quarter, but at 

a much slower pace than in the first 2 quarters of 2001. 

Federal budget 

The Federal budget posted a unified surplus of $127.2 billion in fiscal 2001. That was down consid er ably from $236.9 

bil lion in fiscal 2000, but was still the second-largest surplus 

on record. Exclud ing Social Secu rity and the Postal Service, 

on-budget results show a defi cit of $33.5 billion. The smaller 

uni fied surplus in fiscal 2001 reflected much weaker economic 

growth as well as a number of special factors and tax changes. 

Re ceipts declined by 1.7 percent in fiscal 2001, the first decrease since 1983. In rela tion to GDP, receipts eased to 19.6 

per cent from a near-record 20.8 percent in fiscal 2000. Part of 

the fall in receipts reflected provi sions of the Economic 

Growth and Tax Relief Recon cil i a tion Act, which lowered indi vid ual withhold ing rates and refunded credits on 2001 lia bility. In addi tion, the date of the usual quarterly Septem ber

cor po rate tax payment was shifted to Octo ber 1, just beyond 

the end of fiscal 2001. The combined effect of those two provisions was to reduce receipts by about $60 billion. 

With out those subtrac tions, receipts would have been up by 

1.2 percent, still the smallest increase since a 2.8 percent decline in 1983. Corpo rate income taxes were very weak

through out the year, down by more than 12 percent even before the Septem ber timing shift. Indi vid ual taxes rose very

mod estly as employ ment growth virtu ally came to a halt in fiscal 2001. 

Out lays grew by 4.2 percent in fiscal 2001 and held at a 

steady 18.3 percent share of GDP. Growth was arti fi cially held 

down by calen dar differ ences that shifted some payments into 

fis cal 2000. If it were not for that timing shift, outlays would 

have been up by 5 percent in fiscal 2001. Among major spending cate go ries, Medicare outlays expanded rapidly after a 

small increase in fiscal 2000 and an outright decline in fiscal 

1999. The speed-up primar ily reflected the Bene fits Improvement Act of 2000, which dramat i cally increased bene fits to 

health care provid ers in the second half of fiscal 2001. In addition, income support payments were notice ably larger than in

fis cal 2000 because of a rise in unem ploy ment bene fits. 

Growth in defense expen di tures was smaller than in the prior

fis cal year, and net inter est expenses were sharply reduced because of lower inter est rates and reduced borrow ing. 

The surplus in fiscal 2001 resulted in a $90 billion reduc tion 

in debt held by the public, the fourth decline in a row. Debt 

held by the public dropped to the equiva lent of 32.6 percent of 

GDP, the smallest such ratio in nearly 20 years. 
re cent high of 7.5 percent in 1998. 

The national saving rate still remained above lows near 4 percent 

reached in 1992 and 1993. (Net saving and NNP exclude depre ci a tion to 

re place worn-out or obso lete equipment, software and structures used in 

pro duc tion.) 

The decline in saving in 2001 is 

pri mar ily the result of lower corporate retained earnings, which caused 

pri vate saving to recede to 2.4 percent of NNP from 3.4 percent in 

2000. Personal saving fell steadily 

from 7.4 percent of NNP in 1992 to a 

67-year low of 0.8 percent in 2000, 

but stabi lized in the first half of 2001 

at 0.9 percent. Monthly data indi cate 

that personal saving rose sharply in 

the third quarter. Consumers reacted 

to a slowing economy by holding on 

to the advance tax credits sent out by 

the Inter nal Reve nue Service from 

July through Septem ber and by reduc ing consump tion sharply 

PRO FILE OF THE ECONOMY 9 

Net national saving and investment lo cal govern ment surpluses have been trimmed as well. Even 

Net national saving has declined in 2001, reflect ing falling so, net saving by the public sector in 2001 is at the second highcor po rate retained earnings and lower govern ment surpluses. est level rela tive to NNP since the mid-1950s. The contri buIn the first half of 2001 (the latest period available), net na- tion of the public sector currently repre sents a huge 

tional saving fell to 4.9 percent of net national product (NNP) im prove ment since 1992, when public dissaving drained the 

from 6.3 percent in all of 2000 and a equiv a lent of 5.4 percent 

than in any year from
 

1988 through 1996. A large portion of recent invest ment was
 

in Septem ber in the wake of the terror ist attacks. fi nanced from abroad. U.S. net foreign invest ment swung
 

from 0.3 percent of net national product in 1991 to approx i- Gov ern ment saving eased from 2.9 percent of NNP in 2000 mately -4.7 percent in the first half of 2001. to 2.5 percent in the first half of 2001. The decline was centered in a narrow ing of the Federal surplus, although State and 

of NNP from national
 

Net National Saving sav ing. Almost all of the
 

8-percentage point 
 (Saving as a percent of NNP) swing (from -5.4 percent 

15	 

Public 

Total 

to +2.5 percent) reflects 

the shift in the Federal 

bud get from defi cit to 

10 sur plus. 

Net domes tic invest­
 

ment (by govern ment
 

5 and private indus try in
 

struc tures, equipment,
 

soft ware, and inven tory)
 0 slowed somewhat to 8.5
 

per cent of NNP in the
 

first half of 2001 from
 -5 about 9-3/4 percent in
 

each of the previ ous
 

-10 three years. Despite the
 

re cent decline, net in-
 60 65 70 75 80 85 90 95 00 vest ment as a share of 

NNP remains higher 
10 

INTRODUCTION: Federal Fiscal Oper a tions 

Bud get author ity usually takes the form of appro pri a tions 

that allow ob li ga tions to be incurred and payments to be made. 

Reappropriations are Congres sio nal actions that extend the 

avail abil ity of unobligated amounts that have expired or would 

oth er wise expire. These are counted as new budget author ity in 

the fiscal year of the legis la tion in which the reappropriation act 

is included, regard less of when the amounts were origi nally appro pri ated or when they would other wise lapse. 

Ob li ga tions gener ally are liqui dated by the issu ance of 

checks or the disburse ment of cash—out lays. Obli ga tions may 

also be liqui dated (and outlays recorded) by the accrual of inter est on public issues of Treasury debt secu ri ties (includ ing an 

in crease in redemp tion value of bonds outstand ing); or by the

is su ance of bonds, deben tures, notes, mone tary credits, or 

elec tronic payments. 

Re funds of collec tions gener ally are treated as reduc tions 

of collec tions, whereas payments for earned-income tax credits in excess of tax lia bil i ties are treated as outlays. Outlays

dur ing a fiscal year may be for payment of obli ga tions incurred 

in prior years or in the same year. Outlays, therefore, flow in 

part from unex pended balances of prior year budget author ity 

and from budget author ity provided for the year in which the 

money is spent. To tal outlays include both budget and 

off-budget outlays and are stated net of offset ting collec tions.

Re ceipts are reported in the tables as either budget receipts or offset ting collec tions. They are collec tions from the 

pub lic, exclud ing receipts offset against outlays. These, also 

called govern men tal receipts, consist mainly of tax receipts

(in clud ing social insur ance taxes), receipts from court fines, 

cer tain licenses, and depos its of earnings by the Federal Reserve system. Refunds of receipts are treated as deduc tions 

from gross receipts. Total Govern ment receipts are compared 

with total outlays in calcu lat ing the budget surplus or defi cit.

Off setting collec tions from other Govern ment accounts 

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

They are classi fied as either collec tions credited to appro pri ations or fund accounts, or offset ting receipts (i.e., amounts depos ited in receipt accounts). The former normally can be used 

with out appro pri a tion act by Congress. These occur in two instances: (1) when autho rized by law, amounts collected for 

ma te ri als or services are treated as reim burse ments to appropri a tions. For account ing purposes, earned reim burse ments 

are also known as reve nues. These offset ting collec tions are 

net ted against gross outlays in deter min ing net outlays from 

such appro pri a tions; and (2) in the three types of revolv ing 

funds (public enter prise, intragovernmental and trust); offsetting collec tions are netted against spending, and outlays are reported as the net amount.

Off setting receipts in receipt accounts cannot be used 

with out appro pri a tion. They are subdi vided into three cate gories: (1) propri etary receipts, or collec tions from the public,

off set against outlays by agency and by function; (2) 

intragovernmental transac tions, or payments into receipt accounts from govern men tal appro pri a tion or fund accounts. 

They finance oper a tions within and between Govern ment

agen cies and are credited with collec tions from other Government accounts; and (3) offset ting govern men tal receipts 

which include foreign cash contri bu tions. 

Intrabudgetary transac tions are subdi vided into three 

cat e go ries: (1) interfund transac tions—pay ments are from 

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

ac count in the other fund group; (2) Federal intrafund transactions—pay ments and receipts both occur within the Federal 

fund group; and (3) trust intrafund transac tions—pay ments 

and receipts both occur within the trust fund group.

Off setting receipts are gener ally deducted from budget author ity and outlays by function, subfunction, or agency. There 

are four types of receipts, however, that are deducted from budget totals as undis trib uted offset ting receipts. They are: (1)

agen cies’ payments (includ ing payments by off-budget Federal 

en ti ties) as employ ers into employ ees’ re tire ment funds; (2) inter est received by trust funds; (3) rents and royal ties on the 

Outer Conti nen tal Shelf lands; and (4) other inter est (i.e., that 

col lected on Outer Conti nen tal Shelf money in deposit funds 

when such money is transferred into the budget). 

The Govern ment has used the unified budget concept set 

forth in the “ Report of the Presi dent’s Com mis sion on Budget

Con cepts” as a founda tion for its budget ary analy sis and presen ta tion since 1969. The concept calls for the budget to include 

all of the Govern ment’s fiscal transac tions with the public. 

Since 1971, however, vari ous laws have been enacted remov ing

sev eral Federal enti ties from (or creat ing them outside of) the

bud get. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal 

en ti ties consist of the two Social Secu rity trust funds, Federal 

Old-Age and Survi vors Insur ance and the Federal Disabil ity Insur ance Trust Fund, and the Postal Service. 

Al though an off-budget Federal entity’s receipts, outlays, 

and surplus or defi cit ordi narily are not subject to targets set by 

the Congres sio nal reso lu tion, the Balanced Budget and Emergency Defi cit Control Act of 1985 [commonly known as the 

Gramm-Rudman-Hollings Act as amended by the Budget Enforce ment Act of 1990 (2 United States Code 900-922)] included 

off-budget surplus or defi cit in calcu lat ing defi cit targets under 

that act and in calcu lat ing excess defi cit. Partly for this reason, atten tion has focused on both on- and off-budget receipts, outlays 

and defi cit of the Govern ment. 

Ta bles FFO-1, FFO-2 and FFO-3 are published quarterly 

and cover 5 years of data, esti mates for 2 years, detail for 13 

months, and fiscal year-to-date data. They provide a summary of 

data relat ing to Federal fiscal oper a tions reported by Federal entities and disburs ing offi cers, and daily reports from the FRBs. 

They also detail account ing transac tions affect ing receipts and 

out lays of the Govern ment and off-budget Federal enti ties and 

their related effect on assets and lia bil i ties of the Govern ment. 

Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment.” 
FED ERAL FISCAL OPER A TIONS 11 

• Ta ble FFO-1 summa rizes the amount of total receipts,

out lays, and surplus or defi cit, as well as transac tions in Federal secu ri ties, mone tary assets and balances in Treasury operat ing cash. 

• Ta ble FFO-2 includes on- and off-budget receipts by 

source. Amounts repre sent income taxes, social insur ance 

taxes, net contri bu tions for other insur ance and retire ment, excise taxes, estate and gift taxes, customs duties and net miscella neous receipts. 

• Ta ble FFO-3 details on- and off-budget outlays by 

agency. 

• Ta ble FFO-4 summa rizes on- and off-budget receipts 

by source and outlays by function as reported to each major 

fund group classi fi ca tion for the current fiscal year to date and 

prior fiscal year to date. 

• Ta ble FFO-5 summa rizes inter nal reve nue receipts by

re gions and districts and by type of tax. Amounts reported are 

col lec tions made in a fiscal year. They span several tax lia bility years because they consist of prepay ments (esti mated tax 

pay ments and taxes withheld by employ ers for indi vid ual income and Social Secu rity taxes), payments made with tax returns and subse quent payments made after tax returns are due 

or are filed (that is, payments with delin quent returns or on delin quent accounts). 

Amounts are reported based on the primary filing address 

pro vided by each taxpayer or report ing entity. For multistate 

cor po ra tions, the address may reflect only the district where 

such a corpo ra tion reported its taxes from a princi pal office 

rather than other districts where income was earned or where 

in di vid ual income and Social Secu rity taxes were withheld. In 

ad di tion, an indi vid ual may reside in one district and work in 

an other. 

• Ta ble FFO-6 in cludes customs collec tion of duties, 

taxes, and fees by districts and ports. 

Bud get Results and Financing of the U.S. Govern ment
 

and Fourth-Quarter Receipts by Source
 

[Source: Office of Tax Analy sis, Office of Tax Policy]
 

Fourth-Quarter Receipts 

The follow ing capsule analy sis of budget receipts, 

by source, for the fourth quarter of fiscal 2001 supple ments fiscal data reported in the September issue 

of the “Treasury Bulle tin.” At the time of that issue’s 

re lease, not enough data were available to ana lyze

ad e quately collec tions for the quarter. 

In di vid ual income taxes—In di vid ual income tax receipts, 

net of refunds, were $193.8 billion for the fourth quarter of fis­ cal 2001. This is a decrease of $45.0 billion over the compa ra­ ble prior year quarter. Withheld receipts decreased by $4.6

bil lion and non-withheld receipts decreased by $3.0 billion dur­ ing this period. Refunds increased by $37.4 billion over the 

com pa ra ble fiscal 2000 quarter. Approx i mately $35.2 billion 

of this total relates to pay ments issued in accor dance with pro­ vi sions of the Economic Growth and Tax Relief Recon cil i a tion 

Act of 2001 (EGTRRA). There was an increase of $1.3 billion 

in account ing adjust ments between indi vid ual income tax re­ ceipts and the Social Secu rity and Medicare trust funds over the 

com pa ra ble quarter in fiscal 2000. 

Cor po rate income taxes—Net corpo rate income tax receipts were $13.3 billion for the fourth quarter of fiscal 2001. 

This is a decrease of $39.8 billion compared to the prior year 

fourth quarter. The $39.8 billion change is comprised of a decrease of $40.2 billion in esti mated and final payments, and a

de crease of $0.4 billion in corpo rate refunds. Approx i mately 

$23.2 billion in corpo rate payments were delayed from the 

fourth quarter of fiscal 2001 to the first quarter of fiscal 2002 

due to a deposit rule change enacted as part of EGTRRA. 

Em ploy ment taxes and contri bu tions—Em ploy ment 

taxes and contri bu tions receipts for the fourth quarter of fiscal 

2001 were $155.1 billion, an increase of $4.1 billion over the 

com pa ra ble prior year quarter. Receipts to the Old-Age Survi­ vors Insur ance, Federal Disabil ity Insur ance, and Federal Hos­ pi tal Insur ance trust funds increased by $3.5 billion, $0.6 

bil lion, and $1.2 billion respec tively. There was a $0.8 billion 

ac count ing adjust ment for prior years employ ment tax lia bil­ i ties made in the fourth quarter of fiscal 2001, while there 

was a $2.1 billion adjust ment in the fourth quarter of fiscal 

2000. 

Un em ploy ment insur ance—Un em ploy ment insur ance

re ceipts, net of refunds, for the fourth quarter of fiscal 2001 

were $5.8 billion, a decrease of $0.1 billion over the compara ble quarter of fiscal 2000. Net state taxes depos ited in the 

U.S. Treasury decreased by $0.1 billion to $3.3 billion. Net

Fed eral Unem ploy ment Tax Act (FUTA) taxes did not 

change signif i cantly from $0.9 billion. 

Con tri bu tions for other insur ance and retire ment—

Con tri bu tions for other retire ment were $1.1 billion for the 

fourth quarter of 2001. This was a negli gi ble change from 

the compa ra ble quarter of fiscal 2000. The growth in contri­ bu tions will remain rela tively flat over the next few years as 

the number of employ ees covered by the Federal 

Employees’ Retirement System (FERS) grows slowly rela­ tive to those covered under the Civil Service Retire ment 

System (CSRS).

Ex cise taxes—Net excise tax receipts for the fourth quarter of fiscal 2001 were $17.6 billion, a decrease of $1.8 billion over the compa ra ble prior year quarter. Total excise tax

re funds for the quarter were $0.9 billion, an increase of $0.3 

bil lion over the compa ra ble prior year quarter. 

Es tate and gift taxes—Net estate and gift tax receipts 

were $6.1 billion for the fourth quarter of fiscal 2001. These 

re ceipts repre sent a decrease of $0.3 billion over the same 

quar ter in fiscal 2000. 

Cus toms duties—Cus toms duties net of refunds were 

$5.2 billion for the fourth quarter of fiscal 2001. This is a de- crease of $0.4 billion over the compa ra ble prior year quarter. 

Mis cel la neous receipts—Net miscel la neous receipts for 

the fourth quarter of fiscal 2001 were $10.9 billion, an in- crease of $0.5 billion over the compa ra ble prior year quarter. This change is due in part to depos its of earnings by Federal 

Re serve Banks increas ing by $0.3 billion. 
12 FED ERAL FISCAL OPER A TIONS 

Bud get Results and Financing of the U.S. Govern ment 

and Fourth-Quarter Receipts by Source, con. 

To tal On- and Off-Budget Results and Financing of the U.S. Govern ment 

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

Fourth quarter July - Sept. Fis cal 2001 

To tal on- and off-budget results: 

To tal receipts ................................................. 408,896 1,990,203 

On-budget receipts ........................................... 290,080 1,482,684 

Off-budget receipts ........................................... 118,816 507,519 

To tal outlays.................................................. 450,676 1,863,039 

On-budget outlays............................................ 341,420 1,516,201 

Off-budget outlays............................................ 109,255 346,838 

To tal surplus or defi cit (-) ........................................ -41,780 127,165 

On-budget surplus or defi cit (-) .................................. -51,340 -33,517 

Off-budget surplus or defi cit (-) .................................. 9,560 160,682 

Means of financ ing: 

Bor rowing from the public ....................................... 68,634 -90,121 

Re duc tion of oper at ing cash ..................................... -532 8,440 

Other means ................................................. -26,323 -45,483 

To tal on- and off-budget financ ing ............................... 41,780 -127,164 

Fourth-Quarter Net Budget Receipts by Source, Fiscal 2001 

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

Source July Aug. Sept. 

In di vid ual income taxes ......................................... 60.5 52.0 81.3 

Cor po rate income taxes......................................... 2.7 3.1 7.5 

Em ploy ment taxes and contri bu tions ............................... 49.7 50.0 55.4 

Un em ploy ment insur ance ....................................... 2.1 3.3 0.4 

Con tri bu tions for other insur ance and retire ment...................... 0.4 0.4 0.4 

Ex cise taxes .................................................. 5.7 5.4 6.4 

Es tate and gift taxes............................................ 2.1 2.2 1.8 

Cus toms duties ............................................... 1.8 1.9 1.6 

Mis cel la neous receipts.......................................... 2.9 4.1 3.8 

To tal budget receipts ......................................... 127.8 122.6 158.5 

Note: Detail may not sum to totals due to inde pend ent rounding. 
FED ERAL FISCAL OPER A TIONS 13 

CHART FFO-A.—
 

Monthly Receipts and Outlays, 2000-2001
 

(In billions of dollars) 

300 

250 

200 

150 

100 

50 

0 

-50 

On-budget 

receipts 

Off-budget 

receipts 

On-budget 

outlays 

Off-budget 

outlays 

S O N D J F M A M J J A S 

CHART FFO-B.— 

Budget Receipts 

by Source, Fiscal 

Year to Date, 

2000-2001 1100 

2001 

2000 * 

(In billions of dollars) 

1000 

900 

800 

700 

600 

500 

400 

300 

200 

100 

0 

Individual Social Corporate Excise Misc. Estate/gift Customs 

income insurance income taxes receipts taxes duties 

taxes and taxes
 

retirement
 

receipts
 

* Prior-year data are for the compa ra ble period. 
14 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-1.—Summary of Fiscal Operations 

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

To tal On-budget Off-budget

sur plus sur plus sur plus 

or or or 

def i cit def i cit def i cit 

(-) (-) (-) 

(7) (8) (9) 

Means of financ ing
 

-net transac tions
 

Bor rowing from
 

the public-
 

Fed eral
 

se cu ri ties
 

Pub lic
 

debt
 

se cu ri ties
 

(10)
 

To tal on-budget and off-budget results 

To tal

re ceipts 

(1) 

On-budget

re ceipts 

(2) 

Off-budget

re ceipts 

(3) 

To tal

out lays 

(4) 

On-budget

out lays 

(5) 

Off-budget

out lays 

(6) 

Fis cal year 

or month 

1997 1 ............ 1998 1 ............ 1999 ............. 2000 ............. 2001.............. 

2002 - Est ......... 

2000 - Sept ........ Oct ......... Nov......... Dec......... 2001 - Jan ......... Feb......... Mar......... Apr ......... May ........ June ........ July......... Aug......... Sept ........ 

Fis cal 2001 ........ 

1,578,977 

1,721,421 

1,186,987 

1,305,621 

391,989 

415,800 

1,601,595 

1,651,383 

1,290,594 

1,334,781 

311,000 

316,602 

-22,618 

70,039 

-103,607 

-29,160 

80,989 

99,198 

189,634 

112,831 

1,827,302

2,025,038 

1,382,834

1,544,455 

444,468

480,583 

1,702,942

1,788,140 

1,382,164

1,457,375 

320,778

330,765 

124,360

236,897 

670 

87,079 

123,691

149,818 

128,230

23,761 

1,990,203 1,482,684 507,519 1,863,039 1,516,201 346,838 127,165 -33,517 160,682 141,902 

2,191,734 1,660,814 530,920 1,960,564 1,601,414 359,150 231,170 59,400 171,770 39,048 

219,471

135,111 

176,692

101,120 

42,779

33,990 

153,744

146,431 

114,843

115,839 

38,901

30,592 

65,726

-11,321 

61,849

-14,719 

3,878

3,398 

-2,839

-16,018 

125,666 89,215 36,450 149,356 116,736 32,620 -23,690 -27,521 3,831 50,734 

200,489

219,215 

161,737

171,001 

38,752

48,214 

167,823

142,836 

132,747

144,448 

35,075

-1,612 

32,666

76,379 

28,990

26,553 

3,677

49,827 

-46,117

56,109 

110,481 70,555 39,926 158,649 123,573 35,076 -48,168 -53,018 4,850 19,853 

130,074

331,796 

84,123

278,611 

45,951

53,185 

180,736

141,999 

145,185

109,938 

35,551

32,061 

-50,662

189,796 

-61,062

168,673 

10,401

21,123 

36,646

-111,915 

125,590 84,759 40,831 153,508 118,517 34,992 -27,919 -33,758 5,839 -6,829 

202,887

127,842 

151,483

89,473 

51,404

38,369 

171,025

125,022 

167,797

92,145 

3,228

32,876 

31,862

2,820 

-16,314

-2,672 

48,176

5,492 

71,364

-5,902 

122,559 84,011 38,548 202,549 138,167 64,382 -79,990 -54,156 -25,834 52,245 

158,495 116,596 41,899 123,105 111,108 11,997 35,390 5,488 29,902 41,731 

1,990,203 1,482,684 507,519 1,863,039 1,516,201 346,838 127,165 -33,517 160,682 141,902 

Means of financ ing�net transac tions, con. 

Bor rowing from the publicFed eral secu ri ties, con. Cash and mone tary assets (deduct) 

Re serve

In vest- po si tion Trans ac tions 

ments of 

Gov ernment 

accounts 

To tal 

10+11-12 

U.S. 

Trea sury

op er ating 

cash 

Spe cial

draw ing 

rights Other 

on the U.S. 

quota in 

the IMF 

(de duct) Other 

not applied 

to year’s

sur plus or 

deficit 

Agency 

securities 

To tal

Fis cal year Fi nancing

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1997 1 ............. -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618 

1998 1 ............. -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039 

1999 .............. 2000 .............. -854 

-832 

216,070 

245,736 

-88,694 

-222,807 

17,580 

-3,799 

2,178 

4,033 

783 

908 

-1,173 

-6,292 

-17,307 

-16,027 

1,009 

-3,213 

-124,360 

-236,897 

2001 ............... -661 231,361 -90,121 -8,440 1,603 8,309 4,717 -21,426 -9,430 -127,165 

2002 - Est........... -343 266,097 -227,392 - * * * -3,778 * -231,170 

2000 - Sept ......... Oct .......... 31 

-458 

29,662 

13,190 

-32,470 

-29,666 

39,479 

-42,653 

966 

-147 

927 

725 

-114 

-158 

7,956 

166 

46 

-1,412 

-65,726 

11321 

Nov .......... Dec .......... 35 

128 

9,444 

-9,299 

41,325 

-36,689 

1,432 

9,632 

200 

1,169 

96 

-651 

-38 

1,335 

-15,474 

16,494 

-471 

-985 

23,690 

-32,666 

2001 - Jan .......... -219 79,881 -23,990 45,761 757 824 254 -4,032 -761 -76379 

Feb .......... Mar .......... -279 

-62 

4,473

4,028 

15,100

32,557 

-45,717

7,171 

-655 

-262 

-949 

248 

-974 

-327 

-14,987

25,925 

-240 

-990 

48,168

50,662 

Apr .......... May.......... June ......... -29 

-117 

428 

23,627 

13,662

73,004 

-135,572 

-20,608

-1,212 

36,846 

-58,856

37,412 

42 

60 

-72 

1,222 

1,049

1,970 

33 

471 

338 

-14,404 

-8,247

9,444 

-1,678 

-502 

-446 

-189,796 

27,919

-31,862 

July .......... Aug .......... Sept ......... -162 

-321 

394 

1,399 

-22,177

40,130 

-7,463 

74,101

1,996 

-20,588 

-16,770

37,890 

109 

394 

7 

3,091 

25 

656 

345 

333 

3,106 

-11,246 

-8,779

3,714 

-1,155 

-1,350

560 

-2,820 

79,990

-35,390 

Fis cal 2001 ......... -661 231,361 -90,121 -8,440 1,603 8,309 4,717 -21,426 -9,430 -127,165 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table.	 have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

for details. 
FED ERAL FISCAL OPER A TIONS 15 

TA BLE 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 Govern ment”] 

So cial insur ance 

and retire ment receipts 

In come taxes Em ploy ment and general retire ment 

Old-age, disabil ity, and 

Individual Corporation hos pi tal insur ance 

Net income 

Fis cal year Withheld Other Refunds Net Gross Refunds Net taxes Gross Re funds Net 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1997 1 .............. 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698 

1998 1 .............. 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662 

1999 .............. 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,160 578,244 1,508 576,736 

2000 .............. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,749 618,075 1,965 616,110 

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

2002 - Est ........... 1,078,789 - - 1,078,789 218,786 - 218,786 1,297,575 685,018 - 685,018 

2000 - Sept .......... 59,766 48,230 3,593 104,402 46,183 2,746 43,437 147,839 55,328 - 55,328 

Oct ........... 68,287 8,799 1,118 75,969 7,113 5,404 1,709 77,678 44,839 - 44,839 

Nov .......... 62,855 2,321 4,686 60,489 4,292 2,245 2,047 62,536 48,235 - 48,235 

Dec .......... 78,133 6,468 1,116 83,485 53,192 1,886 51,307 134,792 52,598 - 52,598 

2001 - Jan ........... 84,319 52,714 1,330 135,702 7,778 2,066 5,712 141,414 61,804 - 61,804 

Feb .......... 70,179 3,462 25,610 48,030 3,474 4,973 -1,499 46,531 50,499 * 50,498 

Mar .......... 67,068 7,676 39,693 35,051 26,986 6,299 20,688 55,739 59,074 - 59,074 

Apr ........... 64,489 187,044 31,147 220,386 26,693 3,307 23,385 243,771 68,351 - 68,351 

May .......... 63,237 13,763 29,213 47,787 6,453 2,000 4,452 52,239 51,770 - 51,770 

June.......... 53,125 43,814 3,263 93,676 31,563 1,617 29,946 123,622 66,095 - 66,095 

July .......... 65,601 5,031 10,165 60,466 5,036 2,328 2,709 63,175 49,220 - 49,220 

Aug .......... 66,415 6,436 20,831 52,020 4,618 1,475 3,143 55,163 49,578 - 49,578 

Sept .......... 49,679 45,676 14,078 81,277 9,533 2,057 7,476 88,753 58,214 3,106 55,108 

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

So cial insur ance and retire ment receipts, con. 

Em ploy ment and general retire ment, con. Net for other 

Net Un em ploy ment insurance in sur ance and retirement 

Fis cal year 

Rail road retirement em ploy ment 

and general 

Gross Refunds Net re tire ment 

Net 

un em ploy ment 

Gross Refunds in sur ance 

Fed eral

em ploy ees Other 

re tire ment re tire ment To tal 

or month (12) (13) (14) (15) (16) (17) (18) (19) (20) (21) 

1997 1 ............. 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418 

1998 1 ............. 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335 

1999 .............. 4,150 7 4,143 580,880 26,655 175 26,480 4,399 73 4,472 

2000 .............. 4,348 8 4,338 620,447 27,755 115 27,641 4,693 70 4,763 

2001............... 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,712 

2002 - Est .......... 4,513 - 4,513 689,531 31,946 - 31,946 4,259 62 4,321 

2000 - Sept ......... 347 -7 354 55,682 175 7 168 437 7 443 

Oct .......... 410 2 408 45,247 1,512 3 1,509 395 4 399 

Nov.......... 301 * 301 48,536 2,435 4 2,431 410 7 416 

Dec.......... 334 * 334 52,932 264 4 260 361 6 367 

2001 - Jan .......... 455 * 455 62,259 1,601 5 1,596 355 4 359 

Feb .......... 378 9 370 50,868 2,150 3 2,147 450 8 457 

Mar .......... 416 -9 424 59,499 227 19 209 422 5 427 

Apr .......... 422 * 421 68,773 4,786 26 4,760 349 5 354 

May.......... 442 1 441 52,210 8,801 15 8,786 436 5 441 

June ......... -56 * -56 66,039 357 13 344 344 5 349 

July.......... 457 5 452 49,672 2,143 16 2,128 348 7 355 

Aug.......... 396 * 396 49,974 3,308 14 3,294 419 5 424 

Sept ......... 325 * 325 55,433 355 5 349 359 6 365 

Fis cal 2001 ......... 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,712 

See footnote at end of table. 
16 FED ERAL FISCAL OPER A TIONS 

TA BLE 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 Govern ment”] 

Social
 

insur ance
 

and retire ment
 

re ceipts, con.
 

Net social
 Ex cise taxes insur ance and 
 

Air port and Airway Trust Fund Black Lung Disability Trust Fund High way Trust Fund Miscellaneous retirement
 

Fis cal year receipts
 Gross Refunds Net Gross Refunds Net Gross Refunds Net Gross Re funds Net 

or month (22)
 (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) 

1997 1 .............. 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437 

1998 1 .............. 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810 

1999 ............... 611,832 10,395 4 10,391 596 - 596 40,325 1,148 39,177 20,760 524 20,236 

2000 ............... 652,851 9,784 46 9,739 518 - 518 36,514 1,015 35,499 23,831 721 23,110 

2001................ 693,967 9,244 83 9,161 522 522 32,629 996 31,633 25,935 1,020 24,916 

2002 - Est ........... 725,798 11,183 - 11,183 570 - 570 36,539 - 36,539 25,728 - 25,728 

2000 - Sept .......... 56,293 1,497 11 1,487 51 - 51 4,640 216 4,424 1,863 56 1,807 

Oct ........... 47,155 496 - 496 37 - 37 2,078 1 2,077 1,681 56 1,625 

Nov ........... 51,383 876 - 876 49 - 49 2,805 - 2,805 2,348 48 2,300 

Dec ........... 53,559 596 - 596 6 - 6 1,533 - 1,533 3,851 120 3,730 

2001 - Jan ........... 64,214 758 - 758 50 - 50 2,876 - 2,876 1692 70 1,623 

Feb ........... 53,473 763 21 742 42 - 42 2,770 322 2,447 857 14 842 

Mar ........... 60,135 684 - 684 33 - 33 1,875 - 1,875 4,507 37 4,470 

Apr ........... 73,887 695 - 695 39 - 39 2,518 - 2,518 2,535 97 2,438 

May .......... 61,437 901 10 891 49 - 49 3,195 244 2,951 557 60 497 

June .......... 66,732 937 * 937 41 - 41 2,793 6 2,787 2,247 47 2,201 

July ........... 52,154 704 - 704 38 - 38 2,493 - 2,493 2,610 112 2,498 

Aug ........... 53,692 862 7 855 45 - 45 2,971 239 2,732 1,976 170 1,806 

Sept .......... 56,147 972 45 927 93 - 93 4,722 183 4,539 1,074 190 884 

Fis cal 2001 .......... 693,967 9,244 83 9,161 522 - 522 32,629 996 31,633 25,935 1,020 24,916 

Net miscel la neous receipts 

Ex cise taxes, De posits Uni ver sal 

con. of earnings ser vice To tal receipts Net 

ex cise Es tate and gift taxes Cus toms duties by Federal fund Re serve and all On- OffFis cal year taxes Gross Refunds Net Gross Refunds Net Banks other Total bud get bud get 

or month (35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46) 

1997 1 ............. 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989 

1998 1 ............. 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800 

1999 .............. 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,860 34,777 1,382,834 444,468 

2000 .............. 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,354 42,647 1,544,455 480,583 

2001 .............. 66,232 29,248 848 28,400 20,543 927 19,616 26,124 10,452 36,576 1,482,684 507,519 

2002 - Est .......... 74,020 28,699 - 28,699 22,537 - 22,537 31,893 11,212 43,105 1,660,814 530,920 

2000 - Sept ......... 7,769 2,224 56 2,168 1,873 49 1,823 2,304 1,276 3,579 176,692 42,779 

Oct ......... 4,235 2,966 98 2,868 1,972 72 1,900 1,024 251 1,275 101,120 33,990 

Nov ......... 6,030 2,214 73 2,141 1,737 97 1,640 1,252 684 1,935 89,215 36,450 

Dec ......... 5,865 1,919 56 1,863 1,576 115 1,461 2,236 713 2,949 161,737 38,752 

2001 - Jan.......... 5,307 2,449 46 2,403 1,752 58 1,694 3,227 955 4,183 171,001 48,214 

Feb ......... 4,074 1,944 64 1,879 1,540 66 1,474 2,064 985 3,050 70,555 39,926 

Mar ......... 7,063 2,270 63 2,206 1,729 76 1,653 2,143 1,133 3,279 84,123 45,951 

Apr ......... 5,690 4,512 52 4,460 1,581 103 1,477 1,617 893 2,510 278,611 53,185 

May ......... 4,388 2,526 60 2,466 1,560 59 1,501 2,849 710 3,559 84,759 40,831 

June ........ 5,965 2,118 60 2,058 1,641 70 1,571 2,057 882 2,939 151,483 51,404 

July ......... 5,733 2,180 81 2,099 1,827 72 1,755 1,989 937 2,926 89,473 38,369 

Aug ......... 5,438 2,331 134 2,196 1,997 70 1,926 3,252 891 4,142 84,011 38,548 

Sept......... 6,443 1,820 59 1,761 1,631 68 1,563 2,413 1,415 3,828 116,596 41,899 

Fis cal 2001 ........ 66,232 29,248 848 28,400 20,543 927 19,616 26,124 10,452 36,576 1,482,684 507,519 

1 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table. have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re- for details. 
FED ERAL FISCAL OPER A TIONS 17 

TA BLE 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 Govern ment”] 

De part- De part ment De part ment 

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- Depart- De partlative Ju di cial ment of ment of De fense, ment of ment of and Human and Urban ment of ment of ment of 

Fis cal year branch branch Agriculture Commerce military Education Energy Services Development the Interior Jus tice Labor 

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1997 1 .............. 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461 

1998 1 .............. 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003 

1999 ............... 2,612 3,793 62,839 5,036 261,379 32,435 16,054 359,700 32,736 7,814 18,318 32,459 

2000 ............... 2,913 4,087 75,658 7,931 281,234 33,308 15,010 382,627 30,830 8,020 19,561 31,355 

2001 ............... 3,029 4,409 68,165 5,019 290,978 35,960 16,420 426,444 33,937 8,021 20,810 39,280 

2002 - Est ........... 3,268 4,856 63,250 5,182 303,449 45,230 17,245 468,787 34,791 9,275 22,527 42,042 

2000 - Sept .......... 197 411 10,048 485 27,142 1,483 1,973 31,676 2,267 980 1,595 2,504 

Oct ........... 521 283 8,379 511 20,093 2,558 1,245 34,353 2,932 858 1,878 2,601 

Nov .......... 229 401 6,756 490 23,335 2,756 1,261 33,622 2,860 786 2,057 2,596 

Dec .......... 229 338 7,248 442 28,040 4,032 1,447 35,379 3,748 670 1,728 2,892 

2001 - Jan ........... 228 350 7,122 358 20,746 3,272 1,367 32,107 1,206 596 1,912 3,902 

Feb .......... 207 353 5,245 376 21,541 3,898 1,128 32,554 2,155 581 1,509 2,065 

Mar .......... 247 459 5,892 415 30,002 4,562 1,593 39,761 3,660 582 1,710 3,608 

Apr ........... 234 346 4,169 367 21,095 2,610 1,470 32,395 1,725 442 1,776 3,719 

May .......... 226 349 4,175 389 24,942 3,628 1,405 38,116 2,345 720 1,702 3,596 

June.......... 225 359 4,273 421 28,281 4,214 1,503 40,529 3,762 593 1,638 3,594 

July .......... 219 349 3,558 379 20,880 2,114 985 32,114 1,293 426 1,530 3,575 

Aug .......... 238 466 9,187 471 29,134 -560 1,442 40,172 6,984 559 1,703 3,981 

Sept .......... 227 355 2,161 400 22,890 2,876 1,573 35,339 1,268 1,209 1,667 3,151 

Fis cal 2001 .......... 3,029 4,409 68,165 5,019 290,978 35,960 16,420 426,444 33,937 8,021 20,810 39,280 

De part ment of 

De part- theTreasury, De part- De part- Other En vi ron- Fed eral Gen eral InterDe part- ment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional 

ment Transpor- on the Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance 

Fis cal year of State tation Public Debt other Affairs Engineers programs Agency Pres i dent Agency istration Program 

or month (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24) 

1997 1 .............. 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191 

1998 1 .............. 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001 

1999 ............... 6,463 41,836 353,511 33,191 43,169 4,186 32,008 6,752 416 4,040 -46 10,061 

2000 ............... 6,849 45,965 362,118 29,125 47,087 4,334 32,861 7,240 284 3,143 25 12,084 

2001 ............... 7,446 54,074 359,508 30,291 45,043 4,703 34,161 7,390 280 4,415 -8 11,767 

2002 - Est ........... 9,700 54,861 350,951 30,588 51,480 4,351 35,402 7,596 309 3,216 -223 12,058 

2000 - Sept .......... 566 4,181 18,231 -4,203 5,618 399 2,751 771 21 150 -230 959 

Oct ........... 1,010 4,731 19,755 479 2,247 397 2,742 670 20 248 426 748 

Nov .......... 671 4,216 25,690 571 3,623 440 2,796 565 22 248 -396 669 

Dec .......... 862 4,043 19,506 648 5,493 413 2,791 607 17 258 167 4,264 

2001 - Jan ........... 611 3,396 79,731 643 2,096 289 2,874 562 20 215 38 1,008 

Feb .......... 524 3,500 19,810 16,368 4,049 364 2,882 625 22 236 -63 537 

Mar .......... 641 3,916 18,724 7,983 6,270 337 2,900 595 46 388 24 1,208 

Apr ........... 595 3,602 18,634 3,393 2,247 323 2,879 545 17 242 180 765 

May .......... 562 4,850 24,009 1,908 2,834 499 2,884 608 29 238 -2 954 

June.......... 439 4,645 80,607 2,759 5,657 384 2,850 652 21 432 -41 853 

July .......... 360 4,350 18,014 400 2,155 386 2,848 577 21 654 -8 323 

Aug .......... 524 5,454 19,852 -244 6,201 406 2,853 582 49 707 -117 -18 

Sept .......... 647 7,371 15,176 -4,618 2,170 464 2,862 802 -4 548 -217 452 

Fis cal 2001 .......... 7,446 54,074 359,508 30,291 45,043 4,703 34,161 7,390 280 4,415 -8 11,767 

See footnote at end of table. 
18 FED ERAL FISCAL OPER A TIONS 

TA BLE 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 Govern ment”] 

Na tional 

Un dis trib uted offset ting receipts 

Aero nau tics Rents and 

and Na tional Of fice of Small So cial Em ployer In ter est roy alties Al low- To tal outlays 

Space Sci ence Per son nel Busi ness Se cu rity Indepen- share, re ceived on the Outer ances 

Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal and On- OffFis cal year tration dation ment tration istration agencies re tire ment funds Shelf lands other budget budget 

or month (25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36) 

1997 1 .............. 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 

1998 1 .............. 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602 

1999 ............... 13,665 3,285 47,515 58 419,790 6,943 -35,594 -118,634 -3,098 -1,754 1,382,164 320,778 

2000 ............... 13,442 3,487 48,660 -422 441,810 10,361 -37,851 -128,911 -4,580 -1,503 1,457,375 330,765 

2001 ............... 14,094 3,691 50,898 -569 461,748 12,581 -38,792 -143,935 -7,194 -1,025 1,516,201 346,838 

2002 - Est ........... 14,248 4,359 53,351 687 488,182 21,351 -41,559 -152,402 -5,884 -1,960 1,601,414 359,150 

2000 - Sept .......... 1,196 317 4,118 298 39,708 5,317 -6,638 -420 -127 * 114,843 38,901 

Oct ........... 1,153 262 4,288 64 34,663 951 -2,837 -859 -938 * 115,839 30,592 

Nov .......... 1,217 304 3,872 160 36,599 262 -2,932 -5,778 -616 * 116,736 32,620 

Dec .......... 1,316 295 4,308 -74 40,046 1,537 -2,733 -1,979 -156 - 132,747 35,075 

2001 - Jan ........... 889 281 4,426 -50 35,907 507 -2,810 -60,009 -957 - 144,448 -1,612 

Feb .......... 1,103 279 4,098 56 38,473 769 -2,836 -1,797 -942 -1,024 123,573 35,076 

Mar .......... 1,273 282 4,173 54 41,148 1,639 -3,081 -206 -69 - 145,185 35,551 

Apr ........... 1,106 234 4,511 -807 36,212 1,717 -2,876 -772 -1,093 * 109,938 32,061 

May .......... 1,275 356 3,782 -50 38,852 -2,234 -3,175 -5,558 -707 * 118,517 34,992 

June.......... 1,230 331 4,588 5 44,710 -717 -2,849 -64,476 -444 * 167,797 3,228 

July .......... 1,071 337 4,611 79 37,339 -11,739 -2,902 -413 -863 * 92,145 32,876 

Aug .......... 1,316 429 3,923 105 70,026 2,053 -3,094 -1,875 -365 - 138,167 64,382 

Sept .......... 1,146 302 4,319 -111 7,772 17,833 -6,668 -212 -43 * 111,108 11,997 

Fis cal 2001 .......... 14,094 3,691 50,898 -569 461,748 12,581 -38,792 -143,935 -7,194 -1,025 1,516,201 346,838 

* Less than $500,000. Note.—These figures are based on the “Mid-Session Review” of the fiscal 2002 budget, re- 1

 Data for the period do not reflect postyear adjust ments published in the “Monthly Treasury leased by the Office of Manage ment and Budget on August 22, 2001. The budget esti mates 

State ment of Receipts and Outlays of the United States Govern ment,” the source for this table.	 have been adjusted to correct $5.6 billion in prior year receipts. See the Mid-Session Review 

for details. 
FED ERAL FISCAL OPER A TIONS 19 

TA BLE FFO-4.—Summary of U.S. Govern ment Receipts by Source and Outlays by Agency, 

September 2001 and Other Periods 

[In millions of dollars. Source: Finan cial Manage ment Service] 

This fiscal year to date Prior fiscal year to date 

Man age ment, Man age ment, 

consol i dated, consol i dated, 

revolv ing and revolv ing and Trust 

Gen eral funds special funds Trust funds To tal funds Gen eral funds special funds funds Total funds 

Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8) 

Bud get receipts: 

Individual income taxes....................... Corporation income taxes ..................... So cial insur ance and retire ment receipts:

Employment and

general retirement (off-budget) ............ Employment and

general retirement (on-budget) ............ Unemployment insurance .................. Other retirement .......................... Excise taxes ............................... 

994,281 

151,071 

-

-

-

- 23,559 

58 

-

-

-

-

- 563 

994,339 

151,075 

507,519 

153,923 

27,812 

4,713

66,232 

1,004,401 

207,286 

-

-

-

- 22,179 

61 

-

-

-

-

- 513 

1,004,461 

207,288 

480,583 

139,865 

27,641 

4,763

68,866 

-

4 

507,519 

153,923 

27,812 

4,713

42,109 

-

3 

480,583 

139,865 

27,641 

4,763

46,175 

Estate and gift taxes ......................... Customs duties ............................. 28,400 

12,643 

28,400 

19,368 

29,010 

13,013 

29,010 

19,913 - 5,939 - 786 - 6,159 - 741 

Miscellaneous receipts ....................... 27,970 7,886 969 36,825 34,930 7,124 615 42,669 

Total receipts.......................... 1,237,924 14,447 737,835 1,990,205 1,310,818 13,857 700,384 2,025,060 

(On-budget) .......................... 1,237,924 14,447 230,315 1,482,685 1,310,818 13,857 219,802 1,544,477 

(Off-budget)........................... - - 507,519 507,519 - - 480,583 480,583 

Bud get outlays: 

Legislative branch ........................... Judicial branch ............................. 2,713

4,385 

254 

25 

62 

-2 

3,029

4,409 

2,603

3,677 

285 

236 

24 

174 

2,913

4,087 

Department of Agriculture ..................... Department of Commerce..................... Department of Defense-military ................ Department of Education ..................... Department of Energy ........................ Department of Health and Human Services ....... Department of Housing and Urban Development ... Department of the Interior ..................... Department of Justice ........................ Department of Labor ......................... Department of State ......................... Department of Transportation .................. 

De part ment of theTreasury: Interest on the public debt .................. 

43,900 

5,102

288,461 

35,992 

18,469

283,283 

39,372 

8,274

15,772 

8,051 

7,083 

9,574 

359,508 

24,002 

-86 

2,318 

-34 

-2,049

-161 

-5,431 

-558 

534 

-1,035 

-19 

-46 

-

254 

1 

200 

* 

* 

143,321 

-4 

308 

4,504 

32,255 

382 

44,547 

-

68,156 

5,017

290,980 

35,959 

16,420

426,444 

33,937 

8,024

20,810 

39,271 

7,446 

54,075 

359,508 

44,439 

7,903

277,811 

33,348 

17,101

260,518 

34,179 

7,767

12,821 

7,587 

6,570 

4,048 

362,118 

31,220 

26 

3,208 

-40 

-2,092

-120 

-3,350 

-92 

792 

-1,133 

-57 

-133 

-

-1 

* 

214 

* 

* 

122,229 - 347 

5,948 

24,901 

336 

42,052 

-

75,658 

7,929

281,234 

33,309 

15,010

382,627 

30,829 

8,022

19,561 

31,355 

6,849 

45,966 

362,118 

Other ................................... 31,740 -1,356 52 30,436 30,503 -1,462 78 29,118 

Department of Veterans Affairs................. Corps of Engineers .......................... Other defense civil programs .................. Environmental Protection Agency ............... Executive Office of the President ............... 44,812 

3,990 

16,152 

6,906

280 

-802 

-46 

3 

-8 

* 

1,033 

758 

18,006 

492 

* 

45,043 

4,703 

34,161 

7,390

280 

46,944 

3,543 

15,361 

6,523

281 

-903 

-12 

-2 

-23 

* 

1,046 

803 

17,502 

739 

* 

47,087 

4,334 

32,861 

7,240

281 

Federal Emergency Management Agency ........ General Services Administration................ 4,200 

188 

215 

-197 

* 

* 

4,415 

-8 

3,261 

188 

-118 

-163 

* 

* 

3,143 

25 

International Assistance Program ............... National Aeronautics and Space Administration .... National Science Foundation .................. Office of Personnel Management ............... Small Business Administration ................. 13,494 

14,093 

3,652

27,176 

-267 

-1,670 -

11 

27 

-302 

-57 

1 

28 

23,713 

* 

11,767 

14,094 

3,691

50,916 

-569 

13,991 

13,442 

3,450

26,692 

54 

-1,630 -

* 

11 

-477 

-277 

1 

36 

21,958 

* 

12,084 

13,443 

3,487

48,660 

-422 

Social Security Administration.................. Other independent agencies................... 

Un dis trib uted offset ting receipts:

Interest ................................. 

40,494

3,793 

-

-3 

3,441 

-

421,257

5,347 

-143,935 

461,748

12,581 

-143,935 

45,644

4,281 

-

-3 

1,467 

-

396,169

4,624 

-128,911 

441,810

10,371 

-128,911 

Other .................................. -7,173 -1,046 -38,792 -47,011 -4,143 -1,939 -37,851 -43,933 

Total outlays ........................... 1,333,467 15,984 513,733 1,863,184 1,292,504 23,496 472,143 1,788,143 

(On-budget)........................... 1,333,467 13,682 169,197 1,516,346 1,292,504 21,468 143,406 1,457,378 

(Off-budget)........................... - 2,302 344,536 346,838 - 2,029 328,736 330,765 

Surplus (+) or deficit (-) ................... -95,543 -1,537 224,102 127,021 18,315 -9,639 228,242 236,917 

(On-budget)........................... -95,543 764 61,118 -33,661 18,315 -7,611 76,395 87,099 

(Off-budget)........................... - -2,302 162,983 160,682 - -2,029 151,846 149,818 

- No transac tions. 

* Less than $500,000. 
20 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-5.—Inter nal Reve nue Receipts by State, 2001 

[In thousands of dollars. Source: Inter nal Revenue Service] 

To tal indi vid ual In di vid ual income and employ ment taxes 

in come and In come tax In come tax Un em ploy- Cor po ra tion

State Grand total taxes and SECA 1,2 FICA 1 re tire ment ance taxes 3 gift tax Ex cise tax 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Alabama .................... Alaska ...................... Ar i zona ..................... Ar kan sas.................... Cal i for nia.................... Col o rado .................... Con nect i cut.................. Del a ware.................... Florida...................... Geor gia ..................... Ha waii ...................... Idaho ....................... Il li nois ...................... In di ana ..................... Iowa ....................... Kan sas ..................... Ken tucky.................... Lou i si ana ................... Maine ...................... Mary land & District of Columbia .. Massachusetts ............... Michigan .................... Minnesota ................... 18,181,072 

3,199,746 

26,058,673 

19,003,904

264,873,059 

36,072,933

43,106,382 

10,165,429 

99,792,502

58,765,670 

6,689,385 

8,061,542

113,019,623 

33,572,540 

14,913,940

18,396,725 

17,771,510 

19,218,149 

5,738,028 

60,455,804 

69,548,499 

69,520,339 

57,269,143 

16,779,861 

3,035,675 

22,462,823 

14,485,245

235,528,079 

33,222,136

35,661,629 

7,391,489 

91,262,430

49,635,188 

6,026,480 

6,850,940

97,835,157 

31,088,638 

13,335,392

15,563,032 

16,061,667 

17,775,613 

5,138,467 

54,469,277 

62,958,556 

65,124,167 

49,379,076 

3,544,933 

793,326 

5,843,204 

2,095,505

69,713,960 

7,958,436

9,692,851 

1,293,627 

27,255,180

9,363,639 

1,347,770 

1,305,724

20,504,846 

5,670,271 

2,783,535

3,060,508 

3,206,803 

3,882,629 

1,382,165 

9,399,322 

17,169,776 

9,841,880 

6,912,656 

13,150,710 2,966 

2,227,805 2,165 

16,513,991 1,195 

12,266,212 2,051

164,981,565 7,594 

25,132,730 11,049

25,883,357 1,094 

6,074,628 345 

62,942,747 701,457

40,036,919 4,466 

4,652,610 2 

5,502,580 806 

76,784,845 197,573 

25,273,159 22,920 

10,485,701 5,366

11,657,251 776,523 

12,776,786 6,170 

13,812,670 5,838 

3,726,338 6,508 

44,438,880 449,458 

45,576,359 21,964 

54,976,994 44,312 

42,221,112 70,816 

81,253 

12,379 

104,433 

121,477

824,960 

119,922

84,327 

22,890 

363,047

230,164 

26,097 

41,830

347,892 

122,288 

60,790

68,749 

71,908 

74,476 

23,456 

181,617 

190,456 

260,981 

174,492 

1,064,539 

78,730 

1,285,333 

3,938,372

20,351,308 

1,326,432

6,614,814 

2,484,046 

5,365,654

6,585,122 

348,429 

1,004,960

11,677,492 

1,709,645 

1,268,238

913,488 

1,215,259 

987,891 

281,586 

4,168,283 

5,178,290 

3,417,679 

5,636,519 

205,108 131,564 

25,728 59,612 

349,916 1,960,601 

164,767 415,520

4,865,066 4,128,605 

414,688 1,109,677

653,976 175,963 

180,675 109,219 

2,291,130 873,287

419,491 2,125,868 

92,065 222,411 

184,264 21,378

1,413,432 2,093,541 

436,503 337,755 

204,972 105,338

173,798 1,746,407 

225,975 268,609 

234,979 219,666 

106,037 211,938 

837,102 981,142 

973,976 437,677 

789,293 189,201 

296,357 1,957,191 

Mississippi .................. Missouri .................... 9,317,751 

42,028,106 

8,548,618 

35,263,476 

1,900,838 

6,066,503 

6,603,798 1,820 

28,976,095 59,919 

42,162 

160,959 

456,355 

4,958,779 

102,123 210,655 

668,270 1,137,581 

Montana .................... 3,378,623 2,998,634 910,324 2,046,628 27,089 14,593 304,709 38,868 36,413 

Nebraska ................... Nevada ..................... 13,119,108 

12,299,204 

10,786,146 

11,036,024 

2,025,312 

4,064,538 

7,675,576 1,038,443 

6,919,587 68 

46,814 

51,831 

2,128,758 

927,178 

136,236 67,968 

179,243 156,759 

New Hampshire .............. New Jersey .................. New Mexico ................. 8,196,923 

94,363,663

6,434,987 

7,674,246 

82,295,362

5,830,956 

2,277,140 

16,526,580

1,086,887 

5,369,053 237 

65,431,357 72,944

4,709,266 186 

27,816 

264,481

34,617 

246,928 

9,087,815

374,447 

194,462 81,287 

1,177,622 1,802,864

99,375 130,209 

New York ................... North Carolina................ 195,426,166

46,931,200 

171,008,587

40,507,056 

37,595,504

7,967,319 

132,690,745 286,826

32,326,969 4,154 

435,512

208,614 

19,813,640

5,620,495 

3,372,732 1,231,206

571,889 231,760 

North Dakota................. 2,942,507 2,692,344 643,644 2,034,473 2,745 11,482 210,524 20,041 19,599 

Ohio ....................... Oklahoma ................... 85,330,335

21,113,725 

75,061,668

13,869,472 

11,428,803

3,242,050 

63,349,087 22,522

10,557,583 2,566 

261,256

67,273 

6,787,736

2,280,731 

975,774 2,505,157

205,746 4,757,777 

Oregon ..................... Pennsylvania ................ Rhode Island................. 19,842,588 

87,352,791

7,696,210 

18,428,031 

78,159,292

6,500,514 

4,214,317 

15,261,595

1,507,478 

14,123,986 995 

62,476,159 123,874

4,965,991 8 

88,733 

297,664

27,038 

994,518 

6,155,542

1,062,314 

247,668 172,371 

1,310,473 1,727,484

121,044 12,338 

South Carolina ............... 16,345,480 15,017,073 3,202,091 11,736,203 1,490 77,288 998,081 219,478 110,849 

South Dakota ................ Tennessee .................. 3,951,198

36,521,752 

3,658,899

32,770,654 

1,151,911

5,507,010 

2,484,825 5,578

27,099,581 24,774 

16,585

139,288 

238,378

2,945,820 

35,397 18,524

334,293 470,986 

Texas ...................... 161,178,329 127,738,858 28,949,632 98,169,830 98,061 521,335 17,598,181 1,491,021 14,350,268 

Utah ....................... Vermont .................... 9,724,255

3,380,773 

8,995,887

3,070,633 

1,972,598

784,134 

6,973,092 4,395

2,272,092 1,894 

45,803

12,513 

413,920

238,846 

83,993 230,454

57,222 14,072 

Virginia ..................... Washington.................. West Virginia................. Wisconsin ................... 51,376,330 

44,429,355 

5,095,789 

35,889,813 

45,413,406 

40,957,059 

4,733,115 

31,913,840 

9,215,854 

10,126,475 

1,068,091 

6,107,674 

35,472,027 558,998 

30,702,842 4,487 

3,644,263 344 

25,657,266 3,972 

166,527 

123,255 

20,416 

144,927 

4,024,677 

2,417,606 

210,771 

3,253,624 

632,093 1,306,154 

473,189 581,501 

71,377 80,526 

447,480 274,870 

Wyoming.................... 2,960,444 2,517,690 1,187,890 1,320,864 80 8,856 87,110 57,032 298,613 

In ter na tional: 15,509,892 10,911,223 4,102,662 6,744,697 11,410 52,453 4,196,988 108,078 293,603 

Puerto Rico ................ 4,683,175 3,293,924 249,880 3,003,165 - 40,878 1,379,838 6,940 2,474 

Other ..................... 10,826,717 7,617,299 3,852,782 3,741,532 11,410 11,575 2,817,151 101,138 291,129 

em ploy ment not withheld with held and Rail road ment insur- in come Es tate and 

Col lec tions not classi fied 

by State:

Pres i den tial Election Campaign 

Fund 4 .................. 58,182 58,182 - 58,182 - - - - - Other, includ ing Federal Tax 

Deposits 5 ............... 13,299,288 11,002,997 5,290,907 5,627,848 127 84,116 1,795,063 276,400 224,827 

Total, Internal Revenue 2,128,831,183 1,860,432,775 419,408,308 1,429,257,729 4,702,645 7,064,093 186,731,642 29,247,917 52,418,848 Receipts ................. 1 Collec tions of indi vid ual income tax (withheld and not withheld) include old-age, survivor’s, ef fect on State collec tion data.
 

dis abil ity and hospi tal insur ance taxes on sala ries and wages (FICA) and self-employment in- 5 Includes tax payments made to banks under the Federal Tax Deposit (FTD) system that had come (SECA). not been classi fied by State as of the end of the fiscal year because they had not yet been ap-
 2 In cludes fidu ciary income tax collec tions of $17.5 billion. plied to taxpay ers accounts. Also, includes credits allow able on income tax returns for cer tain
 3 In cludes taxes of $523.3 million on unre lated business income of exempt orga ni za tions gas o line, diesel fuel, and special motor fuel tax payments and for excess payments under the
 

(Forms 990T). Fed eral Insur ance Contri bu tions Act or FICA.
 

4 Des ig na tions by taxpay ers of a portion of their taxes to the Presi den tial Election Campaign Note.—De tails may not add to totals due to rounding. Amounts reflect adjust ments made to
 

Fund also are included even though they are not col lec tions, as such, because they do not affect data reported in prior years. Nega tive figures are displayed when prior year adjust ments ex-
 

tax payer lia bil ity. Transfer of amounts to this fund was made on a national basis only and had no ceed current year receipts.
 
FED ERAL FISCAL OPER A TIONS 21 

TA BLE FFO-6.—Customs Collec tion of Duties, Taxes, and Fees by Districts and Ports 

[Source: U. S. Customs Service] 

Col lec tion Col lec tion Col lec tion

Fis cal Year Fis cal Year Fis cal Year

Dis trict and Port of Collec tion 2001 Dis trict and Port of Collec tion 2001 Dis trict and Port of Collec tion 2001 

Head quar ters: 

Ac count ing Services Divi sion .... 591,737,034.82 

Port land, Maine: 

Port of Portland, ME ........... 35,527,326.73 

Port of Bangor, ME ............ 184,227.14 

Port of Eastport, ME ........... 80,918.88 

Port of Jackman, ME .......... 352,121.51 

Port of Vanceboro, ME ......... 1,236,493.03 

Port of Houlton, ME ........... 1,809,225.45 

Port of Fort Fairfield, ME........ 3,803.60 

Port of Van Buren, ME ......... 115,262.63 

Port of Madawaska, ME ........ 287,037.04 

Port of Fort Kent, ME .......... 76,126.24 

Port of Bath, ME .............. - Port of Bar Harbor, ME ......... 1,703.71 

Port of Calais, ME............. 4,460,438.82 

Port of Limestone, ME ......... 139.49 

Port of Rockland, ME .......... - Port of Jonesport, ME .......... - Port of Bridgewater, ME ........ 16,525.58 

Port of Portsmouth, NH......... 4,811,767.05 

Port of Belfast, ME ............ 457,150.71 

Port of Searsport, ME .......... -

Manchaster, NH User Fee Airport 86,640.03 

Total, District .............. 49,506,908.24 

St. Albans, Vermont: 

Port of St. Albans, VT .......... 255,306.26 

Port of Richford, VT ........... 63,111.25 

Port of Beecher Falls, VT ....... 9,780.46 

Port of Burlington, VT ......... 254,976.92 

Port of Derbyline, VT .......... 3,845,496.72 

Port of Norton, VT............. 1,499,540.80 

Port of Highgate Springs/Alburg, VT 21,781,862.78 

Total, District .............. 27,710,075.19 

Boston, Massa chu setts: 

Port of Boston, MA ............ 274,880,183.41 

Port of Springfield, MA ......... 718,668.76 

Port of Worcester, MA ......... 110,284,297.49 

Port of Glouces ter, MA ......... 36,228.97 

Port of New Bedford, MA ....... 1,574,098.28 

Port of Plymouth, MA .......... - Port of Fall River, MA .......... - Port of Salem, MA............. 1,395,727.85 

Port of Provincetown, MA ....... - Port of Bridgeport, CT .......... 4,933,134.78 

Port of Hartford, CT ........... 7,928,163.62 

Port of New Haven, CT......... 21,367,769.03 

Port of New London, CT ........ 601,781.61 

Port of Lawrence, MA .......... 463,930.99

Lo gan Airport ................ 94,497,311.36 

Total, District .............. 518,681,296.15 

Prov i dence, Rhode Island: 

Port of Provi dence, RI.......... 36,394,730.39 

Port of Newport, RI ............ 47,399.28 

Total, District .............. 36,442,129.67 

Ogdensburg, New York:

Port of Ogdensburg, NY ........ 2,588,940.68 

Port of Massena, NY........... 2,398,876.00 

Port of Cape Vincent, NY ....... - Port of Alex an dria Bay, NY ...... 12,606,616.28 

Port of Champlain-Rouses Point, 

NY ....................... 69,968,273.64 

Port of Clayton, NY............ - Port of Trout River, Chateaugay, 

NY ....................... 378,067.67 

Total, District .............. 87,940,774.27 

Buf falo, New York: 

Port of Buffalo, NY ............ 144,925,945.68 

Port of Roches ter, NY.......... 12,418,672.32 

Port of Oswego, NY ........... - Port of Syra cuse, NY .......... 8,236,337.13 

Port of Utica, NY.............. -

Binghampton User Fee Airport ... 84,500.00 

Total, District .............. 165,665,455.13 

New York, New York: 

Port of New York, NY .......... 509,434,130.29 

Port of Albany, NY ............ 4,675,114.22 

Port of JFK Airport ............ 1,213,024,346.42

Fed eral Express Corp (JFK)..... 4,313.31 

NYACC, Jamaica, NY.......... 527,401.38 

DHL Airways, Jamaica, NY...... 24,084,691.41 

TNT Skypak (JFK) ............ 1,597,179.87 

Port of Perth Amboy, NJ ........ 35,750,557.51 

UPS, Newark, NJ ............. 12,239,233.20

Fed eral Express Corp (Newark) .. 18,576,973.35 

Morristown, NJ User Fee Airport . 84,631.57 

Port of Newark, NJ ............ 3,285,116,481.49 

Total, District .............. 5,105,115,054.02 

Phil a del phia, Pennsyl va nia:

Port of Phila del phia, PA ........ 286,672,158.44 

Port of Chester, PA............ 48,838,196.24 

Port of Wilmington, DE ......... 64,599,054.46 

Port of Pittsburgh, PA .......... 40,639,810.25 

Port of Paulsboro, NJ .......... - Port of Wilkes Barre/Scranton, PA 1,616,672.85 

Port of Camden, NJ ........... - Phil a del phia Inter na tional Airport . 35,290,656.34 

Port of Harris burg, PA.......... 21,904,904.99 

Port of Allen town, PA .......... 4,509,684.37 

Port of Lehigh Valley, PA ....... 277,645.81

At lan tic City, NJ User Fee Airport. 84,550.00

Tren ton/Mer cer User Fee Airport . 84,504.78 

UPS (Phila del phia, PA)......... 25,781,954.66 

Total, District .............. 530,299,793.19 

Bal ti more, Maryland: 

Port of Annapolis, MD.......... - Port of Cambridge, MD......... - Port of Balti more, MD .......... 481,869,614.16 

Port of Crisfield, MD ........... -

BWI Airport .................. 11,122,805.66 

Total, District .............. 492,992,419.82 

Nor folk, Virginia: Port of Norfolk, VA ............ 338,084,352.77 

Port of Newport News, VA ...... 32,456,034.08 

Port of Richmond-Petersburg, VA 42,596,505.41 

Port of Charleston, WV ......... 7,232,714.38 

Port of Front Royal, VA ......... 128,796.36 

New River Valley User Fee Airport 2,690,956.54 

Total, District .............. 423,189,359.54 

Char lotte, North Carolina: 

Port of Wilmington, NC ......... 28,052,400.21 

Port of Winston Salem, NC...... 27,498,362.11 

Port of Durham, NC ........... 14,820,026.53 

Port of Beaufort-Morehead, NC .. 2,134,209.84 

Port of Charlotte, NC .......... 214,229,137.81 

Total, District .............. 286,734,136.50 

Charleston, South Carolina: 

Port of Charleston, SC ......... 564,717,916.77 

Port of Georgetown, SC ........ 197,009.62 

Port of Greenville-Spartanburg, SC . 71,031,324.81 

Port of Colum bia, SC .......... 11,731,643.41

Myr tle Beach User Fee Airport .... 84,501.84 

Total, District .............. 647,762,396.45 

Sa van nah, Georgia:

Port of Brunswick, GA.......... 68,899,043.24 

Port of Savan nah, GA.......... 349,011,034.04 

Port of Atlanta, GA ............ 411,120,423.10 

Total, District .............. 829,030,500.38 

Tampa, Florida:

Port of Tampa, FL............. 73,721,589.73 

Port of Jackson ville, FL......... 290,727,231.75 

Port of Fernandina, FL ......... 531,149.10 

Port of Orlando, FL ............ 9,062,113.03

San ford Regional Airport ....... 880,297.54 

Port of St. Peters burg, FL ....... 260,121.67 

Port of Port Canaveral, FL ...... 3,257,165.92 

Port of Panama City, FL ........ 2,748,225.60 

Port of Pensacola, FL .......... 513,071.77 

Port of Mana tee, FL ........... 9,744,331.36 

Sarasota, FL User Fee Airport ... 96,969.93 

Daytona Beach, FL User Fee

Air port ...................... 85,146.79

Mel bourne, FL User Fee Airport .. 204,412.76 

Ocala, FL User Fee Airport...... 89,425.91 

Ft. Myers, FL................. 7,764,391.42 

Total, District .............. 399,685,644.28 
22 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-6.—Customs Collec tion of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Col lec tion Col lec tion Col lec tion 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

2001 2001 2001 

Mo bile, Ala bama:

Port of Mobile, AL ............. 28,600,713.03 

Port of Gulfport, MS ........... 19,773,743.36 

Port of Pascagoula, MS ........ 4,248,670.34 

Port of Birming ham, AL......... 8,735,457.14 

Port of Huntsville, AL .......... 20,486,921.16 

Total, District .............. 81,845,505.03 

New Orleans, Louisana: 

Port of Morgan City, LA ........ 2,185,526.03 

Port of New Orleans, LA ........ 131,976,946.45 

Port of Little Rock, AR ......... 2,913,222.20 

Port of Baton Rouge, LA........ 19,314,256.50 

Port of Memphis, TN........... 376,012,465.74 

Port of Desteran, LA ........... 25.00 

Port of Nashville, TN........... 81,337,870.51 

Port of Chatta nooga, TN........ 13,268,399.98 

Port of Gramer cy, LA .......... 10,491,529.64 

Port of Vicksburg, MS .......... 313,310.95 

Port of Knoxville, TN ........... 40,757,945.19 

Port of Lake Charles, LA........ 5,892,889.39 

Port of Shrevesport/Bossier, LA .. 599,180.86 

Tri City User Fee Airport ........ 1,543,139.40

Fed eral Express (Memphis, TN).. 88,987,961.06 

Total, District .............. 775,594,668.90 

Port Arthur, Texas: 

Port of Port Arthur, TX ......... 27,632,874.83 

Port of Sabine, TX ............ - Port of Orange, TX ............ -

Port of Beaumont, TX .......... 12,632.33 

Total, District .............. 27,645,507.16 

Laredo, Texas: 

Port of Brownsville, TX ......... 43,647,022.25 

Port of Del Rio, TX ............ 1,950,291.26 

Port of Eagle Pass, TX ......... 37,970,018.34 

Port of Laredo, TX ............ 220,157,846.10 

Port of Hidalgo, TX ............ 30,659,726.45 

Port of Rio Grande City, TX ..... 752,874.84 

Port of Progresso, TX .......... 201,194.22 

Port of Roma, TX ............. 347,490.51 

Total, District .............. 335,686,463.97 

El Paso, Texas: 

Port of El Paso, TX ............ 71,713,142.87 

Port of Presidio, TX............ 326,096.18 

Port of Fabens, TX ............ 6,523.95 

Port of Colum bus, NM ......... 358,166.99 

Port of Albu quer que, NM ....... 2,724,328.68 

Port of Santa Teresa, NM ....... 1,801,547.62 

Total, District .............. 76,929,806.29 

San Diego, Cali for nia:

Port of San Diego, CA ......... 114,284,188.29 

Port of Andrade, CA ........... 38,522.92 

Port of Calexico, CA ........... 9,260.01 

Port of San Ysidro, CA ......... 598,864.55 

Port of Tecate, CA ............ 11,817,365.90 

Port of Otay Mesa, CA ......... 67,677,934.21 

Port of Calexico East, CA ....... 20,148,910.68 

Total, District .............. 214,575,046.56 

Nogales, Ari zona:

Port of Douglas, AZ ........... 1,589,782.79 

Port of Lukeville, AZ ........... 326,183.95 

Port of Naco, AZ .............. 71,107.64 

Port of Nogales, AZ ........... 58,341,358.77 

Port of Phoenix, AZ............ 33,184,536.78 

Port of Sasabe, AZ ............ 18,390.50 

Port of San Luis, AZ ........... 4,615,771.03 

Port of Tucson, AZ ............ 759,561.11 

Scottsdale User Fee Airport ..... 92,675.00 

Total, District .............. 98,999,367.57 

Los Angeles, Cali for nia:

Port of Los Angeles, CA ........ 4,663,131,501.91 

Port of San Luis Obispo, CA..... 18.00 

Port of Long Beach, CA ........ 14,030.31 

Port of Segundo, CA........... - Port of Port Hueneme, CA ...... 11,827,237.71 

Port of LAX .................. 472,924,704.53 

Port of Ontario Intl. Airport ...... - Port of Las Vegas, NV ......... 6,159,457.77 

DHL (LAX) .................. 11,779,327.90 

So. California Logis tics Airport, CA 100,660.81

Vir gin Atlan tic Cargo (LAX) ...... 61,802.71

UPS-On tario ................. 6,343,860.28 

Palm Springs User Fee Airport .. 85,112.00 

TNT (LAX)................... 825,156.64 

IBC (LAX) ................... 869,507.42 

Total, District .............. 5,174,122,377.99 

San Francisco, Cali for nia:

San Francisco Intl. Airport ...... 160,186,293.93 

Port of Eureka, CA ............ 73,708.00 

Port of Fresno, CA ............ 475,252.11 

Port of Sacremento, CA ........ 320.54 

Port of San Francisco, CA ...... 536,308,704.59 

Port of Oakland, CA ........... -51,109.52 

Port of Reno, NV.............. 5,514,255.59 

Port of San Jose , CA .......... 1,309,367.10 

DHL (SFO).................. 5,572,656.12 

Aircargo Handling Service ...... - TNT (SFO) .................. - IBC (SFO) ................... 102,139.82 

Federal Express (SFO)......... 15,383,217.72 

Total, District .............. 724,874,806.00 

Co lum bia-Snake, Ore gon:

Port of Astoria, OR ............ 695,960.98 

Port of Newport, OR ........... 100.00 

Port of Coos Bay, OR .......... 258,636.73 

Port of Portland, OR ........... 349,121,746.45 

Port of Longview, WA .......... 4,140,536.90 

Port of Boise, ID .............. 547,868.42 

Port of Vancou ver, WA ......... - Port of Kalama, WA ........... - Port land Inter na tional Airport .... 418,329.67 

Rogue Valley-Medford User Fee 

Airport .................... 147,936.03 

Total, District .............. 355,331,115.18 

Se at tle, Washing ton:

Port of Seat tle, WA ............ 475,163,606.28 

Port of Tacoma, WA ........... 266,846,629.68 

Port of Aberdeen, WA.......... 179,767.26 

Port of Blaine, WA ............ 24,858,482.39 

Port of Bellingham, WA......... 1,029,941.91 

Port of Everett, WA ............ 544,906.52 

Port of Port Angeles, WA ....... 106,858.54 

Port of Port Towsend, WA ...... 26,062.20 

Port of Sumas, WA ............ 1,352,518.71 

Port of Anacortes, WA ......... 695,503.27 

Port of Nighthawk, WA ......... 

Port of Danville, WA ........... 4,483.27 

Port of Ferry, WA ............. 842.10 

Port of Friday Harbor, WA ...... 198,456.57 

Port of Boundry, WA ........... 4,723.84 

Port of Laurier, WA ............ 8,908.29 

Port of Point Roberts, WA....... 62,882.98 

Port of Kenmore Air Harbor, WA . - Port of Oroville, WA ........... 238,554.01 

Port of Frontier, WA ........... 27,250.82 

Port of Spokane, WA .......... 194,171.72 

Port of Lynden, WA............ 63,028.49 

Port of Metaline Falls, WA ...... 9,310.48 

Port of Olympia, WA ........... 3,555.21 

Port of Neah Bay, WA.......... - Se at tle-Tacoma Airport......... 38,343,391.55 

DHL (SEATAC)............... 65,426.85 

UPS (SEATAC)............... 278,074.37 

Moses Lake User Fee Airport .... 911,454.08 

Total, District .............. 811,218,887.27 

An chor age, Alaska: 

Port of Juneau, AK ............ 312,204.79 

Port of Ketchikan, AK .......... 220,868.02 

Port of Skagway, AK........... 20,716.18 

Port of Alcan, AK ............. 97,882.27 

Port of Wrangell, AK ........... 11,147.65 

Port of Dalton Cache, AK ....... 11,639.10 

Port of Valdez, AK ............ 2,076,563.07 

Port of Fairbanks, AK .......... 21,596.67 

Port of Sitka, AK .............. 27,413.76 

Port of Anchor age, AK ......... 4,792,201.85 

95.88 
FED ERAL FISCAL OPER A TIONS 23 

TA BLE FFO-6.—Customs Collec tion of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Col lec tion Col lec tion Col lec tion 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

2001 2001 2001 

An chor age, Alaska (con.) 

Port of Kodiak, AK ............ 320.89 

UPS ....................... 15,710,400.46 

Federal Express .............. 72,482,520.46 

Total, District .............. 95,785,475.17 

Ho no lulu, Hawaii: 

Port of Hono lulu, HI ........... 26,804,091.17 

Port of Hilo, HI ............... 68,595.91 

Port of Kahului, HI............. 233,946.65 

Port of Nawiliwili-Port Allen, HI ... 6,361.79

Ho no lulu Inter na tional Airport .... 18,817,266.84 

Port of Kailua-Kona, HI......... 97,351.33 

Total, District .............. 46,027,613.69 

Great Falls, Montana: 

Port of Raymond, MT .......... 195,347.51 

Port of Eastport, ID ............ 4,961,909.66 

Port of Salt Lake City, UT ....... 25,781,093.49 

Port of Great Falls, MT ......... 745,419.89 

Port of Butte, MT.............. 41,422.59 

Port of Turner, MT ............ 6,016.07 

Centennial User Fee Airport ..... 84,510.32

Jef fer son Country User Fee 

Airport .................... -61,293.46 

Port of Denver, CO ............ 70,025,371.40 

Port of Porthill, ID ............. 615,867.24 

Port of Scobey, MT ............ 894.87 

Port of Sweetgrass, MT ........ 5,471,653.08 

Port of Whitetail, MT ........... 227.00 

Port of Piegan, MT ............ 17,547.29 

Port of Opheim, MT ........... 1,236.94 

Port of Rooseville, MT ......... 37,801.21 

Port of Morgan, MT............ 2,804.72 

Port of Whitlash, MT ........... 1,402.80 

Port of Del Bonita, MT ......... 8,338.74 

Wildhorse, MT................ 1,457.15 

Total, District .............. 107,939,028.51 

Pembina, North Dakota: 

Port of Pembina, ND........... 7,730,562.00 

Port of Noyes, ND............. 70,840.26 

Port of Portal, ND ............. 3,139,877.53 

Port of Neche, ND............. 26,210.44 

Port of St. John, ND ........... 7,835.45 

Port of Northgate, ND .......... 9,118.95 

Port of Walhalla, ND........... 34,470.45 

Port of Hannah, ND ........... 698.80 

Port of Sarles, ND............. 1,895.00 

Port of Ambrose, ND........... 535.00 

Port of Antler, ND ............. 3,871.22 

Port of Sherwood, ND.......... 5,944.75 

Port of Hansboro, ND .......... 2,867.48 

Port of Maida, ND ............. 5,041.17 

Port of Fortuna, ND............ 6,955.24 

Port of Westhope, ND.......... 8,984.73 

Pembina, North Dakota (con.) 

Port of Carbury, ND ........... 

Port of Dunseith, ND........... 

Port of Warroad, MN........... 

Port of Baudette, MN .......... 

Port of Pinecreek, MN.......... 

Port of Roseau, MN ........... 

Hec tor User Fee Airport ........ 

Port of Fargo, ND ............. 

Total, District .............. 

Min ne ap o lis, Minne sota:

Port of Minne ap o lis, MN ........ 

Port of Sioux Falls, SD ......... 

Roch es ter User Fee Airport ..... 

Total, District .............. 

Du luth, Minne sota:

Port of Duluth, MN ............ 

Port of Inter na tional Falls/Ranier, 

MN ....................... 

Port of Supe rior, WI ........... 

Port of Grand Portage, MN...... 

Total, District .............. 

Mil wau kee, Wiscon sin:

Port of Milwau kee, WI.......... 

Port of Marinette, WI........... 

Port of Green Bay, WI.......... 

Port of Manitowoc, WI.......... 

Port of Sheboygan, WI ......... 

Port of Racine, WI............. 

Total, District .............. 

De troit, Michi gan:

Port of Detroit, MI ............. 

Port of Port Huron, MI.......... 

Port of Sault Sainte Marie, MI.... 

Port of Saginaw/Bay City/Flint, MI 

Port of Battle Creek, MI ........ 

Port of Grand Rapids, MI ....... 

Port of Escanaba, MI .......... 

Port of Marquette, MI .......... 

Port of Algonac, MI ............ 

Port of Muskegon, MI .......... 

Port of Rogers City, MI ......... 

Port of Detour, MI ............. 

Port of Mackinac Isle, MI ....... 

Port of South Haven, MI ........ 

Port of Presque Isle, MI ........ 

Port of Alpena, MI............. 

Port of Ferrysburg, MI.......... 

Oak land County User Fee Airport. 

Wil low Run User Fee Airport .... 

Total, District .............. 

4,927.80 

273,819.46 

43,236.89 

63,684.10 

1,373.28 

243,919.44 

218,563.75 

421.82 

11,910,842.75 

106,825,728.79 

183,424.29 

84,505.60 

107,093,658.68
 

835,553.79 

6,180,261.57 

40,443.72 

415,045.21 

7,471,304.29 

29,897,544.66 

-

3,536,384.55 

-

-

944,808.94 

34,378,738.15 

309,123,247.29 

45,659,202.25 

903,556.70 

129,765.12 

15,296,538.26 

22,650,446.24 

96.67 

-

-

-

-

-
 

-

-
 

-

-

-

267,000.00 

84,992.13 

394,114,844.66 

Chi cago, Illi nois:

Port of Chicago, IL ............ 1,200,310,107.86 

Port of Peoria, IL.............. 

Port of Omaha, NE ............ 

Port of East Chicago, IL ........ 

O’Hare Inter na tional Airport ..... 

Port of Des Moines, IA ......... 

Port of Daven port/Rock Island/ 

Moline, IL ................... 

Rockford Airport .............. 

Waukegan User Fee Airport ..... 

Pal-waukee User Fee Airport .... 

Dupage User Fee Airport ....... 

Decatur User Fee Airport ....... 

Total, District .............. 

Cleve land, Ohio:
 Port of Cleveland, OH.......... 

Port of Cincinnati, OH/
 

Lawrenceburg, IN ............. 

Port of Colum bus, OH.......... 

Port of Dayton, OH ............ 

Port of Toledo/Sandusky, OH .... 

Port of Erie, OH .............. 

Port of Ashtabula/Conneaut, OH . 

Port of Indi a nap o lis, IN ......... 

Port of Akron, OH ............. 

Port of Evans ville, IN .......... 

Port of Louis ville, KY........... 

Port of Owensboro, KY......... 

Air borne Air Park User Fee Airport 

Ft. Wayne User Fee Airport ..... 

Bluegrass User Fee Airport ..... 

Hulman User Fee Airport ....... 

Air borne Express ............. 

BAX Global .................. 

Em ery Worldwide ............. 

UPS ....................... 

DHL (Cincinnati) .............. 

Fed eral Express (Indi a nap o lis)... 

Total, District .............. 

St. Louis, Missouri:
 Port of Kansas City, MO ........ 

Port of St. Louis, MO .......... 

Port of Wichita, KA ............ 

Port of Springfield, MO ......... 

Total, District .............. 

San Juan, Puerto Rico:
 Port of Aguadilla, PR .......... 

Fajardo, PR.................. 

Port of Mayaguez, PR.......... 

Port of Ponce, PR............. 

Port of San Juan, PR .......... 

San Juan International Arport .... 

28,838,790.97 

15,675,342.16
 

-
 

902.70 
 

3,145,075.12 
 

8,982,633.71 

5,299,686.30 

84,632.48 

85,231.33 

86,761.20 

84,500.00 

1,262,593,663.83
 

85,619,143.08 
 

80,374,513.80 
 

410,425,423.24 
 

6,412,758.94 
 

3,312,362.60 

834,613.87 

169,104.74 

96,152,712.14 

-

233,626,600.19 

490,563.84 

248,762.34 

103,579.14 

684,900.65 

84,500.00 

259,054.04 

3,605,869.48 

16,960,867.52 

53,340,956.36 

7,890,202.16 

10,514,316.43 

1,011,110,795.72 

134,233,308.92
 

108,330,962.97
 

14,590,911.45
 

12,505,626.73
 

269,660,810.07 
 

1,484,312.99
 

567,651.17 

3,833,764.91 

8,003,110.05 

78,771,571.83 

13,552,988.67 

Port of Noonan, ND ........... 5,187.74 Total, District .............. 106,213,399.62 

-8.84 
24 FED ERAL FISCAL OPER A TIONS 

TA BLE FFO-6.—Customs Collec tion of Duties, Taxes, and Fees by Districts and Ports, con. 

[Source: U. S. Customs Service] 

Col lec tion Col lec tion Col lec tion 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

Dis trict and Port of Collec tion 

Fis cal Year 

2001 2001 2001 

Vir gin Islands of the United States: 

Port of Charlotte Amalie, VI ..... 7,119,192.68 

Port of Cruz Bay, VI ........... 90,324.68 

Port of Christiansted, VI ........ 5,417,054.58 

Total, District .............. 12,626,571.94 

Mi ami, Florida: 

Port of Miami, FL ............. 478,547,496.60 

Port of Key West, FL........... 114,628.94 

Port of Port Everglades, FL ..... 193,968,433.21 

Port of West Palm Beach, FL .... 20,037,983.36 

Port of Fort Pierce, FL ......... 108,006.04

Mi ami Inter na tional Airport ...... 154,176,246.56

Mi ami Inter na tional Courier 

As so ci a tion .................. 920,323.91 

DHL Worldwide Express........ 1,981,468.37 

MIA/CFS ECCF .............. 129,983.41 

UPS (Miami Intl. Airport)........ 548,858.06

Mi ami Seaport Alter nate ........ 3,321,356.16 

Total, District .............. 853,854,784.62 

Hous ton, Texas: 

Port of Houston, TX ........... 416,085,730.78 

Port of Oklahoma City, OK ...... - Port of Texas City, TX.......... - Hous ton Inter con ti nen tal Airport .. 23,391,344.74 

Port of Galveston, TX .......... 20,924,951.25 

Port of Freeport, TX ........... 12,657,781.42 

Port of Corpus Christi, TX....... 17,855,455.39 

Port of Port Lavaca, TX ........ 1,365,800.10 

Total, District .............. 492,281,063.68 

Wash ing ton, District of Colum bia:

Port of Alex an dria, VA ......... 13,779.25 

Dulles International Airport ...... 25,956,345.92 

Total, District .............. 25,970,125.17 

Dal las-Fort Worth, Texas: 

Port of Dallas/Ft. Worth, TX ..... 258,196,078.52 

Port of Ama rillo, TX............ 178,399.18 

Port of Lubbock, TX ........... 159,242.53 

Port of Oklahoma City, OK ...... 7,044,803.27 

Port of Tulsa, OK ............. 6,273,759.44 

Port of Austin, TX ............. 6,154,319.77 

Port of San Anto nio,TX ......... 12,771,123.32

Mid land User Fee Airport ....... 87,427.66

Ad di son User Fee Airport ....... 84,511.04

Al li ance User Fee Airport ....... 84,500.00 

Total, District .............. 291,034,164.73 

Ba ha mas Preclearance: 

Preclearance-Christiansted, VI... 79,853.90 

Preclearance-St. Croix, VI ...... 10,576.86 

Kindley Field, Bermuda......... 111,457.03
 Freeport, Baha mas............ 13,517.54
 Nassau, Baha mas ............ 118,680.44
 

Aruba ...................... 47,617.06 

Total, District .............. 381,702.83 

Preclearance, Canada:

Mon treal, Canada Preclearance .. 127,047.62 

Winnepeg, Canada Preclearance. 936.50

To ronto, Canada Preclearance... 56,934.69

Ot tawa, Canada Preclearance ... 2,985.00

Van cou ver, British Columbia 

Preclearance ............... 78,268.03

Cal agary, Canada Preclearance.. 6,944.50

Ed mon ton, Canada Preclearance. 579.00 

Total, District .............. 273,695.34 

To tal Collections of Duties, 

Taxes and Fees ............. 24,124,215,797.21 
25 

IN TRO DUC TION: Source and Avail abil ity of the 

Balance in the Account of the U.S. Trea sury 

The Depart ment of the Treasury’s (Treasury’s) oper at ing 

cash is maintained in accounts with the Federal Reserve Banks 

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

other finan cial insti tu tions. Major infor ma tion sources include 

FRBs, Treasury Regional Financial Centers, Inter nal Reve nue

Ser vice Centers, Bureau of the Public Debt and vari ous electronic systems. As the FRB accounts are depleted, funds are 

called in (withdrawn) from thousands of tax and loan accounts 

at finan cial insti tu tions throughout the country. 

Un der author ity of Public Law 95-147 (codi fied at 31 

United States Code 323), Treasury imple mented a program on 

No vem ber 2, 1978, to invest a portion of its oper at ing cash in 

ob li ga tions of depositaries maintain ing tax and loan accounts. 

Un der the Treasury tax and loan (TT&L) invest ment program,

de pos i tary finan cial insti tu tions select the manner in which 

they will partic i pate. Finan cial insti tu tions wishing to retain 

funds depos ited into their tax and loan accounts in interest-bearing obli ga tions can partic i pate. The program permits 

Trea sury to collect funds through finan cial insti tu tions and to 

leave the funds in TT&L depositaries and in the finan cial commu ni ties in which they arise until Treasury needs the funds for 

its oper a tions. In this way, Treasury is able to neutral ize the effect of its fluctu at ing oper a tions on TT&L finan cial insti tu tion

re serves and on the economy. Likewise, those insti tu tions

wish ing to remit the funds to the Treasury account at FRBs do 

so as collec tor depositaries. 

De posits to tax and loan accounts occur as custom ers of finan cial insti tu tions deposit tax payments, which the finan cial

in sti tu tions use to purchase Govern ment secu ri ties. In most 

cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same finan cial insti tution. Also, Treasury can direct the FRBs to invest excess funds 

in tax and loan accounts directly from the Treasury account at 

the FRBs. 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Credits and withdraw als 

Fed eral Reserve accounts 

Credits 1 Tax and loan note accounts 

Re ceived through With drawals

Fis cal year re mit tance option tax and (trans fers to Federal 

or month Re ceived directly loan depositaries With drawals 2 Taxes 3 Re serve accounts) 

(1) (2) (3) (4) (5) 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2001 ............... 

2000 - Sept.......... 

Oct ........... 

Nov .......... 

Dec .......... 

2001 - Jan ........... 

Feb .......... 

Mar .......... 

Apr ........... 

May .......... 

June.......... 

July .......... 

Aug .......... 

Sept .......... 

See footnotes at end of table. 

4,263,210 191,134 4,454,345 775,799 776,394 

4,238,957 259,197 4,500,895 969,668 971,671 

4,893,279 259,019 5,150,608 1,048,120 1,032,230 

4,921,490 253,060 5,172,731 1,189,835 1,195,453 

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

358,343 21,567 377,412 114,239 77,258 

345,471 23,028 371,598 90,496 130,050 

391,392 23,201 415,670 92,324 89,915 

360,311 37,075 396,619 148,829 139,964 

435,357 30,632 465,777 119,774 74,136 

404,264 26,349 430,914 97,112 142,528 

409,750 30,301 439,350 122,393 115,924 

607,227 32,755 637,745 117,724 83,115 

440,133 25,386 469,017 95,185 150,543 

371,084 31,379 399,671 114,390 79,771 

383,987 27,970 413,553 92,867 111,859 

539,534 25,932 565,525 93,659 110,370 

361,932 26,257 383,927 87,197 53,569 
26 AC COUNT OF THE U.S. TREASURY 

TA BLE UST-1.—El e ments of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Bal ances 

Dur ing period 

End of period High Low Av er age

Fis cal year Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan Fed eral Tax and loan 

or month Reserve note accounts Re serve note accounts Re serve note accounts Re serve note accounts 

(6) (7) (8) (9) (10) (11) (12) (13) 

1997............... 

1998............... 

1999............... 

2000............... 

2001............... 

2000 - Sept.......... 

Oct .......... 

Nov.......... 

Dec.......... 

2001 - Jan .......... 

Feb .......... 

Mar.......... 

Apr .......... 

May ......... 

June ......... 

July.......... 

Aug.......... 

Sept ......... 

7,692 35,930 52,215 38,811 3,145 874 6,836 17,957 

4,952 33,926 41,801 61,150 3,407 414 6,249 22,856 

6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

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

8,459 44,199 11,392 54,308 3,717 853 6,695 21,950 

5,360 4,646 8,459 44,199 4,207 426 6,338 13,246 

4,382 7,055 6,228 32,813 4,231 860 5,093 10,621 

5,149 15,920 10,984 30,535 3,872 2,609 5,758 11,603 

5,256 61,574 14,460 68,650 3,832 11,090 6,682 36,481 

4,956 16,158 6,713 45,805 3,446 5,083 4,894 16,003 

5,657 22,627 8,284 32,582 4,057 97 5,390 6,732 

7,894 57,236 8,090 60,700 4,536 917 5,903 18,756 

4,396 1,878 6,961 67,588 3,721 1,878 5,149 25,702 

7,188 36,498 7,823 42,083 3,642 386 5,605 15,206 

5,592 17,506 7,188 37,258 4,558 3,846 5,127 19,851 

5,533 795 6,139 52,387 4,069 795 5,040 26,698 

9,976 34,423 10,513 40,807 4,126 126 6,644 19,601 

1

 Repre sents transfers from tax and loan note accounts, proceeds from sales of secu ri ties and employ ees under the Federal Insur ance Contri bu tions Act begin ning Janu ary 1950 and 

other than Govern ment account series and taxes. un der the Railroad Retire ment Tax Act begin ning July 1951; a number of excise taxes begin- 2

 Repre sents checks paid, wire transfer payments, drawdowns on letters of credit, redemp tions ning July 1953; esti mated corpo ra tion income taxes begin ning April 1967; all corpo ra tion inof secu ri ties other than Govern ment account series and invest ment (transfer) of excess funds	 come taxes due on or after March 15, 1968; Federal Unem ploy ment Tax Act taxes begin ning April 1970 and indi vid ual esti mated income taxes begin ning Oc to ber 1988. out of this account to the tax and loan note accounts. 3

 Taxes eli gi ble for credit consist of those depos ited by taxpay ers in the tax and loan depositaries as follows: Withheld income taxes begin ning March 1948; taxes on employ ers 
27
 

IN TRO DUC TION: Federal Debt
 

Trea sury secu ri ties (i.e., public debt secu ri ties) comprise 

most of the Federal debt, with secu ri ties issued by other Federal agencies account ing for the rest. Tables in this section of 

the “Treasury Bulle tin” reflect the total. Further detailed informa tion is published in the “Monthly Statement of the Public 

Debt of the United States.” Likewise, infor ma tion on agency

se cu ri ties and on invest ments of Federal Govern ment accounts in Federal secu ri ties is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States 

Gov ern ment.” 

Ef fec tive Janu ary 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,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” tables FD-2 and FD-6 

from the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised proce dures and cate go ries in these tables to agree with the Bureau of the Public 

Debt’s publi ca tion changes. 

• Ta ble FD-1 summa rizes the Federal debt by listing

pub lic debt and agency secu ri ties held by the public, includ ing 

the Federal Reserve. It also includes debt held by Federal 

agen cies, largely by the Social Secu rity and other Federal retire ment trust funds. The net unam or tized premium and discount also are listed by total Federal secu ri ties, secu ri ties held 

by Govern ment accounts and secu ri ties held by the public. The 

dif fer ence between the outstand ing face value of the Federal 

debt and the net unam or tized premium and discount is classified as the accrual amount. (For greater detail on holdings of 

Fed eral secu ri ties by partic u lar classes of inves tors, see the 

own er ship tables, OFS-1 and OFS-2.) 

• Ta ble FD-2 cate go rizes by type, that is, market able and 

non mar ket able, the total public debt secu ri ties outstand ing 

that are held by the public. 

• Ta ble FD-2 (Histor i cal) cate go rizes by type inter estbear ing market able and nonmar ket able Treasury secu ri ties. 

The differ ence between inter est-bearing and total public debt 

se cu ri ties reflects outstand ing matured Treasury secu rities—that is, unre deemed secu ri ties that have matured and are 

no longer accru ing inter est. Because the Federal Financing 

Bank is under the super vi sion of Treasury, its secu ri ties are 

held by a U.S. Govern ment account. 

• In table FD-3, nonmar ket able Treasury secu ri ties held 

by U.S. Govern ment accounts are summa rized by issues to 

par tic u lar funds within Govern ment. Many of the funds invest 

in par value special series nonmarketables at inter est rates deter mined by law. Others invest in market-based special Treasury secu ri ties whose terms mirror those of market able

se cu ri ties. 

• Ta ble FD-4 presents inter est-bearing secu ri ties issued 

by Govern ment agencies. Federal agency borrow ing has declined in recent years, in part because the Federal Financing 

Bank has provided financ ing to other Federal agencies. (Federal agency borrow ing from Treasury is presented in the 

“Monthly Treasury Statement of Receipts and Outlays of the 

United States Govern ment.”) 

• Ta ble FD-5 illus trates the aver age length of marketable inter est-bearing public debt held by private inves tors and 

the matu rity distri bu tion of that debt. 

In March 1971, Congress enacted a limited excep tion to 

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

could be held by the public. This permit ted Treasury to offer 

se cu ri ties matur ing in more than 7 years at current market inter est rates for the first time since 1965. In March 1976, the 

def i ni tion of a bond was changed to include those secu ri ties

lon ger than 10 years to matu rity. This excep tion has expanded 

since 1971, autho riz ing Treasury to continue to issue longterm secu ri ties. The ceiling on Treasury bonds was repealed 

on Novem ber 10, 1988. 

The volume of privately held Treasury market able secu rities by matu rity class reflects the remain ing period to matu rity 

of Treasury bills, notes and bonds. The aver age length is comprised of an aver age of remain ing peri ods to matu rity, 

weighted by the amount of each secu rity held by private investors. In other words, compu ta tions of aver age length exclude 

Gov ern ment accounts and the FRBs. 

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

out stand ing debt subject to limi ta tion by law. The other debt

cat e gory includes Federal debt Congress has desig nated as being subject to the debt ceiling. 

• In table FD-6 (Histor i cal), the same debt infor ma tion 

is compared as in table FD-6. Changes in the non-interestbear ing debt shown in the last column reflect matu ri ties of 

Trea sury secu ri ties on nonbusi ness days, which can be redeemed on the next business day. 

• Ta ble FD-7 details Treasury holdings of secu ri ties issued by Govern ment corpo ra tions and other agencies. Certain 

Fed eral agencies are autho rized to borrow money from the

Trea sury, largely to finance direct loan programs. In addi tion,

agen cies such as the Bonneville Power Admin is tra tion are autho rized to borrow from the Treasury to finance capi tal projects. Treasury, in turn, finances these loans by selling

Trea sury secu ri ties to the public. 
28 FED ERAL DEBT 

TA BLE FD-1.—Summary of Federal Debt 

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

Se cu ri ties held by 

Amount outstanding Gov ern ment accounts The public 

Pub lic debt Agency Public debt Agency Public debt Agency

or month 

End of fiscal year 

To tal securities secu ri ties Total secu ri ties secu ri ties Total secu ri ties secu ri ties 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1997 ............ 5,446,320 5,413,146 33,173 1,603,862 1,596,765 7,098 3,842,458 3,816,381 26,075 

1998 ............ 5,555,552 5,526,193 29,359 1,767,778 1,763,860 3,917 3,787,774 3,762,333 25,442 

1999 ............ 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000 ............ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,469 27,621 

2001 ............ 5,834,474 5,807,463 27,011 2,468,757 2,468,757 - 3,365,717 3,338,706 27,011 

2000 - Sept ........ 5,701,850 5,674,178 27,672 2,235,763 2,235,710 51 3,466,087 3,438,468 27,621 

Oct......... 5,684,542 5,657,328 27,214 2,248,673 2,248,622 51 3,435,869 3,408,706 27,163 

Nov ........ 5,736,948 5,709,699 27,249 2,258,532 2,258,481 51 3,478,416 3,451,218 27,198 

Dec ........ 5,689,593 5,662,216 27,377 2,248,726 2,248,675 51 3,440,867 3,413,541 27,326 

2001 - Jan ......... 5,743,229 5,716,071 27,158 2,328,712 2,328,662 51 3,414,517 3,387,409 27,107 

Feb ........ 5,762,738 5,735,859 26,879 2,333,804 2,333,753 51 3,428,934 3,402,106 26,828 

Mar ........ 5,800,558 5,773,740 26,818 2,339,405 2,339,354 51 3,461,153 3,434,386 26,767 

Apr......... 5,688,136 5,661,348 26,788 2,364,024 2,363,973 51 3,324,112 3,297,375 26,737 

May ........ 5,682,853 5,656,182 26,671 2,379,862 2,379,862 - 3,302,991 3,276,320 26,671 

June ........ 5,753,914 5,726,815 27,099 2,452,639 r 2,452,639 - 3,301,275 3,274,178 27,099 

July ........ 5,745,240 5,718,303 26,937 2,452,659 2,452,659 - 3,292,581 3,265,644 26,937 

Aug ........ 5,796,493 5,769,876 26,617 2,429,635 2,429,635 - 3,366,858 3,340,241 26,617 

Sept ........ 5,834,474 5,807,463 27,011 2,468,757 2,468,757 - 3,365,717 3,338,706 27,011 

Fed eral debt secu ri ties Se cu ri ties held by Govern ment accounts Se cu ri ties held by the public 

End of fiscal year or month 

Amount out- stand ing face 

value 

Net 

unamortized 

premium 

and discount 

Accrual 

amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

Amount out- stand ing face 

value 

Net 

unamortized 

premium Ac crual

and discount amount 

(10) (11) (12) (13) (14) (15) (16) (17) (18) 

1997 ............ 5,446,320 76,633 5,369,687 1,603,862 7,000 1,596,862 3,842,458 69,633 3,772,825 

1998 ............ 5,555,552 76,849 5,478,704 1,767,778 10,687 1,757,090 3,787,774 66,162 3,721,613 

1999 ............ 5,684,776 78,696 5,606,080 1,989,308 16,148 1,973,160 3,695,468 62,548 3,632,920 

2000 ............ 5,701,850 72,842 5,629,009 2,235,763 16,867 2,218,896 3,466,087 55,975 3,410,113 

2001 ............ 5,834,474 64,225 5,770,249 2,468,757 18,500 2,450,257 3,365,717 45,725 3,319,992 

2000 - Sept ........ 5,701,850 72,842 5,629,009 2,235,761 16,867 2,218,896 3,466,087 55,975 3,410,113 

Oct......... 5,684,542 72,009 5,612,533 2,248,673 16,718 2,231,955 3,435,869 55,291 3,380,578 

Nov ........ 5,736,948 73,646 5,663,302 2,258,532 17,002 2,241,530 3,478,416 56,644 3,421,772 

Dec ........ 5,689,593 72,280 5,617,313 2,248,726 16,496 2,232,230 3,440,867 55,784 3,385,083 

2001 - Jan ......... 5,743,229 70,026 5,673,204 2,328,712 16,601 2,312,111 3,414,517 53,425 3,361,093 

Feb ........ 5,762,738 69,962 5,692,777 2,333,804 17,219 2,316,585 3,428,934 52,743 3,376,193 

Mar ........ 5,800,558 71,196 5,729,362 2,339,405 18,793 2,320,613 3,461,153 52,403 3,408,749 

Apr......... 5,688,136 70,718 5,617,418 2,364,024 19,784 2,344,240 3,324,112 50,934 3,273,178 

May ........ 5,682,853 72,382 5,610,472 2,379,862 21,960 2,357,902 3,302,991 50,422 3,252,570 

June ........ 5,753,914 71,651 5,682,264 2,452,639 21,733 2,430,906 3,301,275 49,918 3,251,358 

July ........ 5,745,240 69,041 5,676,200 2,452,659 20,354 2,432,305 3,292,581 48,688 3,243,895 

Aug ........ 5,796,493 68,369 5,728,124 2,429,635 19,508 2,410,128 3,366,858 48,861 3,317,996 

Sept ........ 5,834,474 64,225 5,770,249 2,468,757 18,500 2,450,257 3,365,717 45,725 3,319,992 
FED ERAL DEBT 29 

TA BLE FD-2.—Debt Held by the Public* 

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

Mar ket able 

To tal

public debt 

End of fiscal year se cu ri ties Infla tion-indexed Nonmar ket able 

or month outstanding To tal Bills Notes Bonds notes and bonds Total 

(1) (2) (3) (4) (5) (6) (7) 

2001 - Jan........ 3,388,014 2,961,864 656,148 1,555,056 623,368 127,292 426,149 

Feb ....... 3,402,738 2,973,797 680,659 1,534,890 631,024 127,225 428,940 

Mar ....... 3,435,029 3,002,409 712,032 1,534,868 627,510 127,999 432,621 

Apr ....... 3,297,980 2,862,371 619,072 1,492,282 622,498 128,520 435,608 

May ....... 3,276,924 2,839,920 618,460 1,474,376 618,264 128,820 437,005 

June ....... 3,274,773 2,840,238 620,044 1,474,373 616,496 129,324 434,535 

July ....... 3,266,222 2,837,389 653,046 1,437,088 612,244 135,012 428,834 

Aug ....... 3,340,818 2,913,337 732,584 1,432,960 612,542 135,252 427,481 

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

Non mar ket able, con. 

End of fiscal year U.S. savings Gov ern ment State and local Domes tic

or month se cu ri ties For eign series ac count series govern ment series series Other 

(8) (9) (10) (11) (12) (13) 

2001 - Jan ............... 

Feb .............. 

Mar .............. 

Apr............... 

May .............. 

June .............. 

July .............. 

Aug .............. 

Sept .............. 

184,596 24,936 35,649 147,898 29,996 3,074 

184,693 24,936 36,338 149,904 29,996 3,074 

184,815 24,736 37,047 152,887 29,996 3,139 

185,198 24,536 37,759 154,746 29,995 3,373 

185,347 24,186 38,149 155,955 29,995 3,373 

185,517 24,036 38,190 153,322 29,995 3,473 

185,816 22,213 38,241 149,095 29,995 3,473 

186,011 21,719 38,990 147,293 29,995 3,472 

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

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format 

changes in the “Monthly Statement of the Public Debt of the United States.” 
30 FED ERAL DEBT 

TA BLE FD-2.—Inter est-Bearing Public Debt (Histor i cal) 

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

Mar ket able 

To tal Treasury 

End of fiscal year inter est-bearing To tal

 Treasury Treasury Treasury infla tion-indexed

or month pub lic debt bills notes bonds notes and bonds 

Federal 

Financing

Bank 

Nonmar ket able 

Total 

(1) (2) (3) (4) (5) (6) (7) (8) 

1997........... 

1998........... 

1999........... 

2000........... 

2001........... 

2000 - Sept ....... 

Oct ....... 

Nov ....... 

Dec ....... 

5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912 

5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651 

5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

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

5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

5,647,557 2,993,882 618,548 1,608,758 631,262 120,313 15,000 2,653,675 

5,700,007 3,036,727 682,134 1,589,592 629,012 120,989 15,000 2,663,279 

5,618,061 2,966,885 646,855 1,557,304 626,512 121,215 15,000 2,651,176 

Non mar ket able, con. 

End of fiscal year

or month 

U.S. savings

se cu ri ties For eign series 

Gov ern ment

ac count series 

State and local 

govern ment series 

Domes tic 

series Other 

(9) (10) (11) (12) (13) (14) 

1997 .................. 182,665 34,909 1,608,478 111,863 29,995 1 

1998 .................. 180,816 35,079 1,777,329 164,431 29,995 1 

1999 .................. 180,019 30,970 2,005,166 168,091 29,995 1 

2000 .................. 177,724 25,431 2,242,900 153,288 29,996 1 

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

2000 - Sept .............. 177,724 25,431 2,242,900 153,288 29,996 1 

Oct............... 177,949 25,431 2,267,351 152,948 29,996 1 

Nov .............. 178,142 25,111 2,277,298 152,731 29,996 1 

Dec .............. 176,866 27,161 2,266,127 151,026 29,996 1 
FED ERAL DEBT 31 

Ta ble FD-3.—Govern ment Account Series 

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

End of fiscal year

or month To tal 

Air port

and Airway Trust 

Fund 

Bank 

Insur ance

Fund 

Fed eral

Employees Ex change Disability Life Insur­ Stabilization Insur ance ance Fund Fund Trust Fund 

Fed eral

em ployees

re tire ment

funds 

Fed eral

Hos pi tal

Insur ance Trust Fund 

Fed eral

Federal Old-age and

Housing Sur vi vors

Admin is tra­ Insur ance tion Trust Fund 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1997............ 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445 

1998............ 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282 

1999............ 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000............ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001............ 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2000 - Sept ........ 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

Oct ........ 2,267,351 13,441 29,339 22,431 10,951 114,122 504,825 168,069 16,764 896,121 

Nov ........ 2,277,298 14,136 29,673 22,758 10,876 114,798 502,533 169,272 18,012 898,026 

Dec ........ 2,266,127 14,402 29,360 22,562 9,929 114,695 500,188 171,622 18,011 901,597 

2001 - Jan......... 2,348,243 13,654 29,818 22,727 9,984 120,689 515,284 183,507 19,028 945,071 

Feb ........ 2,354,000 13,740 30,010 23,025 10,026 121,623 512,711 183,604 18,631 948,901 

Mar ........ 2,360,298 13,703 30,146 23,026 10,069 123,356 510,317 182,106 19,956 958,190 

Apr ........ 2,385,627 13,744 30,160 23,046 10,111 126,405 508,516 188,703 18,863 976,216 

May ........ 2,401,909 13,873 30,412 23,421 10,009 127,276 505,506 188,389 17,482 980,716 

June ........ 2,474,736 14,420 29,830 23,404 10,041 133,498 520,577 197,142 20,489 1,022,270 

July ........ 2,474,826 14,386 30,549 23,386 9,959 134,119 517,866 198,020 20,492 1,026,351 

Aug ........ 2,452,553 14,396 30,770 23,704 9,990 132,114 515,514 194,961 17,386 1,009,408 

Sept ........ 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

End of fiscal year

or month 

Fed eral

Sav ings and 

Loan

Cor po ra tion,

Res o lu tion

Fund 

Fed eral

Sup ple men­
 tary Medi cal
 Insur ance
 Trust Fund 
 

Gov ern ment
 Life Insur- High way
 ance Fund Trust Fund
 

Na tional

Ser vice Life

In sur ance

Fund 

Postal

Ser vice Fund
 

Rail road

Re tire ment

Ac count 

Treasury

deposit

funds 

Unem ploy­ ment Trust 

Fund Other 

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20) 

1997 ........... 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933 

1998 ........... 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878 

1999 ........... 2,304 26,528 - 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ........... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001 ........... 2,650 41,978 - 24,115 11,639 - 24,983 - 88,638 297,775 

2000 - Sept ....... 2,508 45,075 - 31,023 11,804 1,086 22,628 62 86,399 266,154 

Oct ........ 2,428 45,133 - 30,269 11,727 - 22,708 62 85,477 293,484 

Nov ....... 2,441 44,346 - 30,859 11,653 - 22,756 18 86,897 298,244 

Dec ....... 2,455 42,846 - 24,545 11,581 600 22,722 18 85,269 293,727 

2001 - Jan ........ 2,468 45,055 - 25,316 11,914 403 22,764 - 85,902 294,657 

Feb........ 2,477 45,579 - 26,023 11,827 - 22,838 - 85,941 297,044 

Mar........ 2,487 45,560 - 25,712 11,727 - 22,950 - 83,139 297,854 

Apr ........ 2,513 46,763 - 25,896 11,643 - 23,448 - 81,894 297,706 

May ....... 2,521 45,174 - 26,767 11,559 - 24,528 - 91,182 303,094 

June ....... 2,546 44,286 - 26,546 11,894 - 24,816 - 91,621 301,356 

July ....... 2,569 45,431 - 26,173 11,814 - 24,944 - 89,896 298,871 

Aug ....... 2,577 48,917 - 26,155 11,735 - 24,999 - 91,107 298,820 

Sept ....... 2,650 41,978 - 24,115 11,639 - 24,983 - 88,638 297,775 
32 FED ERAL DEBT 

TA BLE FD-4.—Inter est-Bearing Secu ri ties Issued by Govern ment Agencies 

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

Fed eral De posit

In sur ance Corpo ra tion
 

Fed eral Depart ment 

Savings of Housing Farm 

and Loan and Urban Credit Other 

Insur ance De vel op ment System inde pend ent 

Corpo ra tion, Federal Finan cial Tennes see End of fiscal year To tal Resolution Housing Assis tance Valley Postal

or month out stand ing Fund Admin is tra tion Corp. Author ity Service Other

(1) (2) (3) (4) (5) (6) (7) 

1997 ................. 

1998 ................. 

1999 ................. 

2000 ................. 

2001 ................. 

2000 - Sept .............. 

Oct .............. 

Nov .............. 

Dec .............. 

2001 - Jan .............. 

Feb .............. 

Mar .............. 

Apr .............. 

May .............. 

June.............. 

July .............. 

Aug .............. 

Sept .............. 

33,173 95 68 1,261 27,386 3,898 465 

29,359 63 174 1,261 26,685 717 458 

28,505 63 114 863 26,378 634 451 

27,672 63 227 775 25,987 51 569 

27,011 63 231 775 25,381 - 561 

27,672 63 227 775 25,987 51 569 

27,214 63 237 775 25,517 51 570 

27,249 63 239 775 25,549 51 572 

27,377 63 255 775 25,660 51 573 

27,158 63 275 775 25,420 51 574 

26,879 63 291 775 25,135 51 564 

26,818 63 307 775 25,057 51 565 

26,788 63 315 775 25,018 51 566 

26,671 63 201 775 25,064 - 568 

27,099 63 204 775 25,489 - 569 

26,937 63 210 775 25,319 - 570 

26,617 63 224 775 24,995 - 560 

27,011 63 231 775 25,381 - 561 
FED ERAL DEBT 33 

TA BLE FD-5.—Matu rity Distri bu tion and Aver age Length of Market able

In ter est-Bearing Public Debt Held by Private Inves tors 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Ma tu rity classes 

End of fiscal year

or month 

Amount 

outstanding

privately held 

Within 

1 year 1-5 years 5-10 years 10-20 years 

20 years 

or more Aver age length 1 

(1) (2) (3) (4) (5) (6) (7) 

1996 .............. 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos. 

1997 .............. 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos. 

1998 .............. 2,856,637 940,572 1,105,175 319,331 157,347 334,212 5 yrs. 8 mos. 

1999 .............. 2,728,011 915,145 962,644 378,163 149,703 322,356 5 yrs. 9 mos. 

2000 .............. 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

2000 - Sept ........... 2,469,152 858,903 791,540 355,382 167,082 296,246 5 yrs. 10 mos. 

Oct ........... 2,451,427 847,999 784,391 354,418 164,211 300,407 5 yrs. 10 mos. 

Nov ........... 2,491,065 908,769 773,442 345,276 164,211 299,365 5 yrs. 9 mos. 

Dec ........... 2,423,503 871,579 746,162 344,615 162,096 299,050 5 yrs. 10 mos. 

2001 - Jan ........... 2,428,525 879,611 741,178 348,632 162,096 297,008 5 yrs. 9 mos. 

Feb ........... 2,434,842 876,447 749,391 342,160 169,386 297,457 5 yrs. 10 mos. 

Mar ........... 2,430,055 902,824 722,106 342,556 168,191 294,378 5 yrs. 9 mos. 

Apr ........... 2,317,798 806,690 712,551 340,779 164,662 293,116 5 yrs. 11 mos. 

May ........... 2,294,130 789,827 716,107 333,361 173,218 281,617 6 yrs. 0 mos. 

June .......... 2,260,841 781,923 693,530 333,618 170,990 280,779 6 yrs. 0 mos. 

July ........... 2,282,982 824,863 691,268 319,016 169,852 277,983 5 yrs. 10 mos. 

Aug ........... 2,353,208 902,150 673,169 329,438 174,653 273,798 5 yrs. 9 mos. 

Sept .......... 2,328,302 900,178 650,522 329,247 174,653 273,702 5 yrs. 9 mos. 

1 Be gin ning Septem ber 1976, the matu rity distri bu tion and aver age length were calcu lated on Note.— Details may not add to totals due to rounding.
 

the inter est-bearing market able debt privately held. Infla tion-indexed notes (first offered in
 

1997) are excluded from the aver age length calcu la tion. Published data were changed for the
 

end of the fiscal years back through 1967.
 
34 FED ERAL DEBT

TA BLE FD-6.—Debt Sub ject to Statutory Limit*

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt sub ject to limit

Se cu ri ties out stand ing

sub ject to limit

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt

 Se cu ri ties not

 sub ject to

 limit

 (1) (2) (3) (4) (5) (6) (7)

2001 - Jan ................ 5,950,000 5,636,375 5,636,231 144 5,716,071 144 79,840

Feb ............... 5,950,000 5,655,895 5,655,754 140 5,735,859 140 80,105

Mar ............... 5,950,000 5,692,496 5,692,323 173 5,773,740 173 81,416

Apr................ 5,950,000 5,580,508 5,580,327 181 5,661,348 181 81,021

May ............... 5,950,000 5,573,705 5,573,513 193 5,656,182 193 82,669

June ............... 5,950,000 5,644,978 5,644,783 195 5,726,815 195 82,033

July ............... 5,950,000 5,639,073 5,638,873 201 5,718,303 201 79,430

Aug ............... 5,950,000 5,691,120 5,690,906 214 5,769,876 214 78,969

Sept ............... 5,950,000 5,732,802 5,732,581 222 5,807,463 222 75,099

TA BLE FD-6.—Debt Sub ject to Statutory Lim i ta tion (His tor i cal)

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Debt out stand ing

sub ject to lim i ta tion

In ter est-bearing debt 

sub ject to lim i ta tion

End of fis cal year

or month 

Stat u tory debt

limit To tal Pub lic debt Other debt 1 Pub lic debt Other debt

 Non-interest-

 bear ing debt

 sub ject to

 lim i ta tion

 (1) (2) (3) (4) (5) (6) (7)

1997 ................... 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1998 ................... 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1999 ................... 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972

2000 ................... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

2001 ................... 5,950,000 5,732,802 5,732,581 222 5,807,463 222 75,099

2000 - Sept ............... 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034

Oct................ 5,950,000 5,575,670 5,575,441 229 5,566,722 229 8,719

Nov ............... 5,950,000 5,626,550 5,626,319 231 5,617,677 231 8,642

Dec ............... 5,950,000 5,580,455 5,580,208 247 5,537,104 247 43,104

1 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion. * Ef fec tive June 2001, FMS re vised pro ce dures and cat e go ries in this ta ble to re flect the for mat

changes in the “Monthly State ment of the Pub lic Debt of the United States.” 

1 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.
FED ERAL DEBT 35 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued 

by Govern ment Corpo ra tions and Other Agencies 

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

De part ment of Agri cul ture 

Ru ral Housing Ru ral Business and Commu nity and Coop er a tive For eign

Farm-Service Ru ral Utilities De vel op ment De vel op ment Ag ri cul tural

or month 

End of fiscal year 

To tal Agency Service Ser vice Ser vice Ser vice 

(1) (2) (3) (4) (5) (6) 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2001 ............... 

2000 - Sept............ 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

Apr ............ 

May............ 

June ........... 

July ............ 

Aug............ 

Sept ........... 

133,301 9,818 12,925 6676 157 670 

154,155 19,937 13,295 7808 203 642 

182,988 32,625 13,837 8506 261 761 

191,596 27,323 14,690 9413 305 729 

205,328 28,817 15,128 10,168 336 970 

191,596 27,323 14,690 9,413 305 729 

200,258 32,149 14,425 9,413 305 725 

182,032 14,808 14,376 9,413 305 725 

186,407 17,455 14,421 9,423 320 725 

195,339 21,257 15,028 9,423 320 725 

196,484 22,506 15,074 9,423 320 739 

200,210 23,934 15,074 9,423 361 739 

205,299 24,762 15,571 10,509 361 739 

205,508 25,134 15,571 10,509 361 739 

203,413 26,350 15,270 10,509 361 935 

221,728 26,533 15,270 10,509 361 935 

225,777 31,680 15,250 10,509 361 935 

205,328 28,817 15,128 10,168 336 970 

De part ment of

En ergy 

De part ment of Housing

and Urban Devel op ment 

De part ment

of the Treasury 

De part ment

of Veterans Affairs 

End of fiscal year De part ment

or month of Edu ca tion 

Bonneville
 Power

Ad min is tra tion
 

Fed eral 

Housing

Administration 

Other 

Housing 

programs 

Fed eral Di rect Loan

Fi nancing Bank Fund 

(7) (8) (9) (10) (11) (12) 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2001 ............... 

2000 - Sept............ 

Oct ............ 

Nov ............ 

Dec ............ 

2001 - Jan ............ 

Feb ............ 

Mar ............ 

Apr ............ 

May............ 

June ........... 

July ............ 

Aug............ 

Sept ........... 

23,532 2,499 3,639 6,174 34,944 * 

35,610 2,499 6,579 5,293 34,036 -

52,440 2,515 7,996 4,628 28,115 -

65,716 2,513 7,155 3,653 27,836 -

77,448 2,689 4,544 3,103 27,862 -

65,716 2,513 7,155 3,653 27,836 -

70,616 2,513 7,155 3,653 26,279 -

70,616 2,513 7,155 3,653 25,169 -

70,616 2,513 7,155 3,653 25,574 -

75,963 2,648 7,155 3,653 24,347 -

75,963 2,648 7,155 3,653 23,923 -

76,158 2,648 7,155 3,653 24,351 -

79,311 2,648 7,155 3,653 24,075 -

79,311 2,648 7,155 3,653 23,742 -

79,311 2,723 7,155 3,653 23,236 -

85,200 2,723 7,155 3,653 22,509 -

82,928 2,773 7,155 3,653 22,788 -

77,448 2,689 4,544 3,103 27,862 -
36 FED ERAL DEBT 

TA BLE FD-7.—Treasury Holdings of Secu ri ties Issued by Govern ment

Cor po ra tions and Other Agencies, con. 

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

De part ment 

of Veterans Affairs, con. 

End of fiscal year Loan Guaranty or month Fund 

Export-Import 

Bank of the 

United States 

Rail road

Re tire ment

Board 

Small

Busi ness

Ad min is tra tion Other 

(13) (14) (15) (16) (17) 

1997 .......... 2,028 3,140 5,039 9,406 12,651 

1998 .......... - 3,956 4,993 9,559 9,745 

1999 .......... - 6,603 4,848 9,825 10,030 

2000 .......... - 6,683 4,874 10,012 10,694 

2001 .......... - 7,045 5,012 10,087 12,120 

2000 - Sept ...... - 6,683 4,874 10,012 10,694 

Oct ....... - 6,683 5,129 10,012 11,201 

Nov....... - 6,683 5,365 10,012 11,241 

Dec....... - 6,683 5,635 9,329 12,908 

2001 - Jan ....... - 6,683 5,912 9,329 12,897 

Feb ....... - 6,683 6,165 9,329 12,905 

Mar ....... - 7,327 6,430 10,083 12,876 

Apr ....... - 6,854 6,694 10,083 12,884 

May ...... - 7,004 6,934 10,083 12,666 

June ...... - 7,054 4,200 10,083 12,575 

July....... - 7,082 4,467 10,083 25,251 

Aug....... - 7,067 4,733 10,083 25,865 

Sept ...... - 7,045 5,012 10,087 12,120 

* Less than $500,000. 
FED ERAL DEBT 37 

CHARTS FD-A.—Average Length 

of Privately Held Marketable Debt 

(Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.) 

Years 

6.5 

6 

Sept. 30, 2001 

5 Years, 9 Months 

5.5 

5 

J F M A M J J A S O N D 

Years 

12 

10 

8 

6 

4 

2 

0 

June 1947 

10 Years, 

5 Months 

Dec. 1975 

2 Years, 

5 Months 

45 49 53 57 61 65 69 73 77 81 85 89 93 97 01
 
38
 

IN TRO DUC TION: Public Debt Oper a tions
 

Chap ter 31 of Title 31 of the United States Code allows 

the Secre tary of Treasury to borrow money by issu ing Treasury secu ri ties. The Secre tary deter mines the terms and conditions of issue, conver sion, matu rity, payment and inter est rate. 

New issues of Treasury notes mature in 2 to 10 years. Bonds

ma ture in more than 10 years from the issue date. Each outstand ing market able secu rity is listed in the “Monthly Statement of the Public Debt of the United States.” The infor ma tion 

in this section of the “Treasury Bulle tin” pertains only to market able Trea sury secu ri ties. 

• Ta ble PDO-1 provides a matu rity schedule of interest-bearing market able Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in matu rity order, from earli est to latest. A sepa rate breakout is provided for 

the combined holdings of the Govern ment accounts and Federal Reserve Banks (FRBs), so that the “all other inves tors”

cat e gory includes all private holdings. 

• Ta ble PDO-2 pres ents the results of weekly auctions of 

4-, 13- and 26-week bills. Trea sury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week 

bills. Issues of cash manage ment bills also are presented. High 

yields on accepted tenders and the dollar value of total bids are 

pre sented, with the dollar value of awards made on both compet i tive and noncom pet i tive bases. 

To encour age the partic i pa tion of indi vid u als and smaller 

in sti tu tions, Treasury accepts noncom pet i tive tenders of up to 

$1 million for bills and $5 million for notes and bonds in each 

auc tion of secu ri ties. 

• Ta ble PDO-3 lists the results of auctions of market able

se cu ri ties, other than weekly bills, in chrono log i cal order over 

the past 2 years. 

• Ta ble PDO-4 indi cates the total amount of market able

se cu ri ties allot ted to each class of inves tor. TheFRBs tally into

in ves tor classes the tenders in each auction of market able secu ri ties other than weekly auctions of 4-, 13- and 26-week 

bills. 

TREA SURY FI NANCING: JULY-SEPTEMBER 

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

On July 23, 2001, Trea sury announced 

plans to begin regu lar weekly offer ings of 

4-week bills. The first 4-week bill was announced July 30, auctioned July 31 and issued August 2. 

JULY 

Auc tion of 9-1/2-Year Infla tion-Indexed Notes 

On July 5, 2001, Treasury announced it would auction 

$5,000 million of 9-1/2 year infla tion-indexed notes to raise 

cash. 

The 9-1/2-year 3-1/2 percent infla tion-indexed notes of Series A-2011 were dated Janu ary 15, 2001, and issued July 16, 

2001. They are due Janu ary 15, 2011, with inter est payable on 

Jan u ary 15 and July 15 until matu rity. Accrued inter est of 

$0.09511 per $1,000 cover ing the period from July 15, to July 

16, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon eastern daylight saving time (e.d.s.t) for noncom pet i tive tenders 

and before 1 p.m. e.d.s.t. for compet i tive tenders on July 11.

Ten ders totaled $9,505 million; Treasury accepted $5,000 million at the high yield of 3.500 percent with an equiva lent adjusted price of 101.863. Treasury accepted in full, all

com pet i tive tenders at yields lower than 3.500 percent. Tenders at the high yield were allot ted 86.09 percent. The median 

yield was 3.468 percent, and the low yield was 3.430 percent. 

Non com pet i tive tenders totaled $111 million. Compet i tive 

ten ders accepted from private inves tors totaled $4,889

mil lion. The mini mum par amount required for STRIPS of infla tion-indexed notes is $1,000. 

Auc tion of 2-Year Notes 

On July 18, Treasury announced it would auction $12,000

mil lion of 2-year notes of Series S-2003. The issue was to refund $28,510 million of secu ri ties matur ing July 31 and to pay 

down about $16,510 million. 

The notes of Series S-2003 were dated and issued July 31, 

2001. They are due July 31, 2003, with inter est payable on Janu ary 31 and July 31 until matu rity. Treasury set an inter est rate 

of 3-7/8 percent after deter min ing which tenders were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on July 25. Ten ders totaled $29,506 million; Treasury accepted $12,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 3.965 percent with the equiva lent price of 

$99.829. Ten ders at the high yield were allot ted 45.37 percent. 

The median yield was 3.940 percent, and the low yield was 

3.900 percent. Noncom pet i tive tenders totaled $1,085 million. 

Com pet i tive tenders accepted from private inves tors totaled 

$10,915 million. 

In addi tion to the $12,000 million of tenders accepted in the 

auc tion process, Treasury accepted $4,000 million from Federal Reserve Banks (FRBs) for their own accounts. 

The mini mum par amount required for STRIPS of notes of 

Se ries S-2003 is $1,000. 
PUB LIC DEBT OPER A TIONS 39 

TREA SURY FINANCING: JULY-SEPTEMBER, con. 

Cash Manage ment Bills 

On June 28, 2001, Treasury announced that it would auction 

$13,000 million of 9-day bills to be issued July 3, 2001, and to

ma ture July 12, 2001. The issue was to raise new cash. Treasury auctioned the bills on July 2, 2001. Ten ders totaled 

$40,000 million; Treasury accepted $13,000 million. The high 

bank discount rate was 3.75 percent. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on July 19, 2001, for settle ment on July 23, Treasury received $6,079 million of offers. 

It accepted $1,500 million par amount for a total price paid of 

$1,746 million (less accrued inter est). 

In the debt buyback oper a tion held on July 26, 2001, for settle ment on July 30, Treasury received $6,078 million of offers. 

It accepted $1,000 million par amount for a total price paid of 

$1,384 million (less accrued inter est). 

AUGUST 

Au gust Quarterly Financing 

On August 1, Treasury announced it would auction $11,000

mil lion of 4-3/4-year notes of Series E-2006; $11,000 million 

of 10-year notes of Series C-2011; and $5,000 million of 

29-1/2-year bonds of Febru ary 2031. The issue was to refund 

$11,885 million of Trea sury secu ri ties matur ing August 15 

and to raise about $15,115 million of new cash. 

The 4-3/4-year 4-5/8 percent notes of Series E-2006 were 

dated May 15, 2001 and issued August 15, 2001. They are due 

May 15, 2006, with inter est payable on Novem ber 15 and May 

15 until matu rity. Accrued inter est of $11.56250 per $1,000,

cov er ing the period from May 15 to August 15, 2001, was payable with each accepted tender. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on August 7. Ten ders totaled $23,626 million; Treasury accepted $11,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 4.670 percent with an equiva lent price of 

99.797. Treasury accepted in full all compet i tive tenders at 

yields lower than 4.670 percent. Tenders at the high yield were

al lot ted 95.66 percent. The median yield was 4.651 percent, 

and the low yield was 4.600 percent. Noncom pet i tive tenders 

to taled $178 million. Compet i tive tenders accepted from private inves tors totaled $10,822 million. 

In addi tion to the $11,000 million of tenders accepted in the 

auc tion process, Treasury accepted $623 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of Series E-2006 is $1,000. 

The 10-year notes of Series C-2011 were dated and issued 

Au gust 15, 2001. They are due August 15, 2011, with inter est

pay able on Febru ary 15 and August 15 until matu rity. Treasury 

set an inter est rate of 5 percent after deter min ing which tenders 

were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for 

com pet i tive tenders on August 8. Tenders totaled $31,352 million; Treasury accepted $11,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 5.078 percent with an equiva lent price of 

99.394. Treasury accepted in full all compet i tive tenders at 

yields lower than 5.078. Tenders at the high yield were allot ted 

63.72 percent. The median yield was 5.070 percent, and the 

low yield was 5.030 percent. Noncom pet i tive tenders totaled 

$108 million. Compet i tive tenders accepted from private inves tors totaled $10,892 million. 

In addi tion to the $11,000 million of tenders accepted in the 

auc tion process, Treasury accepted $1,043 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series C-2011 is $1,000. 

The 29-1/2-year 5-3/8 percent bonds of Febru ary 2031 were 

dated Febru ary 15, 2001 and issued August 15, 2001. They are 

due Febru ary 15, 2031, with inter est payable on Febru ary 15 

and August 15 until matu rity. 

Trea sury received tenders for the bonds before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on August 9. Ten ders totaled $10,805 million; Treasury accepted $5,000 million. All noncom pet i tive 

and success ful compet i tive bidders were allot ted secu ri ties at 

the high yield of 5.520 percent with an equiva lent price of 

97.900. Treasury accepted in full all compet i tive tenders at 

yields lower than 5.520 percent. Ten ders at the high yield were

al lot ted 7.10 percent. The median yield was 5.472 percent, and 

the low yield was 5.400 percent. Noncom pet i tive tenders totaled $32 million. Compet i tive tenders accepted from private 

in ves tors totaled $4,968 million. 

In addi tion to the $5,000 million of tenders accepted in the 

auc tion process, Trea sury accepted $540 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of bonds of Febru ary 2031 is $1,000. 

Auc tion of 2-Year Notes 

On August 22, the Treasury announced that it would auction $14,000 million of 2-year notes. The issue was to refund 

$28,397 million of secu ri ties matur ing August 31 and to pay 

down about $14,397 million. 

The notes of Series T-2003 were dated and issued August 

31, 2001. They are due August 31, 2003, with inter est payable 

on Febru ary 28 and August 31 until matu rity. Treasury set an 

in ter est rate of 3-5/8 percent after deter min ing which tenders 

were accepted on a yield auction basis. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.d.s.t. for

com pet i tive tenders on August 29. Ten ders totaled $30,314

mil lion; Treasury accepted $14,000 million. All noncom pet itive and success ful compet i tive bidders were allot ted secu rities at the high yield of 3.685 percent with an equiva lent price 

of 99.885. Ten ders at the high yield were allot ted 31.45 percent. Treasury accepted in full all compet i tive tenders at yields 

lower than 3.685 percent. The median yield was 3.650 percent, 

and the low yield was 3.620 percent. Noncom pet i tive tenders 

to taled $1,095 million. Compet i tive tenders accepted from 

pri vate inves tors totaled $12,905 million. 
40 PUB LIC DEBT OPER A TIONS
 

TREA SURY FINANCING: JULY-SEPTEMBER, con.
 

In addi tion to the $14,000 million of tenders accepted in the 

auc tion process, Treasury accepted $4,667 million from FRBs 

for their own accounts. 

Debt Buyback Oper a tions 

In the debt buyback oper a tion held on August 16, 2001, for

set tle ment on August 20, Treasury received $10,451 million of 

of fers. It accepted $1,750 million par amount for a total price 

paid of $2,475 million (less accrued inter est). 

In the debt buyback oper a tion held on August 23, 2001, for

set tle ment on August 27, Treasury received $6,764 million of 

of fers. It accepted $1,750 million par amount for a total price 

paid of $2,364 million (less accrued inter est). 

SEPTEMBER 

Auc tion of 2-Year Notes 

On Septem ber 19, Treasury announced it would auction 

$17,000 million of 2-year notes. The issue was to refund 

$27,178 million of secu ri ties matur ing Septem ber 30 and to 

pay down about $10,178 million. 

The notes of Series U-2003 were dated Septem ber 30, 2001 

and issued Octo ber 1, 2001. They are due Septem ber 30, 2003, 

with inter est payable on March 31 and Septem ber 30 until matu rity. Treasury set an inter est rate of 2-3/4 percent after determin ing which tenders were accepted on a yield auction basis. 

Ac crued inter est of $0.07555 per $1,000, cover ing the period 

from Septem ber 30, to Octo ber 1, 2001, was payable with each 

ac cepted tender. 

Trea sury received tenders for the notes before 12 noon 

e.d.s.t. for noncom pet i tive tenders and before 1 p.m. e.s.t. for

com pet i tive tenders on Septem ber 26. Ten ders totaled $41,181

mil lion; Trea sury accepted $17,000 million. All noncom pet itive and success ful compet i tive bidders were allot ted secu rities at the high yield of 2.869 percent with an equiva lent price 

of 99.770. Trea sury accepted in full all compet i tive tenders at 

yields lower than 2.869 percent. Tenders at the high yield were

al lot ted 49.03 percent. The median yield was 2.820 percent, 

and the low yield was 2.790 percent. Noncom pet i tive tenders 

to taled $919 million. Compet i tive tenders accepted from private inves tors totaled $16,081 million. 

In addi tion to the $17,000 million of tenders accepted in the 

auc tion process, Treasury accepted $5,667 million from FRBs 

for their own accounts. The mini mum par amount required for 

STRIPS of notes of Series U-2003 is $1,000. 
PUB LIC DEBT OPER A TIONS 41 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Sept. 30, 2001 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2001 

Oct. 31............................................... 6-1/4%-P note 10/31/96 14,640 2,433 12,207 

Oct. 31............................................... 1 5-7/8%-AE note 11/01/99 19,196 3,710 15,486 

Nov. 15 .............................................. 15-3/4% bond 10/07/81 1,753 291 1,463 

Nov. 15 .............................................. 1 7-1/2%-D note 11/15/91 24,226 4,101 20,126 

Nov. 30 .............................................. 5-7/8%-Q note 12/02/96 33,505 5,167 28,337 

Dec. 31 .............................................. 6-1/8%-R note 12/31/96 31,166 6,166 25,000 

To tal .................... 124,486 21,868 102,619 

2002 

Jan. 31............................................... 6-1/4%-C note 01/31/97 13,453 1,411 12,043 

Jan. 31............................................... 1 6-3/8%-R note 01/31/00 19,381 4,141 15,241 

Feb. 15, 02-07 ......................................... 7-5/8% bond 02/15/77 4,234 1,566 2,668 

Feb. 15 .............................................. 14-1/4% bond 01/06/82 1,759 281 1,478 

Feb. 28 .............................................. 6-1/4%-D note 02/28/97 13,800 2,066 11,734 

Feb. 28 .............................................. 1 6-1/2%-S note 02/29/00 16,563 4,101 12,463 

Mar. 31 .............................................. 6-5/8%-E note 03/31/97 14,301 2,221 12,081 

Mar. 31 .............................................. 1 6-1/2%-T note 03/31/00 17,238 3,947 13,291 

Apr. 30............................................... 6-5/8%-F note 04/30/97 14,475 2,235 12,240 

Apr. 30............................................... 1 6-3/8%-U note 05/01/00 17,391 3,872 13,519 

May 15............................................... 1 7-1/2%-A note 05/15/92 11,714 2,291 9,424 

May 31............................................... 6-1/2%-G note 06/02/97 13,504 1,803 11,701 

May 31............................................... 1 6-5/8%-V note 05/31/00 14,872 4,356 10,516 

June 30 .............................................. 6-1/4%-H note 06/30/97 13,059 1,787 11,272 

June 30 .............................................. 1 6-3/8%-W note 06/30/00 14,321 4,378 9,943 

July 15 ............................................... 1 3-5/8%-J note 07/15/97 18,641 998 17,643 

July 31 ............................................... 6%-K note 07/31/97 12,231 785 11,446 

July 31 ............................................... 1 6-1/4%-X note 07/31/00 15,058 4,522 10,536 

Aug. 15 .............................................. 1 6-3/8%-B note 08/17/92 23,859 4,181 19,678 

Aug. 31 .............................................. 6-1/4%-L note 09/02/97 12,732 1,247 11,485 

Aug. 31 .............................................. 1 6-1/8%-Y note 08/31/00 15,072 3,951 11,121 

Sept. 30 .............................................. 1 5-7/8%-M note 09/30/97 12,807 1,623 11,183 

Sept. 30 .............................................. 1 6%-Z note 10/02/00 15,144 4,543 10,601 

Oct. 31............................................... 1 5-3/4%-N note 10/31/97 26,594 5,262 21,332 

Nov. 15, 02-07 ......................................... 7-7/8% bond 11/15/77 1,495 389 1,106 

Nov. 15 .............................................. 11-5/8% bond 09/29/82 2,753 686 2,067 

Nov. 30 .............................................. 1 5-3/4%-P note 12/01/97 12,121 1,491 10,630 

Nov. 30 .............................................. 1 5-5/8%-AC note 11/30/00 15,059 3,674 11,384 

Dec. 31 .............................................. 1 5-5/8%-Q note 12/31/97 12,052 1,019 11,034 

Dec. 31 .............................................. 1 5-1/8%-AD note 01/02/01 14,822 4,216 10,606 

Total .................... 410,504 79,039 331,465 

2003 

Jan. 31............................................... 1 5-1/2%-C note 02/02/98 13,101 1,807 11,293 

Jan. 31............................................... 1 4-3/4%-L note 01/31/01 15,453 4,017 11,435 

Feb. 15 .............................................. 10-3/4% bond 01/04/83 3,007 831 2,175 

Feb. 15 .............................................. 1 6-1/4%-A note 02/16/93 23,563 2,672 20,891 

Feb. 28 .............................................. 1 5-1/2%-D note 03/02/98 13,670 2,507 11,164 

Feb. 28 .............................................. 1 4-5/8%-M note 02/28/01 14,685 3,667 11,018 

Mar. 31 .............................................. 1 5-1/2%-E note 03/31/98 14,173 3,389 10,784 

Mar. 31 .............................................. 1 4-1/4%-N note 04/02/01 14,675 3,776 10,899 

Apr. 30 .............................................. 1 5-3/4%-F note 04/30/98 12,573 3,063 9,510 

Apr. 30 .............................................. 1 4%-P note 04/30/01 13,339 3,568 9,770 

May 15............................................... 10-3/4% bond 04/04/83 3,249 869 2,380 

May 31............................................... 1 5-1/2%-G note 06/01/98 13,132 2,268 10,864 

May 31............................................... 1 4-1/4%-Q note 05/31/01 13,332 3,482 9,850 

June 30 .............................................. 1 5-3/8%-H note 06/30/98 13,127 2,255 10,872 

June 30 .............................................. 1 3-7/8%-R note 06/30/01 14,671 3,667 11,004 

See footnote at end of table. 
42 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Sept. 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other

in ves tors 

(1) (2) (3) (4) (5) 

2003 con. 

July 31 ............................................... 1 3-7/8%-S note 07/31/01 16,003 4,000 12,003 

Aug. 15, 03-08 ......................................... 8-3/8% bond 08/15/78 2,103 789 1,314 

Aug. 15 .............................................. 11-1/8% bond 07/05/83 3,501 860 2,641 

Aug. 15 .............................................. 1 5-3/4%-B note 08/16/93 28,011 4,659 23,352 

Aug. 15 .............................................. 1 5-1/4%-J note 08/17/98 19,852 3,468 16,384 

Aug. 31 .............................................. 1 3-5/8%-T note 08/31/01 18,665 4,667 13,998 

Nov. 15, 03-08 ........................................ 8-3/4% bond 11/15/78 5,230 1,666 3,564 

Nov. 15 .............................................. 11-7/8% bond 10/05/83 7,260 1,769 5,491 

Nov. 15 .............................................. 4-1/4%-K note 11/16/98 18,626 1,538 17,087 

To tal .................... 315,000 65,254 249,746 

Feb. 15 .............................................. 1 5-7/8%-A note 02/15/94 12,955 710 12,245 

Feb. 15 .............................................. 1 4-3/4%-E note 02/16/99 17,823 2,274 15,549 

May 15, 04-09 ......................................... 9-1/8% bond 05/15/79 4,606 1,111 3,495 

May 15............................................... 12-3/8% bond 04/05/84 3,755 868 2,887 

May 15............................................... 1 7-1/4%-B note 05/16/94 14,440 2,977 11,463 

May 15............................................... 1 5-1/4%-F note 05/17/99 18,925 2,721 16,205 

Aug. 15 .............................................. 13-3/4% bond 07/10/84 4,000 923 3,078 

Aug. 15 .............................................. 

Aug. 15 .............................................. 

1 7-1/4%-C note 08/15/94 1 6%-G note 08/16/99 

13,346 

18,090 

1,312 

1,658 

12,034 

16,432 

Nov. 15, 04-09 ......................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15 .............................................. 1 11-5/8% bond 10/30/84 8,302 1,855 6,447 

Nov. 15 .............................................. 1 7-7/8%-D note 11/15/94 14,374 3,234 11,140 

Nov. 15 .............................................. 1 5-7/8%-H note 11/15/99 32,658 4,015 28,643 

To tal .................... 167,476 24,733 142,743 

2005 

Feb. 15, 05-10 ......................................... 11-3/4% bond 02/15/80 2,315 858 1,457 

Feb. 15 .............................................. 1 7-1/2%-A note 02/15/95 13,835 2,745 11,090 

May 15, 05-10 ......................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15............................................... 1 12% bond 04/02/85 4,261 846 3,414 

May 15............................................... 1 6-1/2%-B note 05/15/95 14,740 2,216 12,524 

May 15............................................... 1 6-3/4%-E note 05/15/00 28,562 4,441 24,121 

Aug. 15 .............................................. 1 10-3/4% bond 07/02/85 9,270 1,915 7,355 

Aug. 15 .............................................. 1 6-1/2%-C note 08/15/95 15,003 2,178 12,824 

Nov. 15, 05-10 ......................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15 .............................................. 1 5-7/8%-D note 11/24/95 15,210 2,055 13,155 

Nov. 15 .............................................. 1 5-3/4%-F note 11/15/00 28,063 3,683 24,380 

To tal .................... 138,326 23,375 114,951 

2006 

Feb. 15 .............................................. 1 9-3/8% bond 01/15/86 4,756 923 3,833 

Feb. 15 .............................................. 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

May 15, 06-11 ......................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15............................................... 1 6-7/8%-B note 05/15/96 16,015 3,170 12,846 

May 15............................................... 1 4-5/8%-E note 05/15/01 27,798 3,798 24,000 

July 15 ............................................... 1 7%-C note 07/15/96 22,740 4,538 18,203 

Oct. 15 ............................................... 1 6-1/2%-D note 10/15/96 22,460 4,372 18,088 

Nov. 15, 06-11 ......................................... 14% bond 11/16/81 4,048 975 3,073 

To tal .................... 116,876 20,792 96,084 

2007 

Jan. 15............................................... 1 3-3/8%-A note 02/06/97 17,656 1,704 15,952 

Feb. 15 .............................................. 1 6-1/4%-B note 02/18/97 13,104 1,252 11,852 

May 15............................................... 1 6-5/8%-C note 05/15/97 13,958 2,419 11,540 

See footnote at end of table. 

2004 
PUB LIC DEBT OPER A TIONS 43 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Sept. 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2007 con. 

Aug. 15 .............................................. 1 6-1/8%-D note 08/15/97 25,637 4,407 21,230 

Nov. 15, 07-12 ......................................... 10-3/8% bond 11/15/82 10,303 1,919 8,385 

To tal .................... 80,658 11,700 68,958 

2008 

Jan. 15............................................... 1 3-5/8%-A note 01/15/98 18,473 1,899 16,573 

Feb. 15 .............................................. 1 5-1/2%-B note 02/17/98 13,583 1,730 11,853 

May 15............................................... 1 5-5/8%-C note 05/15/98 27,191 4,831 22,360 

Aug. 15, 08-13 ......................................... 12% bond 08/15/83 12,607 3,041 9,566 

Nov. 15 .............................................. 4-3/4%-D note 11/16/98 25,083 3,411 21,672 

To tal .................... 96,937 14,911 82,025 

2009 

Jan. 15............................................... 1 3-7/8%-A note 01/15/99 17,213 978 16,235 

May 15, 09-14 ......................................... 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................... 1 5-1/2%-B note 05/17/99 14,795 2,276 12,519 

Aug. 15, 09-14 ......................................... 12-1/2% bond 08/15/84 4,781 906 3,875 

Aug. 15 .............................................. 1 6%-C note 08/16/99 27,400 4,269 23,131 

Nov. 15, 09-14 ......................................... 1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

To tal .................... 74,675 10,493 64,183 

2010 

Jan. 15............................................... 1 4-1/4%-A note 01/18/00 11,945 552 11,393 

Feb. 15 .............................................. 1 6-1/2%-B note 02/15/00 23,356 3,801 19,555 

Aug. 15 .............................................. 1 5-3/4%-C note 08/15/00 22,438 2,529 19,909 

To tal .................... 57,738 6,882 50,856 

2011 

Jan. 15............................................... 1 3-1/2%-A note 01/16/01 11,221 168 11,052 

Feb. 15 .............................................. 1 5%-B note 02/15/01 23,436 3,428 20,008 

Aug. 15 .............................................. 1 5%-C note 08/15/01 12,046 1,043 11,003 

Total .................... 46,703 4,639 42,063 

2015 

Feb. 15 .............................................. 1 11-1/4% bond 02/15/85 10,808 1,846 8,963 

Aug. 15 .............................................. 1 10-5/8% bond 08/15/85 4,064 1,167 2,897 

Nov. 15 .............................................. 1 9-7/8% bond 11/29/85 5,642 1,007 4,635 

To tal .................... 20,514 4,020 16,494 

2016 

Feb. 15 .............................................. 1 9-1/4% bond 02/18/86 5,698 1,037 4,661 

May 15............................................... 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 .............................................. 1 7-1/2% bond 11/17/86 18,824 1,656 17,168 

To tal .................... 43,346 3,792 39,554 

2017 

May 15............................................... 1 8-3/4% bond 05/15/87 15,644 2,755 12,889 

Aug. 15 .............................................. 1 8-7/8% bond 08/17/87 11,696 2,058 9,638 

To tal .................... 27,341 4,813 22,528 

See footnote at end of table. 
44 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Sept. 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2018 

May 15............................................... 1 9-1/8% bond 05/16/88 7,072 1,240 5,833 

Nov. 15 .............................................. 1 9% bond 11/22/88 7,614 970 6,644 

To tal .................... 14,687 2,210 12,477 

2019 

Feb. 15 .............................................. 1 8-7/8% bond 02/15/89 13,744 2,373 11,371 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/89 19,016 2,670 16,346 

To tal .................... 32,760 5,043 27,717 

2020 

Feb. 15 .............................................. 1 8-1/2% bond 02/15/90 9,781 1,486 8,295 

May 15............................................... 1 8-3/4% bond 05/15/90 8,057 1,502 6,556 

Aug. 15 .............................................. 1 8-3/4% bond 08/15/90 17,724 2,601 15,123 

To tal. .................... 35,563 5,589 29,974 

2021 

Feb. 15 .............................................. 1 7-7/8% bond 02/15/91 10,218 1,319 8,898 

May 15............................................... 1 8-1/8% bond 05/15/91 10,219 1,618 8,601 

Aug. 15 .............................................. 1 8-1/8% bond 08/15/91 10,067 1,658 8,409 

Nov. 15 .............................................. 1 8% bond 11/15/91 30,697 3,891 26,806 

To tal .................... 61,201 8,486 52,716 

2022 

Aug. 15 .............................................. 1 7-1/4% bond 08/17/92 10,238 1,013 9,225 

Nov. 15 .............................................. 1 7-5/8% bond 11/16/92 7,747 1,601 6,146 

To tal .................... 17,984 2,614 15,371 

2023 

Feb. 15 .............................................. 1 7-1/8% bond 02/16/93 16,202 2,636 13,567 

Aug. 15 .............................................. 1 6-1/4% bond 08/16/93 22,659 1,609 21,051 

To tal .................... 38,861 4,244 34,617 

2024 

Nov. 15 .............................................. 1 7-1/2% bond 08/15/94 9,704 1,615 8,089 

To tal .................... 9,704 1,615 8,089 

2025 

Feb. 15 .............................................. 1 7-5/8% bond 02/15/95 10,454 1,594 8,861 

Aug. 15 .............................................. 1 6-7/8% bond 08/15/95 11,410 1,800 9,611 

To tal .................... 21,864 3,393 18,471 

2026 

Feb. 15 .............................................. 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 .............................................. 1 6-3/4% bond 08/15/96 9,683 1,614 8,069 

Nov. 15 .............................................. 1 6-1/2% bond 11/15/96 10,993 1,724 9,269 

To tal .................... 33,515 4,502 29,013 

2027 

Feb. 15 .............................................. 1 6-5/8% bond 02/18/97 10,211 1,453 8,758 

Aug. 15 .............................................. 1 6-3/8% bond 08/15/97 9,966 1,640 8,326 

. 

See footnote at end of table. 
PUB LIC DEBT OPER A TIONS 45 

TA BLE PDO-1.—Ma tu rity Schedules of Inter est-Bearing Market able Public Debt Secu ri ties 

Other than Regu lar Weekly and 52-Week Trea sury Bills Outstand ing, Sept. 30, 2001, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing; and Office of Market Finance] 

Amount of matu ri ties 

Held by 

Date of final matu rity De scrip tion Issue date Total 

U.S. Govern­ ment accounts 

and Federal Re- serve Banks 

All other 

inves tors 

(1) (2) (3) (4) (5) 

2027 con. 

Nov. 15 .............................................. 1 6-1/8% bond 11/17/97 22,046 3,349 18,698 

To tal .................... 42,223 6,441 35,782 

2028 

Apr. 15............................................... 1 3-5/8% bond 04/15/98 18,448 2,004 16,443 

Aug. 15 .............................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 .............................................. 1 5-1/4% bond 11/16/98 10,947 1,280 9,667 

To tal .................... 41,171 5,056 36,115 

2029 

Feb. 15 .............................................. 1 5-1/4% bond 02/16/99 11,350 1,655 9,695 

Apr. 15............................................... 1 3-7/8% bond 04/15/99 21,297 1,812 19,484 

Aug. 15 .............................................. 1 6-1/8% bond 08/16/99 11,179 1,075 10,104 

To tal .................... 43,825 4,542 39,283 

2030 

May 15............................................... 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

To tal .................... 17,043 1,894 15,149 

2031 

Feb. 15 .............................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

To tal .................... 16,428 1,423 15,005 

1 This secu rity is eli gi ble for stripping. See table V of the “Monthly Statement of the Public Debt of the United States.” 
46 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-2.—Of fer ings of Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

De scrip tion of new issue Amounts of bids accepted On total compet i tive bids accepted 

Num ber Amount On non- High invest- of days to of bids On compet i- com pet i tive High price per High discount ment rate

Ma tu rity date matu rity 1 tendered To tal amount 2 tive basis ba sis 3 hundred rate (percent) (per cent)4 

Is sue date (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Reg u lar weekly:
 

(4 week, 13 week and 26 week)
 

2001 - July 5 ...... 2001 - Oct. 4 91 29,025.7 20,429.2 13,521.5 1,478.6 99.095 3.580 3.663 

2002 - Jan. 3 182 25,564.7 17,079.4 10,377.4 1,622.9 98.231 3.500 3.612 

12 ..... 2001 - Oct. 11 91 30,820.1 20,414.2 13,496.7 1,503.4 99.100 3.560 3.643 

2002 - Jan. 10 182 29,723.7 17,071.0 10,694.0 1,306.2 98.231 3.500 3.612 

19 ..... 2001 - Oct. 18 91 40,781.7 20,196.8 13,463.8 1,536.3 99.103 3.550 3.630 

2002 - Jan. 17 182 34,586.7 18,364.3 11,524.0 1,476.1 98.236 3.490 3.601 

26 ..... 2001 - Oct. 25 91 41,217.1 19,868.5 13,407.6 1,592.5 99.120 3.480 3.561 

2002 - Jan. 24 182 39,177.7 19,579.1 12,747.7 1,252.7 98.261 3.440 3.549 

Aug. 2 ...... 2001 - Aug. 30 28 36,427.1 12,689.6 9,982.5 17.6 99.721 3.590 3.647 

Nov. 1 91 37,394.6 18,396.9 13,194.5 1,805.8 99.120 3.480 3.561 

2002 - Jan. 31 182 36,421.5 18,689.0 12,238.8 1,761.2 98.291 3.380 3.487 

9 ...... 2001 - Sept. 6 28 29,147.2 10,503.7 9,988.2 12.0 99.723 3.560 3.621 

Nov. 8 91 35,971.2 19,650.6 13,258.4 1,741.8 99.133 3.430 3.508 

2002 - Feb. 7 182 34,895.5 19,539.1 12,736.0 1,264.4 98.306 3.350 3.456 

16 ..... 2001 - Sept. 13 28 29,584.7 11,916.4 10,983.2 17.0 99.730 3.470 3.529 

Nov. 15 91 36,228.6 19,158.1 13,306.7 1,693.5 99.153 3.350 3.426 

2002 - Feb. 14 182 36,618.8 19,210.2 12,378.8 1,621.4 98.352 3.260 3.360 

23 ..... 2001 - Sept. 20 28 31,792.0 14,330.3 12,988.3 11.8 99.735 3.405 3.464 

Nov. 23 92 33,769.1 19,087.7 13,480.0 1,520.1 99.149 3.330 3.405 

2002 - Feb. 21 182 28,505.7 19,216.6 12,834.6 1,165.5 98.337 3.290 3.392 

30 ..... 2001 - Sept. 27 28 33,000.9 15,050.9 13,975.0 25.0 99.730 3.470 3.529 

Nov. 29 91 39,591.9 21,852.4 13,495.7 1,504.3 99.153 3.350 3.426 

2002 - Feb. 28 182 32,490.4 17,942.2 11,548.3 1,451.7 98.337 3.290 3.392 

Sept. 6 ...... 2001 - Oct. 4 28 38,735.7 14,008.5 11,978.5 21.8 99.733 3.430 3.490 

Dec. 6 91 33,151.7 18,483.2 12,554.2 1,446.0 99.151 3.360 3.434 

2002 - Mar. 7 182 26,928.8 18,142.8 11,795.3 1,204.9 98.327 3.310 3.412 

13 ..... 2001 - Dec. 13 91 33,300.2 18,399.5 12,606.0 1,394.0 99.196 3.180 3.251 

2002 - Mar. 14 182 32,031.9 16,526.9 10,571.8 1,428.3 98.423 3.120 3.213 

20 ..... 2001 - Oct. 18 28 24,027.1 13,730.5 11,975.6 24.6 99.825 2.250 2.285 

Dec. 20 91 36,677.6 18,321.5 12,493.1 1,506.9 99.353 2.560 2.612 

2002 - Mar. 21 182 30,792.3 16,523.4 10,884.9 1,115.3 98.701 2.570 2.639 

27 ..... 2001 - Oct. 25 28 24,175.8 12,077.3 9,983.5 16.5 99.809 2.450 2.495 

Dec. 27 91 28,744.2 18,546.1 12,123.1 1,876.9 99.398 2.380 2.429 

2002 - Mar. 28 182 29,476.4 16,509.5 10,128.6 1,871.4 98.807 2.360 2.421 

1 All 4-week and 13-week bills repre sent addi tional issues of bills with an origi nal matu rity of 26 3 Ten ders for $1 million or less from any one bidder are accepted in full at the high price of ac­ weeks or 52 weeks. Certain 26-week bills repre sent addi tional issues of bills with an original ma- cepted compet i tive bids. All Treasury market able auctions are conducted in a single-price for­ tu rity of 52 weeks. mat as of Novem ber 2, 1998. 2 I ncludes amount awarded to the Federal Reseve System. 4 Equiv a lent coupon-issue yield. 
PUB LIC DEBT OPER A TIONS 47 

TA BLE PDO-3.—Offer ings of Marketable Secu ri ties 

Other than Regu lar Weekly Trea sury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Period to final matu rity

Auc tion date Is sue date Descrip tion of secu ri ties 1 (years, months, days) 2 

Amount 

tendered 

Amount 

accepted

3,4 

Ac cepted yield and equiv a lent price

for notes and bonds 

(1) (2) (3) (4) (5) (6) 

10/11/00 10/16/00 3-7/8% bond—04/15/29-reopening 28y 6m 9,923 5,000 3.953 - 103.628 

10/25/00 10/31/00 5-3/4% note—10/31/02-N 2y 31,654 14,839 5.845 - 99.823 

10/31/00 11/01/00 6.38% bill—12/21/00 50d 52,233 32,021 

11/07/00 11/15/00 5-3/4% note—11/15/05-F 5y 24,635 15,804 5.870 - 99.486 

11/08/00 11/15/00 5-3/4% note—08/15/10-C-reopening 9y 9m 23,105 10,075 5.865 - 99.134 

11/14/00 11/15/00 6.37% bill—12/18/00 33d 36,160 12,035 

11/28/00 11/30/00 5.710% bill—11/29/01 364d 26,695 12,512 

11/29/00 11/30/00 5-5/8% note—11/30/02-AC 2y 36,474 15,048 5.695 - 99.869 

11/30/00 12/01/00 6.45% bill—12/15/00 14d 67,780 36,033 

12/27/00 01/02/01 5-1/8% note—12/31/02-AD 2y 29,928 14,834 5.130 - 99.990 

01/02/01 01/02/01 6.44% bill—01/16/01 14d 62,790 30,013 

01/10/01 01/16/01 3-1/2% note—01/15/11-A 10y 10,110 6,000 3.522 - 99.818 

01/24/01 01/31/01 4-3/4% note—01/31/03-L 2y 31,792 15,437 4.760 - 99.981 

02/06/01 02/15/01 5-3/4% note—11/15/05-F-reopening 4y 9m 23,236 12,279 4.904 - 103.527 

02/07/01 02/15/01 5% note—02/15/11-B 10y 24,031 11,975 5.067 - 99.479 

02/08/01 02/15/01 5-3/8% bond—02/15/31 30y 20,374 10,887 5.460 - 98.753 

02/21/01 02/28/01 4-5/8% note—02/28/03-M 2y 29,901 14,675 4.685 - 99.887 

02/27/01 02/28/01 4.95% bill—04/19/01 50d 46,911 28,036 

02/27/01 03/01/01 4.240% bill—02/28/02 364d 21,270 12,759 

02/28/01 03/02/01 5.39% bill—03/15/01 13d 55,963 26,027 

03/27/01 03/29/01 4.93% bill—04/19/01 21d 59,555 40,010 

03/28/01 04/02/01 4-1/4% note—03/31/03-N 2y 34,377 14,674 4.300 - 99.905 

04/02/01 04/03/01 5.00% bill—04/16/01 13d 72,768 35,049 

04/18/01 04/19/01 4.49% bill—04/23/01 4d 67,120 39,000 

04/25/01 04/30/01 4% note—04/30/03-P 2y 30,201 13,336 4.124 - 99.764 

05/08/01 05/15/01 4-5/8% note—05/15/06-E 5y 29,541 16,175 4.660 - 99.845 

05/09/01 05/15/01 5% note—02/15/11-B-reopening 9y 9m 25,482 11,457 5.189 - 98.551 

05/30/01 05/31/01 4-1/4% note—05/31/03-Q 2y 29,215 13,333 4.327 - 99.854 

05/30/01 05/31/01 3.95% bill—06/14/01 14d 59,815 20,001 

05/31/01 06/01/01 3.97% bill—06/15/01 14d 68,950 35,000 

06/27/01 07/02/01 3-7/8% note—06/30/03-R 2y 28,560 14,667 3.990 - 99.781 

07/02/01 07/03/01 3.75% bill—-07/12/01 9d 40,000 13,000 

07/11/01 07/16/01 3-1/2% note—-11/15/11-A-reopening 9y 6m 9,505 5,000 3.500 - 101.863 

07/25/01 07/31/01 3-7/8% note—07/31/03-S 2y 33,506 16,000 3.965 - 99.829 

08/07/01 08/15/01 4-5/8% note—05/15/06-E-reopening 4y 9m 24,249 11,624 4.670 - 99.797 

08/08/01 08/15/01 5% note—08/15/11-C 10y 32,395 12,043 5.078 - 99.394 

08/09/01 08/15/01 5-3/8% bond—02/15/31-reopening 29y 6m 11,345 5,540 5.520 - 97.900 

08/29/01 08/31/01 3-5/8% note—08/13/03-T 2y 34,981 18,667 3.685 - 99.885 

09/26/01 10/01/01 2-3/4% note—09/30/03-U 2y 46,848 22,667 2.869 - 99.770 

1 Cur rently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount 4 In cludes secu ri ties issued to the Federal Reserve System; and to foreign and inter na tional
 rate. For note and bond issues, the rate shown is the inter est rate. For details of bill offer ings, mon e tary author i ties, whether in exchange for matur ing secu ri ties or for new cash.
 

see table PDO-2. As of Octo ber 1, 1997, all Treasury issues of notes and bonds are eli gi ble for
 STRIPS.
 2 From date of addi tional issue in case of a reopen ing. Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on
 

3 In reopenings, the amount accepted is in addi tion to the amount of origi nal offer ings. auc tion day.
 
48 PUB LIC DEBT OPER A TIONS 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of To tal

fi nanc ing Descrip tion of secu ri ties issue 

Fed eral

Re serve

Banks 

De pos i- tory insti- In di vid­ tu tions 1 uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and retire­ ment 

funds 

In vest­ ment 

funds 

Insur ance 

companies 

For eign

and 

international Other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

01/18/00 4-1/4% note—1/15/10-A 6,318 316 602 68 2,552 37 2,335 5 400 3 

01/31/00 6-3/8% note—1/31/02-R 19,381 4,045 392 1,513 11,409 2 168 * 1,820 32 

02/15/00 5-7/8% note—11/15/04-H-reopening 14,252 1,130 81 897 9,961 * 98 * 1,854 231 

02/15/00 6-1/2% note—2/15/10-B 12,278 1,170 75 488 8,713 * 562 - 1,145 125 

02/15/00 6-1/4% bond—5/15/30 11,269 1,170 232 127 7,749 - 1,475 - 223 293 

02/29/00 6-1/2% note—2/28/02-S 16,563 3,219 217 1,425 8,937 7 760 2 1,795 201 

03/31/00 6-1/2% note—3/31/02-T 17,238 3,515 337 1,849 8,897 1 300 1 2,047 291 

05/01/00 6-3/8% note—4/30/02-U 17,391 3,869 291 1,638 9,065 3 473 * 2,020 32 

05/15/00 6-3/4% note—5/15/05-E 15,426 2,357 109 995 10,466 2 193 1 1,230 73 

05/15/00 6-1/2% note—2/15/10-B-reopening 11,078 2,570 111 210 6,668 * 644 * 839 36 

05/31/00 6-5/8% note—5/31/02-V 14,872 3,838 67 1,845 7,674 1 125 1 1,296 25 

06/30/00 6-3/8% note—6/30/02-W 14,321 3,109 58 1,517 7,831 7 112 1 1,476 210 

07/17/00 4-1/4% note—1/15/10-A 5,003 - 1 403 2,537 292 1,468 - 293 9 

07/31/00 6-1/4% note—7/31/02-X 15,058 3,333 64 1,249 8,020 * 27 2 2,053 310 

08/15/00 6-3/4% note—5/15/05-E-reopening 13,137 2,085 55 634 8,249 * 78 - 2,030 6 

08/15/00 5-3/4% note—8/15/00-C 12,360 1,254 21 88 9,214 * 247 - 1,186 350 

08/15/00 6-1/4% bond—5/15/30-reopening 5,774 724 20 11 3,131 - 1,576 - 50 262 

08/31/00 6-1/8% note—8/31/02-Y 15,072 3,333 61 1,355 8,091 16 2 * 1,945 269 

10/02/00 6% note—9/30/02-Z 15,144 3,275 40 1,215 6,251 1 2,155 * 2,150 57 

10/16/00 3-7/8% bond—4/15/29-reopening 5,001 - 15 70 1,927 525 2,132 - 330 2 

10/31/00 5-3/4% note—10/31/02-N 14,857 3,333 115 944 7,886 - 776 * 1,791 12 

11/15/00 5-3/4% note—11/15/02-F 15,812 2,404 7 365 11,066 * 268 - 1,640 62 

11/15/00 5-3/4% note—8/15/10-C-reopening 10,078 1,275 * 45 7,819 - 30 - 889 20 

11/30/00 5-5/8% note—11/30/02-AC 15,059 3,333 35 881 4,274 7 1,006 * 5,450 73 

01/02/01 5-1/8% note—12/31/02-AD 14,822 3,333 56 924 7,344 9 512 2 2,606 36 

01/16/01 3-1/2% note—1/15/11-A 6,001 - 3 262 3,979 205 1,154 10 128 260 

01/31/01 4-3/4% note—1/31/03-L 15,453 3,333 60 948 7,989 1 226 1 2,885 10 

02/15/01 5-3/4% note—11/15/05-F-reopening 12,251 1,279 5 317 9,154 1 1,214 * 280 1 

02/15/01 5% note—2/15/01-B 11,976 971 11 89 8,865 * 860 - 1,155 25 

02/15/31 5-3/8% bond—2/15/31 10,887 883 - 45 5,404 * 4,252 - 238 65 

02/28/01 4-5/8% note—2/28/03-M 14,685 3,667 27 883 5,996 - 2,216 3 1,875 18 

04/02/01 4-1/4% note—3/31/03-N 14,675 3,667 60 2,083 5,990 1 1,025 * 1,841 8 

See footnotes at end of table. 
PUB LIC DEBT OPER A TIONS 49 

TA BLE PDO-4A.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties Other than Bills, con. 

[In millions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Date of

fi nanc ing Descrip tion of secu ri ties 

Total 

issue 

Fed eral

Re serve

Banks 

Depos i- tory insti- tu tions 1 In di vid­ uals 2 Dealers 

and 

brokers 

Pri vate

pen sion

and re- tire ment

funds 

In vest­ ment 

funds 

In sur ance 

companies 

For eign

and 

international Other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

04/30/01 4% note—4/30/03-P 13,339 3,333 57 986 6,994 1 23 1 1,925 19 

05/15/01 4-5/8% note—5/16/06-E 16,181 3,175 12 362 10,519 76 1,377 * 656 4 

05/15/01 5% note—2/15/11-B-reopening 11,460 2,457 1 372 6,349 * 1,760 - 515 6 

05/31/01 4-1/4% note—5/31/03-Q 13,332 3,333 86 1,075 6,712 1 30 2 2,075 18 

07/02/01 3-7/8% note—6/30/03-R 14,671 3,667 58 1,050 7,377 1 145 1 2,233 139 

07/16/01 3-1/2% note—1/15/11-A-reopening 5,000 - 76 135 2,967 50 741 422 352 257 

07/31/01 3-7/8% note—7/31/01-S-2003 16,003 4,000 51 1,043 7,868 3 1,025 1 2,000 12 

08/15/01 4-5/8% note—5/15/06-E-reopening 11,617 623 8 165 9,447 * 738 - 635 1 

08/15/01 5% note—8/15/11-C 12,046 1,043 1 109 7,043 * 1,652 - 2,090 108 

08/15/01 5-3/8% bond—2/15/31-reopening 5,541 540 55 53 3,681 10 1,013 - 188 1 

08/31/01 3-5/8% note—08/31/03-T 18,665 4,667 51 1,042 9,875 15 662 1 2,309 43 

10/01/01 2-3/4% note—09/30/03-U 22,675 5,667 138 893 10,361 1 128 * 5,475 12 

10/05/01 5% note—08/15/11-C-reopening 6,000 - - * 4,651 - 1,112 - 175 62 

10/15/01 3-3/8% bond—04/13/32 5,000 - 4 88 2,065 370 1,826 54 338 255 

* Less than $500,000.
 1 

De pos i tory insti tu tions include banks. 2 

In cludes partner ships and personal trust accounts.
 3 

Resid ual.
 

TA BLE PDO-4B.—Al lot ments by Inves tor Class 

for Market able Public Debt Secu ri ties, 52-Week Bills** 

[Dol lar amounts in millions. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Al lot ments by inves tor class 

Date of Date of High rate

financ ing maturity (per cent) 

To tal 

amount 

issued 

Fed eral

Reserve De pos i tory Dealers and Pen sion and In vest ment In sur ance

Banks in sti tu tions 1 In di vid uals 2 brokers retire ment funds com pa nies 

For eign

and inter­ na tional All other 3 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

06/01/00 05/31/01 6.000 13,616 3,605 11 656 6,155 1 308 1 2,365 514 

08/31/00 08/30/01 5.880 13,033 3,027 12 457 7,710 2 51 * 1,761 13 

11/30/00 11/29/01 5.710 12,517 2,508 7 282 7,388 * 242 - 2,081 9 

03/01/01 02/28/02 4.240 12,763 2,757 15 1,132 7,930 1 286 2 601 39 

* Less than $500,000. Note.—This series of bills has been discon tin ued. 

1 Depos i tory insti tu tions include banks. For detail of offer ings, see table PDO-3. 

** Begin ning July 1999, differ ent proce dures and cate go ries are used to classify the bids by 

type of inves tor. 2 Includes partnerships and personal trust accounts. 3 Resid ual. 
50
 

IN TRO DUC TION: Savings Bonds and Notes 

Se ries EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since Septem ber 1, 1998, are the savings bonds 

cur rently being sold. Series HH bonds are issued in exchange 

for Series E and EE savings bonds and savings notes. Series 

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through Decem ber 31, 

1979 (through June 1980 to payroll savers only). Series F and 

G were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through Decem ber 31, 1979.

Se ries HH bonds were sold for cash from Janu ary 1, 1980, 

through Octo ber 31, 1982. Series J and K were sold from May 

1, 1952, through April 30, 1957. U.S. savings notes were on
 

sale May 1, 1967, through June 30, 1970. The notes were eli gi­
 

ble for purchase by indi vid u als with the simul ta neous pur-
 

chase of series E savings bonds.
 

The princi pal terms and condi tions for purchase and re-
 

demp tion and infor ma tion on invest ment yields of savings
 

notes appear in the “Treasury Bulle tins” of March 1967 and
 

June 1968; and in the Annual Report of the Secre tary of the
 

Trea sury for fiscal 1974.
 

TA BLE SBN-1.—Sales and Redemp tions by Series, Cumu la tive through Sept. 30, 2001 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued discount Re demp tions 1 bear ing debt in ter est-bearing debt 

(1) (2) (3) (4) (5) (6) 

Sav ings bonds: 

Se ries A-D 2 ....................... 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH.............. 364,157 221,683 585,840 381,539 173,859 6,619 

Se ries I........................... 5,352 217 5,569 186 5,656 -

Se ries F and G..................... 28,396 1,125 29,521 29,517 - 3 

Se ries J and K ..................... 3,556 198 3,754 3,753 - -

Sav ings notes ..................... 862 710 1,572 1,306 - 132 

Total ........................... 406,272 224,987 631,259 421,303 179,515 6,755 

1 Sales and redemp tion figures include exchange of minor amounts of (1) matured series E 2 De tails by series on a cumu la tive basis and by period of series A-D combined can be found in
 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for the Febru ary 1952 and previ ous issues of the “Treasury Bulle tin.”
 

se ries H bonds begin ning Janu ary 1960; and (3) U.S. savings notes for series H bonds begin­
 

ning Janu ary 1972; however, they exclude exchanges of series E bonds for series H and HH
 

bonds.
 
U.S. SAVINGS BONDS AND NOTES 51 

TA BLE SBN-2.—Sales and Redemp tions by Period, All Series of Savings Bonds and Notes Combined 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand ing 

Sales plus Re demp tions Ma tured 

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1 dis count 1 bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) 

Fis cal years: 

1935-95 ................. 370,682 173,465 544,147 360,585 279,529 80,996 181,529 1,997 

1996 ................. 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292 

1997 ................. 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601 

1998 ................. 4,765 9,141 13,906 14,338 6,897 7,441 180,744 5,091 

1999 ................. 6,530 8,394 14,924 16,614 8,072 6,781 166,529 6,169 

2000 ................. 5,645 6,940 12,585 14,511 7,050 5,864 177,659 6,544 

Cal en dar years: 

1935-97 ............... 392,209 215,309 607,518 410,423 308,019 102,404 181,133 5,359 

1998 ................. 4,870 9,156 14,026 13,254 6,577 6,677 180,254 6,273 

1999 ................. 6,054 8,788 14,842 14,523 8,510 6,013 179,277 7,005 

2000 ................. 4,446 5,621 10,067 12,018 5,835 6,183 177,604 6,630 

2000 - Sept .............. 540 641 1,181 1,189 575 483 177,659 6,544 

Oct ............... 546 789 1,335 1,144 556 462 177,884 6,493 

Nov ............... 563 617 1,180 1,043 508 422 178,079 6,418 

Dec ............... 637 665 1,302 1,039 485 459 176,802 7,794 

2001 - Jan ............... 719 781 1,499 1,693 838 692 176,772 7,607 

Feb ............... 558 694 1,252 1,129 488 360 177,049 7,430 

Mar ............... 698 662 1,359 1,203 561 433 177,305 7,299 

Apr. ............... 820 805 1,625 1,209 538 579 177,783 7,207 

May............... 708 612 1,320 1,130 506 519 178,054 7,087 

June .............. 624 657 1,281 1,072 490 491 178,329 6,985 

July ............... 718 767 1,485 1,146 544 504 178,715 6,900 

Aug ............... 746 685 1,430 1,196 566 541 179,000 6,811 

Sept .............. 707 647 1,355 842 400 362 179,515 6,751 

1 Because there is a normal lag in classi fy ing redemp tions, the distri bu tion of redemp tions 

between sales price and accrued discount has been esti mated. 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstanding 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries E and EE 

Fis cal years: 

1941-95 ......... 1996 ........... 1997 ........... 1998 ........... 1999 ........... 2000 ........... 

Cal en dar years: 

1941-97 ......... 1998 ........... 1999 ........... 2000 ........... 

2000 - Sept ........ Oct ......... Nov......... Dec......... 2001 - Jan ......... Feb......... Mar......... Apr. ........ May ........ June ........ July......... Aug......... Sept ........ 

See note at end of table. 

329,121 169,936 499,057 302,428 223,816 77,650 17,980 170,005 1,977 

6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276 

5,334 

4,765 

9,067 

9,141 

14,401 

13,906 

8,435 

14,136 

7,541 

6,954 

6,456 

7,182 

1,254 

1,190 

169,969 

180,744 

3,584 

5,091 

4,630 8,349 12,979 12,407 6,744 7,500 1,090 166,529 6,169 

3,848 6,899 10,747 11,161 5,853 6,583 924 162,749 6,525 

342,127 202,456 544,583 336,971 248,824 94,839 21,937 168,802 5,359 

4,870 9,152 14,022 14,123 6,669 6,326 1,981 167,375 6,250 

5,460

2,961 

8,774

5,590 

14,234

8,551 

13,804

8,805 

6,171

4,801 

6,435

11,462 

1,101

369 

165,702

162,876 

6,983

6,610 

336 

334 

633 

780 

1,177

1,331 

1,103

1,057 

483 

462 

542 

520 

78 

74 

162,749

162,807 

6,525

6,448 

351 607 1,178 963 422 468 73 162,799 6,377 

414 

396 

652 

767 

1,243

1,488 

1,023

1,578 

463 

714 

499 

810 

69 

97 

161,386

161,053 

7,739

7,560 

319 679 1,251 1,030 382 597 94 161,101 7,386 

375 

414 

646 

788 

1,356

1,624 

1,106

1,114 

454 

431 

579 

579 

114 

105 

161,029

161,131 

7,259

7,140 

318 

336 

595 

658 

1,317 

1,279 

1,035 

978 

398 

382 

519 

491 

118 

106 

161,000 

160,986 

7,030 

6,934 

379 767 1,483 1,052 435 504 113 161,027 6,853 

351 

320 

685 

647 

1,428

1,344 

1,102

784 

457 

330 

541 

362 

104 

93 

160,918

161,044 

6,768

6,710 
52 U.S. SAVINGS BONDS AND NOTES
 

TA BLE SBN-3.—Sales and Redemp tions by Period, Series E, EE, H, HH and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bu reau of the Public Debt, Office of Public Debt Account ing] 

Amount outstand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Se ries H and HH 

Fis cal years: 

1952-95......... 13,556 - 13,556 19,727 19,727 - 17,980 170,005 1,977 

1996 ........... 16 - 16 744 744 - 1,173 11,940 16 

1997 ........... 10 - 10 893 893 - 1,254 12,294 17 

1998 ........... 56 - 56 941 941 - 1,108 12,541 19 

1999 ........... 167 - 167 1,280 1,280 - 1,080 12,813 19 

2000 ........... 165 - 165 1,154 1,154 - 924 12,759 20 

Cal en dar years: 

1952-97......... 13,546 - 13,546 22,313 22,313 - 21,671 12,331 23 

1998 ........... 68 - 68 906 906 - 857 12,594 23 

1999 ........... 40 - 40 820 820 - 1,101 12,869 22 

2000 ........... 38 - 38 863 863 - 758 12,770 20 

2000 - Sept ........ 4 - 4 86 86 - 78 12,759 20 

Oct ......... 3 - 3 88 88 - 74 12,724 45 

Nov ........ 2 - 2 80 80 - 73 12,723 41 

Dec ........ 59 - 59 15 15 - 69 12,704 56 

2001 - Jan......... 12 - 12 115 115 - 97 12,705 48 

Feb ........ - - - 99 99 - 94 12,704 44 

Mar ........ 3 - 3 97 97 - 114 12,722 40 

Apr. ........ 1 - 1 94 94 - 105 12,705 67 

May ........ 4 - 4 96 96 - 118 12,733 57 

June ........ 2 - 2 94 94 - 106 12,750 51 

July ........ 1 - 1 94 94 - 113 12,773 47 

Aug ........ 3 - 3 93 93 - 104 12,790 43 

Sept ........ 11 - 11 58 58 - 93 12,815 41 

Se ries I 

Fis cal years: 

1999-00......... 

Cal en dar years: 

1998 ........... 

1999 ........... 

2000 ........... 

2000 - Sept ........ 

Oct ......... 

Nov......... 

Dec......... 

2001 - Jan ......... 

Feb......... 

Mar......... 

Apr. ........ 

May ........ 

June ........ 

July......... 

Aug......... 

Sept ........ 

1,730 41 1,771 49 49 - - 2,152 -

117 - 117 - - - - 117 -

568 1 569 14 14 - - 469 -

1,118 31 1,149 35 35 - - 1,958 -

200 7 207 6 6 - - 2,152 -

208 9 217 7 7 - - 2,353 -

209 11 220 6 6 - - 2,556 -

163 12 175 7 7 - - 2,712 -

311 13 324 10 10 - - 3,014 -

238 15 253 8 8 - - 3,244 -

320 16 336 10 10 - - 3,554 -

406 16 422 12 12 - - 3,948 -

386 18 404 13 13 - - 4,321 -

286 19 305 14 14 - - 4,593 -

338 20 358 15 15 - - 4,916 -

392 22 414 16 16 - - 5,292 -

376 24 400 13 13 - - 5,656 -

Note—Series E and EE include U.S. savings notes (Freedom Shares) on sale from 

May 1, 1967, through June 30, 1970, to E bond buyers. 
53 

IN TRO DUC TION: Owner ship of Federal Secu ri ties 

Fed eral secu ri ties presented in the follow ing tables are 

pub lic debt secu ri ties such as savings bonds, bills, notes and 

bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financ ing authori ties. [See the Federal debt (FD) tables for a more complete

de scrip tion of the Federal debt.] 

Ef fec tive Janu ary 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,” 

Ta ble I: Summary of Treasury Secu ri ties Outstand ing and Table II: Statu tory Debt Limit. These changes should reduce confu sion and bring the publi ca tion more in line with the public’s 

use of terms. 

Trea sury’s Finan cial Manage ment Service (FMS) compiles data in the “Treasury Bulle tin” table OFS-1 from the 

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

Ef fec tive June 2001, FMS revised proce dures and cate go ries 

in this table to agree with the Bureau of the Public Debt’s publi ca tion changes. 

• Ta ble OFS-1 presents Treasury market able and nonmar ket able secu ri ties and debt issued by other Federal agencies held by Govern ment accounts, the FRBs and private 

in ves tors. Social Secu rity and Federal retire ment trust fund invest ments comprise much of the Govern ment account holdings. 

The FRBs acquire Treasury secu ri ties in the market as a 

means of exe cut ing mone tary policy. 

• Ta ble OFS-2 presents the esti mated amount of public 

debt secu ri ties held by private inves tors. Infor ma tion is obtained from sources such as the Federal finan cial insti tu tion

reg u la tory agencies. State, local and foreign holdings include 

spe cial issues of nonmar ket able secu ri ties to munic i pal entities and foreign offi cial accounts. They also include munic ipal, foreign offi cial and private holdings of market able

Trea sury secu ri ties. (See footnotes to the table for descrip tion 

of inves tor cate go ries.) 
54 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues* 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal Public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

2001 - Jan ....................... 5,743,229 5,716,071 2,328,662 460 2,328,202 533,216 

Feb ....................... 5,762,738 5,735,859 2,333,753 460 2,333,293 538,811 

Mar ....................... 5,800,558 5,773,740 2,339,354 460 2,338,894 542,176 

Apr ....................... 5,688,136 5,661,348 2,363,973 460 2,363,513 544,455 

May ....................... 5,682,853 5,656,182 2,379,862 460 2,379,402 545,667 

June ...................... 5,753,914 5,726,815 r 2,452,639 460 r 2,452,179 552,164 

July ....................... 5,745,240 5,718,303 2,452,358 460 2,451,898 554,293 

Aug ....................... 5,796,493 5,769,876 2,429,635 460 2,429,175 560,005 

Sept ...................... 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

Agency secu ri ties 

Held by 

U.S. Govern ment 

End of

fis cal year 

or month 

Pub lic debt secu ri ties, con. ac counts and Held by 

Held by private inves tors To tal Fed eral Reserve pri vate 

To tal Mar ket able Non mar ket able out stand ing Banks in ves tors 

(7) (8) (9) (10) (11) (12) 

2001 - Jan .................. 2,854,193 2,443,652 410,540 27,158 51 27,107 

Feb .................. 2,863,295 2,449,987 413,309 26,879 51 26,828 

Mar .................. 2,892,210 2,475,233 416,977 26,818 51 26,767 

Apr .................. 2,752,920 2,332,957 419,963 26,788 51 26,737 

May .................. 2,730,653 2,309,290 421,363 26,671 - 26,671 

June ................. r 2,722,012 2,303,111 r 418,901 27,099 - 27,099 

July .................. 2,711,652 2,298,132 413,521 26,937 - 26,937 

Aug .................. 2,780,236 2,368,367 411,869 26,617 - 26,617 

Sept ................. 2,779,070 2,370,630 408,441 27,011 - 26,011 

* Effec tive June 2001, FMS revised proce dures and cate go ries in this table to reflect the format changes in the “Monthly Statement of the Public Debt of the United States.” 
55 

TA BLE OFS-1.—Dis tri bu tion of Federal Secu ri ties by Class of Inves tors and Type of Issues 

(His tor i cal) 

[In millions of dollars. Source: Finan cial Manage ment Service] 

To tal In ter est-bearing public debt secu ri ties 

End of Fed eral Pub lic issues 

fis cal year se cu ri ties To tal Held by U.S. Govern ment accounts held by Federal 

or month out stand ing out stand ing To tal Market able Non mar ket able Re serve Banks 

(1) (2) (3) (4) (5) (6) 

1997 ......................... 5,446,320 5,407,528 1,596,765 1,254 1,595,511 436,496 

1998 ......................... 5,555,552 5,518,681 1,763,860 1,254 1,762,606 458,131 

1999 ......................... 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ......................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

2001 ......................... 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2000 - June.................... 5,714,216 5,675,889 2,190,225 459 2,189,766 504,950 

July .................... 5,686,531 5,648,865 2,197,056 461 2,196,595 506,103 

Aug .................... 5,705,463 5,667,989 2,206,153 461 2,205,692 510,182 

Sept.................... 5,701,850 5,622,092 2,235,710 461 2,235,249 511,413 

Oct..................... 5,684,542 5,647,557 2,248,622 461 2,248,161 526,994 

Nov .................... 5,736,948 5,700,007 2,258,481 461 2,258,020 530,201 

Dec .................... 5,689,593 5,618,061 2,248,675 461 2,248,214 532,815 

Ma tured Agency secu ri ties 

pub lic Held by 

debt U.S. Govern ment 

End of 

fis cal year 

or month 

In ter est-bearing public debt secu ri ties, con. 

Held by private inves tors 

To tal Mar ket able Non mar ket able 

and debt 

bear ing no 

in ter est 

To tal 

out stand ing 

ac counts and 

Fed eral Reserve 

Banks 

Held by 

pri vate 

in ves tors 

(7) (8) (9) (10) (11) (12) (13) 

1997 ..................... 3,374,267 3,001,866 372,401 5,618 33,173 7,098 26,075 

1998 ..................... 3,296,690 2,871,645 425,045 7,512 29,359 3,917 25,442 

1999 ..................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ..................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

2001 ..................... 2,779,070 2,370,630 408,441 - 27,011 - 27,011 

2000 - June ............... 2,980,714 2,565,321 415,392 10,050 28,278 51 28,227 

July ................ 2,945,706 2,539,547 406,159 9,943 27,724 51 27,673 

Aug ................ 2,951,654 2,545,893 405,762 9,833 27,641 51 27,590 

Sept ............... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

Oct ................ 2,871,941 2,466,427 405,514 9,770 27,214 51 27,163 

Nov ................ 2,911,325 2,506,065 405,259 9,693 27,249 51 27,198 

Dec ................ 2,836,571 2,433,609 402,962 44,155 27,377 51 27,326 
56 OWN ER SHIP OF FEDERAL SECU RITIES 

TA BLE OFS-2.—Esti mated Owner ship of U.S. Treasury Secu ri ties 

[In billions of dollars. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Fed eral
 Pen sion funds 3 

Re serve
 State

To tal and Govern­
 To tal Depos i tory U.S. State and Insur ance and local Foreign

pub lic ment ac­
 pri vately in sti tu- savings local govern­ compa- Mu tual gov ern­ and inter- Other 

debt 1 counts 2
 held tions3,4 bonds 5 Pri vate 6 ments nies 3 funds 3,7 ments 3 national 8 inves tors 9 

End of month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

1990 - Mar ....... 3,052.0 935.4 2,116.6 218.8 119.9 116.6 139.0 132.3 142.7 401.1 445.4 400.8 

June ...... 3,143.8 1,003.8 2,140.0 214.2 121.9 122.6 144.6 133.7 141.2 405.0 451.0 405.7 

Sept....... 3,233.3 1,026.0 2,207.3 214.8 123.9 126.5 146.4 136.4 147.6 407.3 463.8 440.7 

Dec ....... 3,364.8 1,059.5 2,305.3 206.5 126.2 129.7 144.5 138.2 162.8 410.6 487.1 499.8 

1991 - Mar ....... 3,465.2 1,104.6 2,360.6 222.5 129.7 122.9 153.4 147.2 186.1 415.6 492.0 491.2 

June ...... 3,538.0 1,139.1 2,398.9 231.5 133.2 122.8 155.0 156.8 180.1 416.8 502.0 500.7 

Sept....... 3,665.3 1,166.9 2,498.4 251.7 135.4 126.2 140.2 171.4 199.5 430.2 506.3 537.6 

Dec ....... 3,801.7 1,223.2 2,578.5 271.5 138.1 126.9 141.7 181.8 221.8 435.5 520.9 540.3 

1992 - Mar ....... 3,881.3 1,215.5 2,665.8 300.5 142.0 116.9 140.7 188.4 227.9 460.0 536.4 553.0 

June ...... 3,984.7 1,272.3 2,712.4 315.1 145.4 116.7 146.7 192.8 235.2 435.6 558.2 566.7 

Sept....... Dec ....... 4,064.6 

4,177.0 

1,282.4 

1,329.7 

2,782.2 

2,847.3 

337.1 

348.3 

150.3 

157.3 

120.0 

121.1 

166.4 

172.3 

194.8 

197.5 

245.1 

259.5 

429.3 

418.2 

562.8 

576.7 

576.5 

596.4 

1993 - Mar ....... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.1 171.2 208.0 261.5 434.0 585.9 603.2 

June ...... 4,352.0 1,400.6 2,951.4 361.0 166.5 111.6 176.9 217.8 269.2 441.2 596.8 610.4 

Sept....... Dec ....... 4,411.5 

4,535.7 

1,422.2 

1,476.1 

2,989.3 

3,059.6 

366.2 

373.0 

169.1 

171.9 

125.1 

119.3 

188.7 

186.3 

229.4 

234.5 

283.9 

294.0 

434.0 

447.8 

619.1 

650.3 

573.9 

582.5 

1994 - Mar ....... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.6 195.0 233.4 278.0 443.4 661.1 597.0 

June ...... 4,645.8 1,547.5 3,098.3 383.9 177.1 128.9 193.4 238.1 271.6 425.2 659.9 620.3 

Sept....... 4,692.8 1,562.8 3,130.0 364.0 178.6 135.9 191.9 243.7 265.3 398.2 682.0 670.4 

Dec ....... 4,800.2 1,622.6 3,177.6 339.6 180.5 139.4 192.1 240.1 273.0 370.0 667.3 775.6 

1995 - Mar ....... 4,864.1 1,619.3 3,244.8 352.9 181.4 141.1 203.1 244.2 273.1 350.5 707.0 791.6 

June ...... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.0 197.2 245.0 263.9 313.7 762.5 814.6 

Sept....... 4,974.0 1,688.0 3,286.0 330.8 183.5 141.4 193.0 245.2 272.6 304.3 820.4 794.8 

Dec ....... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.0 191.7 241.5 286.5 289.8 835.2 820.6 

1996 - Mar ....... 5,117.8 1,731.1 3,386.7 322.1 185.8 143.7 198.9 239.4 310.4 283.6 908.1 794.7 

June ...... 5,161.1 1,806.7 3,354.4 318.7 186.5 143.9 208.2 229.5 306.5 283.3 929.7 748.1 

Sept....... Dec ....... 5,224.8 

5,323.2 

1,831.6 

1,892.0 

3,393.2 

3,431.2 

310.9 

296.6 

186.8 

187.0 

140.5 

139.3 

202.4 

203.5 

226.8 

214.1 

308.4 

315.8 

263.8 

257.0 

993.4 

1,102.1 

760.2 

715.8 

1997 - Mar ....... 5,380.9 1,928.7 3,452.2 317.3 186.5 140.6 203.7 182.2 310.6 250.6 1,157.6 703.1 

June ....... 5,376.2 1,998.9 3,377.3 300.2 186.3 141.0 209.3 183.6 305.4 243.3 1,182.7 625.5 

Sept ....... 5,413.1 2,011.5 3,401.6 292.8 186.2 141.6 219.7 187.3 311.4 237.7 1,230.5 594.3 

Dec ........ 5,502.4 2,087.8 3,414.6 300.3 186.5 142.5 216.9 176.6 321.5 239.3 1,241.6 589.5 

1998 - Mar ....... 5,542.4 2,104.9 3,437.5 308.2 186.3 142.8 211.9 169.4 325.1 238.1 1,250.5 605.2 

June ...... 5,547.9 2,198.6 3,349.3 290.7 186.0 145.2 214.8 160.6 319.4 258.5 1,256.0 518.1 

Sept....... 5,526.2 2,213.0 3,313.2 244.4 186.0 150.6 211.2 151.3 319.7 266.4 1,224.2 559.4 

Dec ....... 5,614.2 2,280.2 3,334.0 237.3 186.7 r 139.1 217.7 144.5 343.2 269.3 1,278.7 r 517.5 

1999 - Mar ....... 5,651.6 2,324.1 3,327.5 246.5 186.5 r 140.0 218.4 140.3 351.7 272.5 1,272.3 r 499.3 

June ...... 5,638.8 2,439.6 3,199.2 240.6 186.5 r 139.5 222.5 136.3 334.9 279.1 1,258.8 r 401.0 

Sept....... 5,656.3 2,480.9 3,175.4 239.9 186.2 r 139.0 217.3 130.6 338.3 271.6 1,281.4 r 371.1 

Dec ....... 5,776.1 2,542.2 3,233.9 246.4 186.4 r 138.5 211.2 r 123.4 r 348.4 266.8 1,268.7 r 444.1 

2000 - Mar ....... 5,773.4 2,590.6 3,182.8 234.9 185.3 r 137.8 211.1 120.0 339.8 257.2 1,273.9 r 422.8 

June ...... 5,685.9 2,698.6 2,987.4 219.3 184.6 r 139.6 210.5 r 116.5 r 322.7 256.4 1,249.1 r 288.7 

Sept....... 5,674.2 2,737.9 2,936.2 218.3 184.3 r 139.7 r 200.7 r 113.8 r 324.4 r 241.9 1,224.9 r 288.2 

Dec ....... 5,662.2 2,781.8 2,880.4 r 198.9 184.8 r 137.7 r 195.7 r 110.2 r 338.7 r 236.2 1,201.3 r 276.9 

2001 - Mar ....... 5,773.7 2,880.9 2,892.9 r 187.2 184.8 r 131.2 r 195.3 r 101.9 r 348.8 r 224.0 1,196.1 r 323.6 

June ...... Sept....... 5,726.8 

5,807.5 

3,004.2 

3,027.8 

2,722.6 

2,779.7 

p 192.2 n.a. 185.5 

186.5 

p 129.2 n.a. p 191.0 n.a. p 92.9 

n.a. p 352.4 n.a. p 216.5 n.a. 1,167.1 p 1,170.0 

p 195.8 n.a. 1 Source: “Monthly Statement of the Public Debt of the United States.” Face value.
 2 Sources: Federal Reserve Bulle tin, table 1.18, Federal Reserve Banks, statement of condi­
 tion, for System Open Market Accounts; and U. S. Treasury for Govern ment accounts. Federal Re serve holdings exclude Treasury secu ri ties held under repur chase agreements.
 3 Source: Federal Reserve Board of Gover nors, Flow of Funds Table L.209. 
 4 Includes commer cial banks, savings insti tu tions and credit unions.
 5 Source: “Monthly Statement of the Public Debt of the United States.” Current
 

accrual value.
 6 In cludes U.S. Treasury secu ri ties held by the Federal Employees Retire ment System Thrift Sav ings Plan "G Fund."
 

7 Includes money market mutual funds, mutual funds and closed-end invest ment compa nies. 8 Source: Federal Reserve Board Treasury Inter na tional Capi tal Survey. Includes nonmar ket­ able foreign series Treasury secu ri ties and Treasury deposit funds. Excludes Treasury secu ri­ ties held under repur chase agreements in custody accounts at the Federal Reserve Bank of New York. Esti mates reflect the 1984 benchmark to Decem ber 1989, the 1989 benchmark to De cem ber 1994 and the 1994 benchmark to date. 9 Includes indi vid u als, Govern ment-sponsored enter prises, brokers and dealers, bank personal trusts and estates, corpo rate and non-corporate businesses, and other inves tors. 

Note.—Owner ship data were revised (in June 1999) back to March 1989 in order to update own er ship cate go ries and to incor po rate greater reli ance on Flow of Funds data of the Federal Re serve Board. 
57
 

IN TRO DUC TION: Mar ket Yields
 

The tables and charts in this section present yields on

Trea sury market able secu ri ties, and compare long-term yields 

on Treasury secu ri ties with yields on long-term corpo rate and 

mu nic i pal secu ri ties. 

• Ta ble MY-1 lists Treasury market bid yields at constant matu ri ties for bills, notes and bonds. The Treasury yield 

curve in the accom pa ny ing chart is based on current market 

bid quota tions on the most actively traded Treasury secu ri ties 

as of 3:30 p.m. on the last business day of the calen dar quarter. 

The Treasury uses quota tions obtained by the FRB of 

New York to derive the yield curve, based on semian nual inter est payments and read at constant matu rity points to develop a consis tent data series. Yields on Treasury bills are 

cou pon equiva lent yields of bank dis count rates at which 

Trea sury bills trade in the market. The Board of Gover nors of 

the Federal Reserve System publishes the Treasury constant 

ma tu rity data series in its weekly H.15 press release. 

On July 31, 2001, Treasury expanded its constant maturity index to include a 1-month constant matu rity yield. Therefore, table MY-1 now includes the new 1-month matu rity. 

• Ta ble MY-2 shows aver age yields of long-term Treasury, corpo rate and munic i pal bonds. The long-term Treasury

av er age yield is the 30-year constant matu rity yield. The corpo rate bond aver age yield is devel oped by Treasury by calculat ing reoffering yields on new long-term secu ri ties matur ing 

in at least 20 years and rated Aa by Moody’s Inves tors Service. 

The munic i pal bond aver age yield prior to 1991 was compiled 

by Treasury. Begin ning with Janu ary 1991, the aver age yield 

is the “Munic i pal Bond Yield Aver age,” published by 

Moody’s Inves tors Service for 20-yearreoffering yields on selected Aa-rated general obli ga tions. See the footnotes for further expla na tion. 

TA BLE MY-1.—Treasury Market Bid Yields at Constant Matu rities: 

Bills, Notes and Bonds* 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Pe riod 1-mo. 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr. 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

Monthly aver age: 

2000 - Oct .............. n.a. 6.29 6.32 6.01 5.91 5.85 5.78 5.84 5.74 5.80 

Nov ............. n.a. 6.36 6.34 6.09 5.88 5.79 5.70 5.78 5.72 5.78 

Dec ............. n.a. 5.94 5.92 5.60 5.35 5.26 5.17 5.28 5.24 5.49 

2001 - Jan .............. n.a. 5.29 5.15 4.81 4.76 4.77 4.86 5.13 5.16 5.54 

Feb ............. n.a. 5.01 4.89 4.68 4.66 4.71 4.89 5.10 5.10 5.45 

Mar ............. n.a. 4.54 4.44 4.30 4.34 4.43 4.64 4.88 4.89 5.34 

Apr.............. n.a. 3.97 3.99 3.98 4.23 4.42 4.76 5.03 5.14 5.65 

May ............. n.a. 3.70 3.74 3.78 4.26 4.51 4.93 5.24 5.39 5.78 

June ............ n.a. 3.57 3.56 3.58 4.08 4.35 4.81 5.14 5.28 5.67 

July ............. n.a. 3.59 3.56 3.62 4.04 4.31 4.76 5.06 5.24 5.61 

Aug.............. 3.53 3.44 3.39 3.47 3.76 4.04 4.57 4.84 4.97 5.48 

Sept. ............ 2.68 2.69 2.71 2.82 3.12 3.45 4.12 4.51 4.73 5.48 

End of month: 

2000 - Oct .............. n.a. 6.38 6.36 6.12 5.94 5.87 5.83 5.87 5.77 5.79 

Nov ............. n.a. 6.21 6.18 5.92 5.61 5.52 5.42 5.50 5.48 5.60 

Dec ............. n.a. 5.89 5.70 5.32 5.11 5.06 4.99 5.16 5.12 5.46 

2001 - Jan .............. n.a. 4.99 4.83 4.60 4.62 4.67 4.85 5.08 5.19 5.54 

Feb ............. n.a. 4.85 4.70 4.47 4.41 4.48 4.70 4.93 4.92 5.34 

Mar ............. n.a. 4.30 4.09 4.09 4.18 4.33 4.62 4.86 4.93 5.46 

Apr.............. n.a. 3.95 3.97 3.94 4.30 4.55 4.97 5.22 5.35 5.78 

May ............. n.a. 3.63 3.59 3.63 4.22 4.49 4.94 5.27 5.43 5.78 

June ............ n.a. 3.65 3.63 3.72 4.25 4.52 4.97 5.28 5.42 5.75 

July ............. 3.67 3.54 3.47 3.53 3.79 4.06 4.57 4.86 5.07 5.51 

Aug ............. 3.40 3.37 3.31 3.41 3.64 3.91 4.46 4.72 4.85 5.39 

Sept............. 2.28 2.40 2.36 2.49 2.86 3.22 3.93 4.37 4.60 5.42 

* Rates are from the Treasury yields curve. 
58 MARKET YIELDS
 

CHART MY-A.—Yields of Treasury Secu ri ties, Septem ber 28, 2001* 

Based on closing bid quota tions (in percent ages) 

6.0 

5.5 

5.0 

4.5 

4.0 

3.5 

Note: The curve is based only on the most actively traded issues. Market yields on coupon

is sues due in less than 3 months are excluded. 

3.0 

2.5 

2.0 

0 2 4 6 8 10 12 14 16 18 20 22 24 26 28 30 

Years to ma tu rity 

* Source: Office of Market Finance 
MARKET YIELDS 59 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate municipal

Period bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES �AV ER AGES OF DAILY OR WEEKLY SERIES 

1990 

Jan ...................................................................................... 8.26 9.56 6.95 

Feb ...................................................................................... 8.50 9.68 7.03 

Mar ...................................................................................... 8.56 9.79 7.09 

Apr ...................................................................................... 8.76 10.02 7.26 

May ...................................................................................... 8.73 9.97 7.14 

June ..................................................................................... 8.46 9.69 6.98 

July ...................................................................................... 8.50 9.72 7.03 

Aug ...................................................................................... 8.86 10.05 7.13 

Sept...................................................................................... 9.03 10.17 7.15 

Oct ...................................................................................... 8.86 10.09 7.24 

Nov ...................................................................................... 8.54 9.79 6.87 

Dec ...................................................................................... 8.24 9.55 6.85 

1991 

Jan ...................................................................................... 8.27 9.60 7.00 

Feb ...................................................................................... 8.03 9.14 6.61 

Mar ...................................................................................... 8.29 9.14 6.88 

Apr ...................................................................................... 8.21 9.07 6.81 

May ...................................................................................... 8.27 9.13 6.78 

June ..................................................................................... 8.47 9.37 6.90 

July ...................................................................................... 8.45 9.38 6.89 

Aug ...................................................................................... 8.14 8.88 6.66 

Sept...................................................................................... 7.95 8.79 6.58 

Oct ...................................................................................... 7.93 8.81 6.44 

Nov ...................................................................................... 7.92 8.72 6.37 

Dec ...................................................................................... 7.70 8.55 6.43 

1992 

Jan ...................................................................................... 7.58 8.36 6.29 

Feb ...................................................................................... 7.85 8.63 6.42 

Mar ...................................................................................... 7.97 8.62 6.59 

Apr ...................................................................................... 7.96 8.59 6.54 

May ...................................................................................... 7.89 8.57 6.39 

June ..................................................................................... 7.84 8.45 6.32 

July ...................................................................................... 7.60 8.19 5.90 

Aug ...................................................................................... 7.39 7.96 5.81 

Sept...................................................................................... 7.34 7.99 6.05 

Oct ...................................................................................... 7.53 8.17 6.18 

Nov ...................................................................................... 7.61 8.25 6.22 

Dec ...................................................................................... 7.44 8.12 6.02 

1993 

Jan ...................................................................................... 7.34 7.91 6.05 

Feb ...................................................................................... 7.09 7.73 5.74 

Mar ...................................................................................... 6.82 7.39 5.54 

Apr ...................................................................................... 6.85 7.48 5.64 

May ...................................................................................... 6.92 7.52 5.61 

June ..................................................................................... 6.81 7.48 5.54 

July ...................................................................................... 6.63 7.35 5.40 

Aug ...................................................................................... 6.32 7.04 5.50 

Sept...................................................................................... 6.00 6.88 5.44 

Oct ...................................................................................... 5.94 6.88 5.23 

Nov ...................................................................................... 6.21 7.17 5.19 

Dec ...................................................................................... 6.25 7.22 5.27 

See footnotes at end of table. 
60 MARKET YIELDS 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. cor po rate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1994 

Jan ...................................................................................... 6.29 7.16 5.19 

Feb ...................................................................................... 6.49 7.27 5.16 

Mar ...................................................................................... 6.91 7.64 5.47 

Apr ...................................................................................... 7.27 7.95 5.59 

May ...................................................................................... 7.41 8.17 5.79 

June ..................................................................................... 7.40 8.16 5.96 

July ...................................................................................... 7.58 8.30 6.11 

Aug ...................................................................................... 7.49 8.25 6.07 

Sept...................................................................................... 7.71 8.48 6.10 

Oct ...................................................................................... 7.94 8.76 6.31 

Nov ...................................................................................... 8.08 8.89 6.79 

Dec ...................................................................................... 7.87 8.66 6.63 

1995 

Jan ...................................................................................... 7.85 8.59 6.48 

Feb ...................................................................................... 7.61 8.39 6.09 

Mar ...................................................................................... 7.45 8.23 5.91 

Apr ...................................................................................... 7.36 8.10 5.80 

May ...................................................................................... 6.95 7.68 5.75 

June ..................................................................................... 6.57 7.42 5.61 

July ...................................................................................... 6.72 7.54 5.69 

Aug ...................................................................................... 6.86 7.75 5.81 

Sept...................................................................................... 6.55 7.42 5.75 

Oct ...................................................................................... 6.37 7.29 5.80 

Nov ...................................................................................... 6.26 7.20 5.56 

Dec ...................................................................................... 6.06 7.02 5.46 

1996 

Jan ...................................................................................... 6.05 7.00 5.41 

Feb ...................................................................................... 6.24 7.14 5.41 

Mar ...................................................................................... 6.60 7.58 5.57 

Apr ...................................................................................... 6.79 7.81 5.72 

May ...................................................................................... 6.93 7.87 5.73 

June ..................................................................................... 7.06 8.00 5.82 

July ...................................................................................... 7.03 7.97 5.82 

Aug ...................................................................................... 6.84 7.68 5.69 

Sept...................................................................................... 7.03 7.84 5.62 

Oct ...................................................................................... 6.81 7.69 5.53 

Nov ...................................................................................... 6.48 7.43 5.47 

Dec ...................................................................................... 6.55 7.45 5.47 

1997 

Jan ...................................................................................... 6.83 7.62 5.53 

Feb ...................................................................................... 6.69 7.54 5.40 

Mar ...................................................................................... 6.93 7.85 5.59 

Apr ...................................................................................... 7.09 8.04 5.73 

May ...................................................................................... 6.94 7.90 5.53 

June ..................................................................................... 6.77 7.71 5.39 

July ...................................................................................... 6.51 7.44 5.27 

Aug ...................................................................................... 6.58 7.30 5.27 

Sept...................................................................................... 6.50 7.04 5.25 

Oct ...................................................................................... 6.33 6.90 5.26 

Nov ...................................................................................... 6.11 6.79 5.23 

Dec ...................................................................................... 5.99 6.68 5.07 

See footnotes at end of table. 
MARKET YIELDS 61 

TA BLE MY-2.—Aver age Yields of Long-Term Treasury, Corpo rate and Munic i pal Bonds, con. 

[In percent ages. Source: Office of Market Finance, Office of the Under Secre tary for Domes tic Finance] 

Trea sury New Aa New Aa 

30-yr. corporate mu nic i pal Pe riod bonds bonds 1 bonds 2 

(1) (2) (3) 

MONTHLY SERIES—AVER AGES OF DAILY OR WEEKLY SERIES 

1998 

Jan ...................................................................................... 5.81 6.62 4.93 

Feb ...................................................................................... 5.89 6.66 4.96 

Mar ...................................................................................... 5.95 6.63 5.10 

Apr ...................................................................................... 5.92 6.59 5.10 

May ...................................................................................... 5.93 6.63 5.17 

June ..................................................................................... 5.70 6.43 5.01 

July ...................................................................................... 5.68 6.36 5.04 

Aug ...................................................................................... 5.54 6.34 5.06 

Sept...................................................................................... 5.20 6.26 4.94 

Oct ...................................................................................... 5.01 6.21 4.82 

Nov ...................................................................................... 5.25 6.42 4.93 

Dec ...................................................................................... 5.06 6.13 4.90 

1999 

Jan ...................................................................................... 5.16 6.14 4.94 

Feb ...................................................................................... 5.37 6.33 4.89 

Mar ...................................................................................... 5.58 6.52 5.02 

Apr ...................................................................................... 5.55 6.58 5.00 

May ...................................................................................... 5.81 6.86 5.15 

June ..................................................................................... 6.04 7.21 5.31 

July ...................................................................................... 5.98 7.20 5.30 

Aug ...................................................................................... 6.07 7.36 5.56 

Sept...................................................................................... 6.07 7.38 5.67 

Oct ...................................................................................... 6.26 7.51 5.84 

Nov ...................................................................................... 6.15 7.35 5.90 

Dec ...................................................................................... 6.35 7.55 5.91 

2000 

Jan ...................................................................................... 6.63 7.83 6.02 

Feb ...................................................................................... 6.23 7.59 5.95 

Mar ...................................................................................... 6.05 7.54 5.80 

Apr ...................................................................................... 5.85 7.49 5.64 

May ...................................................................................... 6.15 7.85 5.94 

June ..................................................................................... 5.93 7.75 5.74 

July ...................................................................................... 5.85 7.66 5.59 

Aug ...................................................................................... 5.72 7.47 5.48 

Sept...................................................................................... 5.83 7.50 5.50 

Oct ...................................................................................... 5.80 7.50 5.56 

Nov ...................................................................................... 5.78 7.41 5.50 

Dec ...................................................................................... 5.49 7.21 5.23 

2001 

Jan. ...................................................................................... 5.54 7.15 5.07 

Feb ...................................................................................... 5.45 7.08 5.14 

Mar ...................................................................................... 5.34 6.87 5.08 

Apr ...................................................................................... 5.65 7.09 5.24 

May ...................................................................................... 5.78 7.19 5.25 

June ..................................................................................... 5.67 7.11 5.18 

July ...................................................................................... 5.61 7.02 5.15 

Aug ...................................................................................... 5.48 6.85 4.99 

Sept...................................................................................... 5.48 6.83 5.05 

1 Treasury series based on 3-week moving aver age of reoffering yields of new corpo rate 2 Index of new reoffering yields on 20-year general obli ga tions rated Aa by Moody’s Inves tors 

bonds rated Aa by Moody’s Inves tors Service with an origi nal matu rity of at least 20 years. Ser vice. Source: U.S. Treasury, 1980-90; Moody’s, Janu ary 1991 to present. 
CHART MY-B.—Av er age Yields of Long-Term

Trea sury, Cor po rate and Mu nic i pal Bonds*

Monthly av er ages (in per cent ages)

62 MARKET YIELDS

Cal en dar years

*Source: Of fice of Mar ket Fi nance

4

5

6

7

8

9

10

11

88 89 90 91 92 93 94 95 96 97 98 99 00 01

Treasury 30-yr. bonds

Aa corporate bonds

Aa municipal bonds
63
 

IN TRO DUC TION: U.S. Currency and Coin Outstand ing and in Circu la tion
 

The U.S. Currency and Coin Outstand ing and in Circu lation (USCC) statement informs the public of the total face 

value of currency and coin used as a medium of exchange that 

is in circu la tion at the end of a given account ing month. The 

state ment defines the total amount of currency and coin outstand ing and the portion deemed to be in circu la tion. It includes some old and current rare issues that do not circu late or 

that may do so to a limited extent. Treasury includes them in 

the statement because the issues were origi nally intended for 

gen eral circu la tion. 

The USCC statement provides a descrip tion of the various issues of paper money. It also gives an esti mated aver age 

of currency and coin held by each indi vid ual, using esti mates 

of popu la tion from the Bureau of the Census. USCC infor mation has been published by Trea sury since 1888, and was published sepa rately until 1983, when it was incor po rated into the 

“Trea sury Bulle tin.” The USCC comes from monthly reports 

com piled by Treasury offices, vari ous U.S. Mint offices, the 

Fed eral Reserve Banks (FRBs) and the Federal Reserve 

Board. 

TA BLE USCC-1.—Amounts Outstand ing and in Circu la tion, September 30, 2001 

[Source: Finan cial Manage ment Service] 

Cur rency no and coinTo tal currency Total currency Fed eral Reserve notes 1 U.S. notes lon ger issued 

Cur rency (1) (2) (3) (4) (5) 

Amounts outstand ing. ................ $775,494,947,728 $743,054,930,030 $742,537,901,304 $264,096,116 $252,932,610 

Less amounts held by: 

The Treasury. .................... 398,232,325 18,387,218 18,171,875 20,739 194,604 

FRBs ........................... 163,060,928,672 161,919,687,024 161,919,685,954 - 1,070 

Amounts in circu la tion................ $612,035,786,731 $581,116,855,788 $580,600,043,475 $264,075,377 $252,736,936 

Total Dollars 3 Fractional coins 

Coins 2 (1) (2) (3) 

Amounts outstand ing. .................. $32,440,017,698 $3,464,471,398 $28,975,546,300 

Less amounts held by: 

The Treasury........................ 379,845,107 321,351,107 58,494,000 

FRBs ............................. 1,141,241,648 257,910,770 883,330,878 

Amounts in circu la tion .................. $30,918,930,943 $2,885,209,521 $28,033,721,422 

See footnotes follow ing table USCC-2. 
64 U.S. CURRENCY AND COIN OUTSTAND ING AND IN CIRCU LA TION 

TA BLE USCC-2.—Amounts Outstand ing and in Circu la tion, Septem ber 30, 2001 

[Source: Finan cial Manage ment Service] 

Currency no To tal Fed eral Reserve notes 1 U.S. notes lon ger issued 

Cur rency in circu la tion by denom i na tion (1) (2) (3) (4) 

$1 ............................. 

$2 ............................. 

$5 ............................. 

$10 ............................ 

$20 ............................ 

$50 ............................ 

$100 ........................... 

$500 ........................... 

$1,000 .......................... 

$5,000 .......................... 

$10,000 ......................... 

Frac tional parts ................... 

Par tial notes 4 ....................... 

$7,379,383,555 $7,232,853,924 $143,481 $146,386,150 

1,253,135,888 1,120,745,846 132,377,466 12,576 

8,636,765,065 8,496,726,405 109,833,210 30,205,450 

13,885,276,020 13,863,270,260 5,950 21,999,810 

94,010,258,560 93,990,154,040 3,380 20,101,140 

54,227,168,200 54,215,677,900 - 11,490,300 

401,410,332,400 401,366,627,600 21,711,800 21,993,000 

143,019,500 142,831,500 - 188,000 

166,321,000 166,116,000 - 205,000 

1,755,000 1,700,000 - 55,000 

3,440,000 3,340,000 - 100,000 

485 - - 485 

115 - 90 25 

To tal currency .................. $581,116,855,788 $580,600,043,475 $264,075,377 $252,736,936 

Amount (in millions) Per ca pita 5 

Com par a tive totals of currency and coins in circu la tion—se lected dates (1) (2) 

Sept. 30, 2001................................... 

Aug. 31, 2001 ................................... 

July 31, 2001.................................... 

July 31, 1999.................................... 

Sept. 30, 1995 ................................... 

Sept. 30, 1990 ................................... 

Sept. 30, 1985 ................................... 

Sept. 30, 1980 ................................... 

June 30, 1975 ................................... 

June 30, 1970 ................................... 

June 30, 1965 ................................... 

June 30, 1960 ................................... 

June 30, 1955 ................................... 

$612,036 $2,197.86 

613,279 2,204.21 

604,277 2,173.74 

533,492 1,953.25 

409,272 1,553.15 

278,903 1,105.14 

187,337 782.45 

129,916 581.48 

81,196 380.08 

54,351 265.39 

39,719 204.14 

32,064 177.47 

30,229 182.90 

1 Is sued on or after July 1, 1929. 4 Rep re sents value of certain partial denom i na tions not presented for redemp tion. 2

 Excludes coins sold to collec tors at premium prices. 5 Based on Bureau of the Census esti mates of popu la tion. 3

 Includes $481,781,898 in standard silver dollars. 
67
 

IN TRO DUC TION: Inter na tional Finan cial Statis tics 

The tables in this section provide statis tics on U.S. Govern ment reserve assets, lia bil i ties to for eign ers and its inter national finan cial posi tion. All mone tary figures are in dollars or 

dol lar equiva lents.	 

• Ta ble IFS-1 shows reserve assets of the United States, 

in clud ing its gold stock, spe cial drawing rights held in the 

Spe cial Drawing Account in the In ter na tional Mone tary Fund 

(IMF), holdings of convert ible foreign curren cies and reserve 

po si tion in the IMF. 

• Ta ble IFS-2 contains statis tics on lia bil i ties to for eign

of fi cial insti tu tions, and selected lia bil i ties to all other for eigners, which are used in the U.S. balance of payments statis tics. 

• Ta ble IFS-3 shows nonmar ket able bonds and notes 

that the Treasury issues to offi cial insti tu tions and other residents of foreign countries. 

TA BLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Reserve posi­ tion in Inter naEnd of cal en dar To tal re serve Spe cial drawing For eign curren cies 4 

tional Mone tary 

year or month as sets 1 Gold stock 2 rights 1,3 Fund 1,5,6 

(1) (2) (3) (4) (5) 

1996 ................ 75,089 11,048 10,312 38,294 15,435 

1997 ................ 69,954 11,047 10,027 30,809 18,071 

1998 ................ 81,761 11,046 10,603 36,001 24,111 

1999 ................ 71,516 11,048 10,336 32,182 17,950 

2000 - Oct ............ 65,257 11,046 10,169 30,514 13,528 

Nov............ 65,523 11,046 10,369 30,617 13,491 

Dec............ 67,647 11,046 10,539 31,238 14,824 

2001 Jan ............ 67,542 11,046 10,497 30,920 15,079 

Feb ............ 66,486 11,046 10,641 30,692 14,107 

Mar ............ 64,222 11,046 10,379 29,020 13,777 

Apr ............ 64,731 11,046 10,420 29,449 13,816 

May ........... 65,254 11,044 10,481 29,446 14,283 

Jun ............ 64,847 11,044 10,409 28,775 14,619 

July............ 65,736 11,044 10,518 29,209 14,965 

Aug............ 67,852 11,044 10,913 30,598 15,297 

Sept ........... 70,963 11,045 10,919 30,595 18,404 

Oct ............ 69,707 11,045 10,827 30,048 17,787 

1 Begin ning July 1974, the Inter na tional Mone tary Fund (IMF) adopted a technique for valuing 4 In cludes holdings of Treasury and Federal Reserve System; begin ning Novem ber 

the special drawing right (SDR) based on a weighted aver age of exchange rates for the curren- 1978, these are valued at current market exchange rates or, where appro pri ate, at such 

cies of selected member countries. The U.S. SDR holdings and reserve posi tion in the IMF also other rates as may be agreed upon by the parties to the transac tions. 

are valued on this basis begin ning July 1974. 5 The United States has the right to purchase foreign curren cies equiva lent to its reserve 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursu ant to 31 United po si tion in the IMF auto mat i cally if needed. Under appro pri ate condi tions, the United 

States Code 5117 (b) issues gold certif i cates to the Federal Reserve at the same rate against States could purchase addi tional amounts related to the U.S. quota. 

all gold held. 6 In cludes an SDR $361 million loan to the IMF under the General Arrange ments to Bor- 3 Includes allo ca tions of SDRs in the Special Drawing Account in the IMF, plus or minus trans- row in July 1998, and an SDR $619 million loan to the IMF under the New Arrange ments

ac tions in SDRs. to Borrow in Decem ber 1998. 
68 IN TER NA TIONAL FINAN CIAL STATIS TICS 

TA BLE IFS-2.—Selected U.S. Lia bil i ties to Foreigners 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties to foreign countries 

Li a bil i ties to

Of fi cial insti tu tions 1 other foreign ers 

Li a bil i ties 

to nonMar ket able Nonmarket- Li a bil i ties Marketable mon e tary

Li a bil i ties U.S. able U.S. Other re ported U.S. in ter na- End of re ported by Trea sury Trea sury readily by banks Trea sury tional and

cal en dar banks in bonds bonds mar ket- Li a bil i ties in the bonds re gional 

year or United and and able to United and organizamonth To tal To tal States notes 2 notes 3 liabilities 4 banks 5 To tal States notes 2, 6 tions 7 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1996 ........... 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 

1997 ........... 2,452,208 749,295 283,685 428,004 5,994 31,612 931,575 757,193 172,405 584,788 14,145 

1998 ........... 2,556,272 736,407 260,060 432,127 6,074 38,146 985,825 817,793 190,558 627,235 16,247 

1999 ........... 2,616,564 783,440 295,024 422,266 6,111 60,039 988,032 824,639 198,061 626,578 20,453 

2000 - Sept. r .... 2,649,537 826,186 299,838 427,013 5,247 94,088 1,000,464 803,258 207,962 595,296 19,629 

Oct. r .... 2,706,505 826,401 301,738 419,863 5,280 99,520 1,034,310 824,470 225,198 599,272 21,324 

Nov. r .... 2,710,067 825,732 303,308 414,896 5,313 102,215 1,044,737 818,469 228,189 590,280 21,129 

Dec. r .... 2,696,735 821,882 297,603 415,964 5,348 102,967 1,049,745 807,640 228,332 579,308 17,468 

2001 - Jan. r .... 2,744,895 842,354 313,591 418,190 4,923 105,650 1,084,298 802,930 233,973 568,957 15,313 

Feb. r .... 2,718,199 840,670 310,765 418,857 4,953 106,095 1,050,999 810,520 235,055 575,465 16,010 

Mar. r .... 2,710,116 841,469 309,805 419,106 4,984 107,574 1,047,868 803,658 223,543 580,115 17,121 

Apr. r .... 2,727,237 830,985 302,545 410,066 5,017 113,357 1,054,130 824,652 249,014 575,638 17,470 

May ...... 2,734,799 813,011 281,854 410,979 5,049 115,129 1,078,091 824,147 246,591 577,556 19,550 

June ...... 2,735,384 811,056 283,666 407,736 5,081 114,573 1,074,320 829,949 252,387 577,562 20,059 

July....... 2,722,254 820,448 295,146 406,995 4,846 113,461 1,062,206 821,930 255,295 566,635 17,670 

Aug. p .... 2,714,677 813,989 289,471 407,338 4,805 112,375 1,060,054 821,186 250,304 570,882 19,448 

Sept. p .... 2,695,128 826,399 297,496 409,887 4,036 114,980 1,033,418 815,620 249,356 566,264 19,691 

1 Includes Bank for Inter na tional Settle ments. 6 Includes market able U.S. Govern ment bonds and notes held by foreign banks. 

2 Derived by apply ing reported transac tions to benchmark data. 7 Prin ci pally the Inter na tional Bank for Recon struc tion and Devel op ment, the Inter-American 

3 Includes current value of zero-coupon Treasury bond issues to foreign govern ments as fol- De vel op ment Bank and the Asian Devel op ment Bank. 

lows: Mexico, begin ning March 1988, 20-year matu rity issue and begin ning March 1990, Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 30-year matu rity issue; Vene zuela, begin ning Decem ber 1990, 30-year matu rity issue; Argen- other depos i tory insti tu tions and brokers in the United States. Data gener ally corre spond to tina, begin ning April 1993, 30-year matu rity issue. Also, see footnotes to table IFS-3. sta tis tics follow ing in this section and in the “Capi tal Movements” section. Table excludes Inter- 4 Includes debt secu ri ties of U.S. Govern ment corpo ra tions, feder ally sponsored agencies and na tional Mone tary Fund “holdings of dollars” and holdings of U.S. Treasury letters of credit and 

pri vate corpo ra tions. non ne go tia ble noninterest-bearing special U.S. notes held by inter na tional and regional orga5 Includes lia bil i ties payable in dollars to foreign banks and lia bil i ties payable in for eign curren- ni za tions. 

cies to foreign banks and to “other foreign ers.” 
IN TER NA TIONAL FINAN CIAL STATIS TICS 69 

TA BLE IFS-3.—Nonmar ket able U.S. Trea sury Bonds and Notes Issued 

to Offi cial Insti tu tions and Other Resi dents of Foreign Countries 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Pay able in dollars 

End of calen dar Grand total To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3
 

year or month (1) (2) (3) (4) (5)
 

1996 .......................... 

1997 .......................... 

1998 .......................... 

1999 .......................... 

2000 - Sept..................... 

Oct ...................... 

Nov ..................... 

Dec ..................... 

2001 - Jan...................... 

Feb ..................... 

Mar ..................... 

Apr...................... 

May ..................... 

June..................... 

July ..................... 

Aug ..................... 

Sept ..................... 

5,968 5,968 1,015 3,835 1,118
 

5,994 5,994 1,091 3,692 1,211
 

6,074 6,074 1,172 3,991 911
 

6,111 6,111 1,259 4,313 539
 

5,247 5,247 1,222 3,452 573
 

5,280 5,280 1,229 3,474 577
 

5,313 5,313 1,236 3,497 580
 

5,348 5,348 1,244 3,520 584
 

4,923 4,923 1,252 3,083 588
 

4,953 4,953 1,259 3,102 592
 

4,984 4,984 1,266 3,122 596
 

5,017 5,017 1,274 3,143 600
 

5,049 5,049 1,281 3,164 604
 

5,081 5,081 1,289 3,184 608
 

4,846 4,846 1,029 3,205 612
 

4,805 4,805 963 3,226 616
 

4,036 4,036 968 2,448 620
 

1 Begin ning April 1993, includes current value (princi pal and accrued inter est) of zero-coupon, $1,508 million that was retired in full in April 1997; and begin ning March 1990, 30-year maturity
 

30-year matu rity Treasury bond issue to the govern ment of Argen tina. Remaining face value of is sue with remain ing face value of $10,112 million.
 

the issue is $4,536 million. 3 Begin ning Decem ber 1990, indi cates current value of zero-coupon, 30-year matu rity Treasury
 2 Includes the current value of the follow ing zero-coupon, Treasury bond issues to the govern- bond issue to the Repub lic of Vene zuela. Remaining face value of issue is $2,721 million.
 

ment of Mexico: Begin ning March 1988, 20-year matu rity issue with remain ing face value of
 
70 

IN TRO DUC TION: Capi tal Movements 

Trea sury collects infor ma tion about the transfer ence of finan cial assets and other portfo lio capi tal movements between 

the United States and foreign ers and has since 1935. Commercial banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking

en ter prises in the United States file capi tal movement reports 

with district FRBs. Begin ning in late 1998, the Federal Reserve Board also performs services on behalf of the Treasury in 

sup port of this data collec tion system. 

Forms and instruc tions are devel oped with the coop er a tion 

of other Govern ment agencies and the Federal Reserve System 

and in consul ta tion with repre sen ta tives of banks, secu ri ties 

firms and nonbanking enter prises. The most recent revi sions to 

selected report ing forms and instruc tions were effec tive January 31, 2001. The major changes are outlined below. Copies of 

the report ing forms and instruc tions may be obtained from the 

Of fice of Program Services, Office of the Assis tant Secre tary 

for Inter na tional Affairs, Treasury, Washing ton, D.C. 20220; 

the Inter na tional Finance Divi sion, Board of Gover nors of the 

Fed eral Reserve System, Washing ton, D.C. 20551; or district 

FRBs. A number of report ing forms and instruc tions also may 

be downloaded from the Treasury Inter na tional Capi tal (TIC)

re port ing system website at the address highlighted in the 

NOTE at the end of the INTRO DUC TION text. 

In general, infor ma tion is reported oppo site the country or 

geo graph ical area where the foreigner is located, as shown on 

re cords of report ing insti tu tions. However, infor ma tion may 

not always reflect the ulti mate owner ship of assets. Reporting

in sti tu tions are not required to go beyond addresses shown on 

their records and so may not be aware of the actual country of 

do mi cile of the ulti mate bene fi ciary.

Trans ac tions with branches or agencies of foreign offi cial

in sti tu tions, wherever located, are reported oppo site the country that has sover eignty over the insti tu tions. Transac tions with 

in ter na tional and regional orga ni za tions are not reported opposite any country, but are accounted for in regional groupings of 

such orga ni za tions. The only excep tion is infor ma tion pertaining to the Bank for Inter na tional Settle ments, which is reported

op po site “Other Europe.” For purposes of publi ca tion only, infor ma tion on the Euro pean Central Bank also is included in 

“Other Europe.” 

Banks and other depos i tory insti tu tions, bank holding compa nies, secu ri ties brokers and dealers, and nonbanking enterprises in the United States must file reports. These enter prises

in clude the branches, agencies, subsid iar ies and other affil i ates 

in the United States of foreign banking and nonbanking firms. 

Those with lia bil i ties, claims or secu ri ties transac tions below 

spec i fied exemp tion levels are exempt from report ing. 

Banks and other depos i tory insti tu tions, and some brokers 

and dealers, file monthly reports cover ing their dollar lia bil ities to, and dollar claims on, foreign ers in a number of countries. Twice a year, June 30 and Decem ber 31, they also report 

the same lia bil i ties and claims items attrib uted to foreign ers in 

coun tries not shown sepa rately on the monthly reports. Quarterly reports are filed for lia bil i ties and claims denom i nated in 

for eign curren cies. Begin ning Janu ary 2001, the geograph ical

de tail of the inter na tional banking transac tions forms was 

changed to add lines for Luxem bourg, the combined Channel 

Is lands and Isle of Man, the Carib bean region, New Zealand, 

and the Euro pean Central Bank. In addi tion, the British West 

In dies line was replaced with a line for the Cayman Islands. At 

the same time, the exemp tion level appli ca ble to the banking

re ports was raised from $15 million to $50 million. The new 

ex emp tion level is also subject to the provi sion that report able 

amounts for any one country do not exceed $25 million. 

Banks and other depos i tory insti tu tions, secu ri ties brokers 

and dealers, and other enter prises report monthly their transactions with foreign ers by country in long-term secu ri ties. This 

coun try list was amended in Janu ary 2001 as outlined in the report ing of inter na tional banking activ ity above. Respon dents 

must report secu ri ties transac tions with foreign ers if their aggre gate purchases or their aggre gate sales amount to at least 

$50 million during the covered month. Prior to Janu ary 2001, 

this excep tion level had been set at $2 million. 

Ex porters, import ers, indus trial and commer cial concerns, 

fi nan cial insti tu tions (other than banks, other depos i tory institu tions and brokers), and other nonbanking enter prises must 

file reports quarterly if lia bil i ties to, or claims on, unaf fil i ated

for eign ers amount to $10 million or more at the end of the covered quarter. 

Nonbanking enter prises also report each month their aggregate U.S. dollar denom i nated deposit and certif i cates of deposit claims of $10 million or more on banks abroad. 

The data in these tables do not cover all types of reported

cap i tal movements between the United States and other countries. The princi pal exclu sions are the intercompany capi tal

trans ac tions of nonbanking business enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies (own foreign offices) and capital transac tions of the U.S. Govern ment. Consol i dated data on 

all types of inter na tional capi tal transac tions are published by 

the Depart ment of Commerce (Commerce) in its regu lar reports on the U.S. balance of payments. 

• Sec tion I pres ents lia bil i ties to foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, as well as brokers 

and dealers. Dollar lia bil i ties are reported monthly; those denom i nated in foreign curren cies are reported quarterly. Respon dents report certain of their own lia bil i ties and a wide 

range of their custody lia bil i ties to foreign ers. Begin ning with 

the June 2001 issue, new table CM-I-1 replaces former tables 

CM-I-1 and CM-I-2 and includes new breakouts of lia bil i ties

aris ing under repur chase agreements and from foreign ownership of short-term secu ri ties issued by U.S. Govern ment and 

Fed erally-sponsored agencies. The remain ing tables in this 

sec tion have been renum bered accord ingly. 

• Sec tion II presents claims on foreign ers reported by 

U.S. banks and other depos i tory insti tu tions, brokers and dealers. 
CAP I TAL MOVEMENTS 71
 

Data on banks’ claims held for their own account are collected 

monthly. Infor ma tion on claims held for their domes tic custom ers as well as on foreign currency claims is collected on a 

quar terly basis only. Matu rity data are reported accord ing to 

time remain ing to matu rity. Reporting also covers certain 

items held by brokers and dealers in the United States. Beginning with the June 2001 issue, table CM-II-1 in this section has 

been revised to include a new breakout of claims on foreign ers

aris ing under resale agreements. 

• Sec tion III con tains supple men tary data on dollar liabil i ties to, and dollar claims on, countries not listed sepa rately 

on the monthly reports submit ted by banks, other depos i tory

in sti tu tions, brokers and dealers in the United States. The supple men tary reports are filed semian nu ally as of the end of June 

and Decem ber. 

• Sec tion IV shows the lia bil i ties to, and claims on, unaffil i ated foreign ers of export ers, import ers, indus trial and commer cial concerns, finan cial insti tu tions (other than banks, 

other depos i tory insti tu tions and brokers), and other 

nonbanking enter prises in the United States. Infor ma tion does 

not include accounts of nonbanking enter prises in the United 

States with their own branches and subsid iar ies abroad or with 

their foreign parent compa nies. These are reported by business 

en ter prises to Commerce on its direct invest ment forms. Data 

ex clude claims on foreign ers held through banks in the United 

States. 

• Sec tion V con tains infor ma tion on transac tions with 

for eign ers in long-term domes tic and foreign secu ri ties as reported by banks, brokers and other enti ties in the United 

States. The data cover transac tions exe cuted in the United 

States for the accounts of foreign ers and transac tions exe cuted 

abroad for the accounts of report ing insti tu tions and their domes tic custom ers. This includes transac tions in newly issued 

se cu ri ties as well as transac tions in and redemp tions of outstand ing issues. However, the data do not include nonmar ketable Treasury bonds and notes shown in table IFS-3. 

The geograph ical breakdown of the transac tions data does 

not neces sar ily reflect the domi cile of the ulti mate owners or 

the origi nal issu ers of the secu ri ties. This is because the path of 

a secu rity is not tracked prior to its being purchased from, or 

af ter it is sold to, a foreigner in a report able transac tion. That is, 

be fore it enters and after it departs the report ing system, owner ship of a secu rity may be transferred between foreign ers of 

dif fer ent countries. Such transfers may occur any number of 

times and are concealed among the net figures for U.S. transac tions oppo site indi vid ual countries. Hence, the geograph ical

break down shows only the country of domi cile of the foreign

buy ers and sellers of secu ri ties in a partic u lar round of transactions. 

NOTE: Current and histor i cal data on United States transac tions with foreign ers in long-term secu ri ties and on the gross

for eign lia bil i ties and claims reported by banks in the United 

States are available on the Treasury Inter na tional Capi tal (TIC) 

reporting system website: http://www.ustreas.gov/tic. These 

data may be downloaded as sepa rate time series for each country or geograph ical area regu larly shown in the capi tal movements tables. Also available on this website is a table on 

“Ma jor Foreign Holders of Trea sury Secu ri ties,” showing estimated total holdings of U.S. Treasury bills, bonds and notes 

for current and recent peri ods. All data series on the TIC 

website are updated on the last business day of each month. 
72 CAP I TAL MOVEMENTS 

SEC TION I.—Lia bil i ties to Foreigners Reported by Banks 

in the United States 

TA BLE CM-I-1.—Total Lia bil i ties by Type and Holder 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar 

Type of Lia bil ity year 2001 

2000 r Mar. r Apr. r May r June July Aug. Sept. p 

Total liabilities to all foreigners .............. 1,589,315 1,595,000 1,620,016 1,622,698 1,627,252 1,626,963 1,616,103 1,596,639 

Payable in dollars ....................... 1,511,380 1,505,606 1,530,622 1,533,304 1,519,682 1,519,393 1,508,533 1,489,069 

Foreign official institutions 1 .............. 297,603 309,805 302,545 281,854 283,666 295,146 289,471 297,496 

Demand deposits .................... 3,952 3,511 2,552 2,522 2,465 2,169 2,934 3,042 

Time deposits ....................... 35,573 27,959 31,985 26,625 32,752 28,121 26,441 31,971 

U.S. Treasury bills and certificates ....... 153,010 155,204 144,158 137,933 139,195 143,288 151,850 153,899 

Short-term U.S. agency obligations ...... n.a. 53,295 51,107 43,193 40,301 39,971 40,727 39,961 

Other liabilities ...................... 105,068 69,836 72,743 71,581 68,953 81,597 67,519 68,623 

Unaffiliated foreign banks and other foreigners ......................... 516,278 523,664 543,884 539,551 552,423 545,101 543,582 530,771 

Demand deposits .................... 29,372 30,384 27,644 26,586 30,340 27,731 30,715 31,184 

Time deposits ....................... 146,064 148,996 152,253 151,456 143,665 144,947 146,609 144,407 

U.S. Treasury bills and certificates ....... 24,584 16,390 16,374 17,984 17,262 17,481 18,663 19,098 

Short-term U.S. agency obligations ...... n.a. 18,022 18,292 19,100 19,646 21,368 21,957 22,051 

Other liabilities ...................... 316,258 309,872 329,321 324,425 341,510 333,574 325,638 314,031 

Banks’ own foreign offices............... 684,957 659,847 671,360 697,231 669,775 667,891 662,266 647,993 

International and regional organizations 2 ... 12,542 12,290 12,833 14,668 13,818 11,255 13,214 12,809 

Demand deposits .................... 41 23 14 15 28 50 21 36 

Time deposits ....................... 6,246 5,302 5,301 3,532 4,228 2,896 2,738 2,299 

U.S. Treasury bills and certificates ....... 252 229 170 105 68 78 92 118 

Short-term U.S. agency obligations ...... n.a. 137 144 132 134 132 117 102 

Other liabilities ...................... 6,003 6,599 7,204 10,884 9,360 8,099 10,246 10,254 

Payable in foreign currencies 3 ............. 77,935 89,394 89,394 89,394 107,570 107,570 107,570 107,570 

Sec tor: 

Banks and other foreigners ............ 76,843 87,901 87,901 87,901 104,510 104,510 104,510 104,510 

International and regional organizations... 1,092 1,493 1,493 1,493 3,060 3,060 3,060 3,060 

Ma jor foreign currencies: 

Canadian dollars ..................... n.a. n.a. n.a. n.a. 7,087 7,087 7,087 7,087 

Euro .............................. n.a. n.a. n.a. n.a. 38,866 38,866 38,866 38,866 

U.K. pounds sterling .................. n.a. n.a. n.a. n.a. 9,356 9,356 9,356 9,356 

Japanese yen ....................... n.a. n.a. n.a. n.a. 38,125 38,125 38,125 38,125 

Mem o ran da: 

Banks’ own liabilities to foreigners payable

in dollars ............................ 1,077,606 1,076,302 1,093,322 1,115,113 1,096,127 1,099,081 1,077,761 1,057,226 

Collateralized by repurchase agreements ... - 129,671 119,577 119,901 126,508 138,328 132,705 111,109 

Foreign official institutions.............. - 45,721 44,893 41,746 43,302 49,151 39,849 44,839 

Foreign banks and other foreigners ...... n.a. 82,853 73,533 76,611 82,078 88,583 91,859 65,362 

International and regional organizations... - 1,097 1,151 1,544 1,128 594 997 908 

Liabilities to foreigners reported by IBFs ..... 429,404 408,412 423,739 442,273 432,712 431,521 402,976 395,254 

Payable in dollars ..................... 384,543 359,652 374,979 393,513 378,510 377,319 348,774 341,052 

Payable in foreign currencies ............ 44,861 48,760 48,760 48,760 54,202 54,202 54,202 54,202 

Custody liabilities of domestic customers

payable in dollars...................... 433,774 429,304 437,300 418,191 423,555 420,312 430,772 431,843 

1

 Includes Bank for Inter na tional Settle ments. 3 Data as of preced ing quarter for non-quarter-end months. 2

 Principally the Inter na tional Bank for Recon struc tion and Devel op ment and the Inter-American 

De vel op ment Bank. 
CAP I TAL MOVEMENTS 73 

TA BLE CM-I-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r May r June July Aug. Sept. p 

Eu rope: 

Austria .................... 3,474 2,960 2,755 2,805 2,396 2,410 2,740 2,768 

Belgium 1 .................. 45,004 46,078 34,230 6,136 6,576 7,364 6,930 6,730 

Bulgaria ................... 776 472 367 344 314 264 1,261 264 

Czech Republic ............. 323 790 626 721 715 729 616 855 

Denmark .................. 1,720 2,357 3,134 3,038 3,152 2,685 3,383 3,332 

Finland.................... 2,098 1,749 1,412 1,144 2,395 1,574 1,003 1,267 

France .................... 49,839 58,317 41,275 46,680 49,676 52,309 49,261 47,863 

Germany .................. 30,898 29,004 41,421 35,585 42,662 42,640 38,068 30,689 

Greece.................... 2,085 3,877 2,042 1,667 1,740 2,375 2,694 2,527 

Hungary................... 911 871 1,127 760 707 729 840 717 

Ireland .................... 8,485 7,691 8,115 14,254 16,097 15,464 14,160 13,178 

Italy ...................... 10,103 9,756 6,755 7,841 8,383 7,493 6,377 7,419 

Luxembourg 1 .............. n.a. n.a. n.a. 15,765 15,437 15,044 14,887 15,541 

Netherlands ................ 12,163 9,365 7,587 12,628 11,258 13,009 13,174 12,782 

Norway ................... 788 1,363 2,310 2,588 4,585 3,541 3,962 3,566 

Poland .................... 6,053 4,274 3,649 2,993 3,313 3,579 3,526 3,864 

Portugal ................... 3,788 2,501 2,529 2,142 2,356 2,731 2,559 2,663 

Romania .................. 311 768 850 1,597 1,841 1,714 1,693 1,697 

Russia 2.................... 2,441 5,476 19,052 21,366 22,847 23,974 22,695 22,950 

Spain ..................... 16,991 11,091 8,236 8,651 7,835 7,397 7,709 9,350 

Sweden ................... 3,237 4,744 6,506 5,403 5,552 4,156 3,278 3,805 

Switzerland ................ 53,891 64,092 76,307 95,190 75,048 67,871 55,077 41,505 

Turkey .................... 4,358 7,972 7,636 7,237 5,516 6,223 7,097 6,232 

United Kingdom ............. 202,280 190,706 187,165 162,493 172,920 163,920 164,834 165,931 

Channel Islands and Isle of 

Man 3 ................... n.a. n.a. n.a. 34,839 35,228 35,252 35,979 36,306 

Yugoslavia 4 ................ 233 286 282 306 297 395 297 321 

Other Europe............... 14,384 14,778 16,518 14,621 13,829 19,316 21,587 24,498 

Total Europe .............. 476,634 481,338 481,886 508,794 512,675 504,158 485,687 468,620 

Canada..................... 34,708 40,579 36,975 32,368 31,288 31,693 33,413 31,432 

Latin America: 

Argentina .................. 19,037 18,650 19,500 12,664 16,501 13,313 11,277 15,156 

Brazil ..................... 16,483 12,944 11,726 12,009 13,755 15,538 17,310 18,148 

Chile ..................... 5,047 7,095 5,946 5,748 5,536 5,488 5,367 5,785 

Colombia .................. 4,639 5,685 4,561 4,773 4,647 4,413 4,598 4,465 

Ecuador ................... 1,575 1,959 2,117 2,145 1,987 2,151 2,176 2,123 

Guatemala................. 1,338 1,632 1,619 1,609 1,530 1,545 1,481 1,457 

Mexico .................... 38,644 32,263 33,041 33,793 34,803 36,151 39,397 38,886 

Panama ................... 3,869 4,420 4,353 3,703 3,571 3,751 3,729 3,819 

Peru...................... 843 1,143 1,444 1,547 1,618 1,603 1,530 1,470 

Uruguay................... 2,522 2,393 3,036 3,349 3,050 3,004 3,017 2,708 

Venezuela ................. 20,202 20,459 24,984 27,148 27,277 27,941 27,306 22,105 

Other Latin America 5 ........ 9,808 10,916 10,094 6,908 6,488 6,943 6,826 6,410 

Total Latin America .......... 124,007 119,559 122,421 115,396 120,763 121,841 124,014 122,532 

Ca rib bean: 

Bahamas .................. 126,029 139,425 191,061 191,552 188,470 184,845 185,764 179,258 

Bermuda .................. 7,279 8,005 9,763 7,218 7,902 8,316 7,505 7,619 

British West Indies 6 ......... 309,090 331,546 382,868 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ........... n.a. n.a. n.a. 400,791 401,522 417,709 423,157 410,021 

Cuba ..................... 62 75 90 84 85 88 45 154 

Jamaica ................... 604 547 828 1,136 999 1,011 1,003 994 

Netherlands Antilles ......... 5,308 4,205 5,454 3,412 3,904 3,219 3,282 4,517 

Trinidad and Tobago ......... 475 601 904 1,246 1,284 1,265 1,440 1,422 

Other Caribbean 5 .............. n.a. n.a. n.a. 11,709 12,389 10,340 9,738 10,830 

To tal Carib bean ........... 448,847 484,404 590,968 617,148 616,555 626,793 631,934 614,815 

See footnotes at end of table. 
74 CAP I TAL MOVEMENTS 

TA BLE CM-I-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2001 

Coun try 1998 1999 2000 r May r June July Aug. Sept. p 

Asia: 

China: 

Mainland ................. 13,441 12,325 16,531 23,156 15,390 15,586 16,023 16,886 

Taiwan................... 12,748 13,644 17,374 18,143 19,886 23,105 22,796 22,271 

Hong Kong ................. 21,779 28,260 27,011 27,558 29,375 27,038 24,033 24,782 

India ...................... 5,372 7,368 4,542 4,284 4,043 4,413 4,076 4,024 

Indonesia .................. 8,326 6,571 8,514 10,602 10,568 11,631 11,990 11,929 

Israel ..................... 7,756 7,489 8,099 8,295 8,717 8,731 7,736 8,839 

Japan ..................... 193,202 170,614 162,454 157,361 156,461 153,641 151,694 168,841 

Korea ..................... 12,525 12,991 8,049 5,976 6,792 7,412 7,092 7,769 

Lebanon ................... 1,190 1,212 681 722 569 739 744 735 

Malaysia ................... 2,392 3,851 2,335 2,010 2,138 1,672 2,276 1,550 

Pakistan ................... 847 813 1,024 1,160 1,227 1,288 1,421 1,474 

Philippines ................. 3,564 3,806 2,320 1,688 1,481 1,660 1,794 1,887 

Singapore.................. 24,838 32,840 28,648 20,269 20,165 20,737 18,952 21,337 

Syria ...................... 40 55 59 50 42 41 59 39 

Thailand ................... 7,363 6,052 3,212 3,311 3,321 3,386 3,768 3,352 

Oil-exporting countries 7 ....... 17,068 22,565 24,909 20,457 21,660 20,325 21,677 21,979 

Other Asia ................. 3,975 5,387 5,312 5,399 5,217 5,242 5,946 5,654 

Total Asia ................ 336,426 335,843 321,074 310,441 307,052 306,647 302,077 323,348 

Af rica: 

Congo (formerly Zaire) ........ 5 14 4 7 14 5 5 

Egypt ..................... 1,343 2,023 2,621 2,220 2,267 3,526 3,647 3,014 

Ghana .................... 213 147 188 107 108 159 241 183 

Liberia .................... 269 423 318 237 229 245 216 247 

Morocco ................... 97 179 148 116 102 118 165 235 

South Africa ................ 1,539 1,497 1,011 708 716 862 1,347 833 

Oil-exporting countries 8 ....... 3,177 3,010 4,141 4,823 4,727 4,431 3,921 4,513 

Other Africa ................ 2,492 2,280 2,535 2,498 2,560 2,971 2,791 2,721 

Total Africa ............... 9,135 9,573 10,966 10,716 10,723 12,317 12,333 11,748 

Other countries: 

Australia ................... 5,528 8,408 10,109 10,538 9,941 8,144 9,376 6,908 

New Zealand 9 .............. n.a. n.a. n.a. 465 872 511 527 447 

All other ................... 1,158 1,413 1,281 670 504 543 468 420 

Total other countries ........ 6,686 9,821 11,390 11,673 11,317 9,198 10,371 7,775 

Total foreign countries ..... 1,436,443 1,481,117 1,575,680 1,606,536 1,610,373 1,612,647 1,599,829 1,580,270 

International and regional orga ni za tions: 

International ................ 10,648 13,758 12,193 14,458 15,895 13,300 15,149 15,283 

European regional ........... 577 504 453 282 238 228 241 260 

Latin American regional ....... 750 1,150 740 886 418 441 509 569 

Caribbean regional 10 ......... n.a. n.a. n.a. 300 42 72 57 40 

Asian regional .............. 477 607 175 167 202 220 191 164 

African regional ............. 67 141 74 69 84 55 127 53 

Middle Eastern regional ....... - - - - - - - -

Total international 

and regional ............. 12,519 16,160 13,635 16,162 16,879 14,316 16,274 16,369 

Grand total .............. 1,448,962 1,497,277 1,589,315 1,622,698 1,627,252 1,626,963 1,616,103 1,596,639 

1

 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5

 Before Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com-
 2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- bined “Other Latin America and Carib bean.”
 

rope.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series.
 3

 Before Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates
 4

 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States).
 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya and Nige ria.
 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9

 Before Janu ary 2001, data included “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin American regional.” Re pub lic of Mace do nia.
 

2 
CAP I TAL MOVEMENTS 75
 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Sept. 30, 2001, Prelim i nary 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf- Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

To tals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

in foreign Banks’ De posits Trea sury own for- De posits U.S. Trea- held for 

Pay able cur ren- own lia­ all forli a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 sury obli ga-Other liaTo tal in dollars cies 1 bil i ties Cus tody ob li ga- Other lia- eign oftions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Eu rope: 

Austria ............. 2,768 2,398 370 1,920 478 84 499 228 1,361 9 21 157 3 36 23 

Belgium ............ 6,730 6,424 306 5,162 1,262 119 326 354 4,410 545 52 248 36 334 96 

Bulgaria ............ 264 264 - 152 112 9 24 110 102 11 3 3 1 1 -

Czech Republic ...... 855 819 36 378 441 34 55 412 174 37 10 86 11 - -

Denmark ........... 3,332 3,243 89 3,116 127 76 25 45 2,868 38 92 11 63 25 2 

Finland ............. 1,267 1,267 - 439 828 152 50 267 749 25 12 11 1 - 560 

France ............. 47,863 38,264 9,599 19,040 19,224 354 1,622 15,523 6,427 9,482 218 421 40 4,177 669 

Germany ........... 30,689 20,385 10,304 14,397 5,988 554 2,540 542 6,094 5,929 350 931 157 3,288 4,754 

Greece ............. 2,527 2,440 87 1,280 1,160 54 159 1,080 477 48 64 466 5 87 45 

Hungary ............ 717 713 4 158 555 27 - 325 337 4 8 12 - - -

Ireland ............. 13,178 13,026 152 4,543 8,483 178 187 18 617 362 185 244 359 10,876 893 

Italy ............... 7,419 5,803 1,616 5,529 274 318 680 186 2,863 1,088 141 390 20 117 9 

Luxembourg ......... 15,541 15,065 476 6,848 8,217 343 1,053 981 2,853 3,563 134 431 439 5,268 456 

Netherlands ......... 12,782 11,145 1,637 6,775 4,370 391 730 903 1,196 2,573 641 425 95 4,191 40 

Norway............. 3,566 3,565 1 3,531 34 67 - 5 3,107 19 12 26 1 328 1 

Poland ............. 3,864 3,847 17 1,099 2,748 24 205 1,733 1,583 271 6 25 - - -

Portugal ............ 2,663 2,594 69 707 1,887 42 116 1,815 212 55 128 193 4 29 4 

Romania............ 1,697 1,693 4 373 1,320 7 1 1,030 622 17 4 11 - 1 -

Russia 4............. 22,950 22,942 8 3,966 18,976 421 94 3,650 18,365 323 15 67 - 7 5 

Spain .............. 9,350 8,927 423 6,590 2,337 186 414 939 5,005 598 115 934 13 723 296 

Sweden ............ 3,805 3,760 45 1,158 2,602 96 14 962 1,368 107 48 85 156 924 1,397 

Switzerland ......... 41,505 39,576 1,929 33,523 6,053 479 1,131 2,170 5,738 27,530 250 473 1,347 458 423 

Turkey ............. 6,232 6,203 29 1,657 4,546 77 136 4,503 1,040 318 20 90 10 9 -

United Kingdom ...... 165,931 139,218 26,713 127,455 11,763 3,009 18,051 593 12,323 85,128 1,096 1,896 1,192 15,930 2,662 

Channel Islands and 

Isle of Man 5 ....... 36,306 36,072 234 36,042 30 12 1 - 143 35,717 28 120 7 44 -

Yugoslavia 6 ......... 321 321 - 321 - 11 51 - 157 - 1 18 - 83 -

Other Europe ........ 24,498 24,118 380 12,079 12,039 196 3,065 10,557 9,828 121 41 211 30 69 1 

Total Europe ....... 468,620 414,092 54,528 298,238 115,854 7,320 31,229 48,931 90,019 173,918 3,695 7,985 3,990 47,005 12,336 

Canada .............. 31,432 26,117 5,315 19,637 6,480 267 1,917 2,873 4,317 8,320 810 1,382 668 5,563 385 

Latin America: 

Argentina ........... 15,156 15,140 16 13,639 1,501 144 5,315 264 946 349 863 5,911 217 1,131 169 

Brazil .............. 18,148 16,981 1,167 15,163 1,818 163 4,662 839 3,757 1,792 689 4,562 118 399 157 

Chile............... 5,785 5,740 45 5,100 640 111 410 55 1,512 600 388 2,253 88 323 272 

Colombia ........... 4,465 4,449 16 3,957 492 31 325 - 727 29 414 2,657 134 132 335 

Ecuador ............ 2,123 2,117 6 2,047 70 34 61 - 96 113 262 1,448 11 92 37 

Guatemala .......... 1,457 1,442 15 1,363 79 50 100 2 243 1 143 861 - 42 16 

Mexico ............. 38,886 37,432 1,454 29,517 7,915 157 4,708 3,760 6,766 6,018 1,648 11,468 545 2,362 869 

Panama ............ 3,819 3,773 46 3,114 659 102 216 - 304 397 157 1,948 134 515 96 

Peru ............... 1,470 1,466 4 1,434 32 11 80 - 119 70 103 1,049 1 33 16 

Uruguay ............ 2,708 2,684 24 2,357 327 49 234 80 393 736 100 815 46 231 55 

Venezuela .......... 22,105 21,768 337 14,930 6,838 193 2,005 5,730 1,278 135 1,408 10,479 44 496 94 

Other Latin America ... 6,410 6,378 32 6,031 347 196 1,599 104 1,292 160 305 2,451 10 261 58 

Total Latin America .. 

Ca rib bean: 

122,532 119,370 3,162 98,652 20,718 1,241 19,715 10,834 17,433 10,400 6,480 45,902 1,348 6,017 2,174 

Bahamas ........... 179,258 178,257 1,001 167,154 11,103 117 1,394 219 10,652 158,303 196 2,369 571 4,436 360 

Bermuda ........... 7,619 7,533 86 4,201 3,332 39 132 178 2,048 236 248 740 431 3,481 239 

Cayman Islands ...... 410,021 392,938 17,083 266,852 126,086 49 5,554 39 107,720 225,697 320 2,926 1,385 49,248 2,053 

Cuba .............. 154 154 - 88 66 2 8 - 11 - - 60 57 16 -

Jamaica ............ 994 958 36 948 10 25 479 - 184 46 26 127 - 71 3 

Netherlands Antilles ... 4,517 4,505 12 4,261 244 19 126 6 285 319 57 409 44 3,240 4 

Trinidad and Tobago .. 1,422 1,410 12 1,305 105 55 757 - 179 112 53 150 85 19 4 

Other Caribbean ..... 10,830 10,756 74 8,155 2,601 166 440 190 1,498 770 531 4,839 920 1,402 391 

To tal Carib bean..... 614,815 596,511 18,304 452,964 143,547 472 8,890 632 122,577 385,483 1,431 11,620 3,493 61,913 3,054 

See footnotes at end of table. 
76 CAP I TAL MOVEMENTS 

TA BLE CM-I-3.—Total Lia bil i ties by Type and Country, Sept. 30, 2001, Prelim i nary, con. 

[Po si tion in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Li a bil i ties payable in dollars 

To foreign offi cial insti tu tions and unaf­ Mem oTo tal lia bil i ties fil i ated foreign banks To all other foreign ers ran dum 

Totals Short- Li a bil i ties Ne go tiaPay able term U.S. to banks’ Short-term ble CDs 

Pay able cur ren­ own lia­ Cus tody De posits Trea sury own for­ in foreign Banks’ De posits U.S. Trea­ held for

ob li ga­ Other lia­ eign of­ sury obli ga­ Other lia­ all forTo tal in dollars cies 1 bil i ties	 li a bil i ties De mand Time 2 tions 3 bil i ties fices De mand Time 2 tions 3 bil i ties eign ers 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 

Asia: 

China: 

Mainland ........... 16,886 16,886 - 8,428 8,458 764 1,413 1,119 11,963 827 81 494 17 208 27 

Taiwan ............ 22,271 22,247 24 19,144 3,103 276 5,960 2,595 8,992 847 294 2,957 22 304 200 

Hong Kong........... 24,782 24,587 195 17,076 7,511 723 1,869 186 9,176 7,345 354 2,280 62 2,592 42 

India ................ 4,024 4,024 - 1,795 2,229 196 58 1,075 1,433 677 86 168 - 331 9 

Indonesia ............ 11,929 11,928 1 1,486 10,442 193 297 10,415 309 231 182 286 - 15 6 

Israel ............... 8,839 8,818 21 4,209 4,609 129 64 4,377 1,500 508 103 1,918 14 205 46 

Japan ............... 168,841 149,452 19,389 63,397 86,055 2,165 15,907 66,239 9,653 36,082 879 1,362 160 17,005 2,590 

Korea ............... 7,769 7,723 46 3,780 3,943 317 225 2,638 1,822 2,002 54 199 1 465 28 

Lebanon ............. 735 735 - 714 21 27 25 - 550 8 10 94 13 8 7 

Malaysia............. 1,550 1,500 50 1,334 166 130 21 104 682 364 12 179 - 8 5 

Pakistan ............. 1,474 1,465 9 1,302 163 52 48 55 439 748 24 59 - 40 27 

Philippines ........... 1,887 1,884 3 1,726 158 231 68 47 830 301 84 290 3 30 10 

Singapore ........... 21,337 19,255 2,082 17,867 1,388 671 4,953 594 1,735 10,285 208 456 79 274 39 

Syria................ 39 39 - 37 2 7 - - 7 - 2 21 - 2 2 

Thailand ............. 3,352 3,347 5 1,016 2,331 147 9 2,107 337 309 33 219 139 47 8 

Other Asia ........... 27,633 26,493 1,140 19,772 6,721 1,069 2,386 3,514 10,096 7,964 244 536 225 459 676 

Total Asia .......... 

Af rica: 

323,348 300,383 22,965 163,083 137,300 7,097 33,303 95,065 59,524 68,498 2,650 11,518 735 21,993 3,722 

Congo (formerly Zaire).. 2 2 - 2 - - - - - - 1 1 - - -

Egypt ............... 3,014 3,014 - 1,363 1,651 115 103 1,430 692 198 10 413 1 52 39 

Ghana .............. 183 183 - 183 - 15 29 - 121 - 5 11 - 2 -

Liberia .............. 247 220 27 153 67 2 - - 2 - 5 144 8 59 7 

Morocco ............. 235 235 - 232 3 20 - - 187 - 6 20 - 2 -

South Africa .......... 833 810 23 748 62 57 3 - 332 166 84 101 1 66 5 

Other Africa .......... 7,234 7,145 89 5,708 1,437 801 1,546 1,324 2,337 482 165 238 20 232 13 

Total Africa ......... 11,748 11,609 139 8,389 3,220 1,010 1,681 2,754 3,671 846 276 928 30 413 64 

Other countries: 

Australia............. 6,908 6,822 86 2,400 4,422 510 51 1,535 3,050 411 846 90 53 276 1,480 

New Zealand ......... 447 437 10 420 17 45 1 6 248 9 32 85 - 11 -

All other ............. 420 419 1 368 51 8 - 50 135 108 36 81 - 1 1 

Total other 

countries.......... 

Total foreign

countries ........ 

In ter na tional and regional orga ni za tions: 

International.......... 

European regional ..... 

Latin American regional . 

Caribbean regional .... 

Asian regional ........ 

African regional ....... 

Middle Eastern 

regional ............ 

Total international 

and regional ....... 

Grand total ........ 

7,775 7,678 97 3,188 4,490 563 52 1,591 3,433 528 914 256 53 288 1,481 

1,580,270 1,475,760 104,510 1,044,151 431,609 17,970 96,787 

15,283 12,224 3,059 12,223 1 - -

260 259 1 39 220 - -

569 569 - 556 13 - -

40 40 - 40 - - -

164 164 - 164 - - -

53 53 - 53 - - -

- - - - - - -

162,680 300,974 647,993 

- - -

- - -

- - -

- - -

- - -

- - -

- - -

16,256 79,591 10,317 143,192 23,216 

23 2,091 - 10,110 -

9 7 118 125 -

2 163 - 404 

- - - 40 -

1 1 - 162 -

1 37 - 15 -

- - - - -

16,369 13,309 3,060 13,075 234 - - - - - 36 2,299 118 10,856 12 

1,596,639 1,489,069 107,570 1,057,226 431,843 17,970 96,787 162,680 300,974 647,993 16,292 81,890 10,435 154,048 23,228 

1 These data as of June 30, 2001. 5

 Before Janu ary 2001, data included in United Kingdom. 2

 Excludes nego tia ble time certif i cates of deposit, which are included in “Other Lia bilities.” 6 Includes Serbia and Montenegro, which presently form an entity not formally recog nized by 3

 U.S. Treasury bills and certif i cates held in custody for the account of oil-exporting countries in 	 the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states 

“Other Asia” and “Other Africa” amount to $1,972 million. by the United States are reported under “Other Europe” as follows: since Decem ber 1992 for

4

 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Eu- Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former Yugo slav

Re pub lic of Mace do nia. rope.” 

12 
CAP I TAL MOVEMENTS 77 

CHART CM-A.—U.S. Lia bil i ties to Foreigners

Re ported by U.S. Banks, Brokers and Dealers 

with Respect to Selected Countries 

700 

(In billions of dollars) 

In the first nine months of 2001, 

U.S. banking lia bil i ties increased 

$7 billion, follow ing a $92 billion

in crease last year. In both years, 

600 the increases were due to in- creases oppo site the Carib bean fi­ nan cial centers. 

500 U.S. banking lia bil i ties to foreign­ ers, exclud ing long-term secu ri­ ties, are concen trated in

in ter na tional finan cial centers. The 

400 data on this page show that nearly

one-half of U.S. banking lia bil i ties

cur rently is reported oppo site the 

United Kingdom and the banking 

300 cen ters in the Carib bean. For­ eigners domi ciled in the rest of

Eu rope and in Asia hold an addi­ tional 40 percent. 

200 

U.S. banking lia bil i ties in the 

mid-1990s went through a growth

spurt. The annual growth rate be100 tween 1993 and 1997 aver aged 10

per cent. From 1998 to 2000, 

growth slowed to about 5 percent 

per year, more in line with the

1989 through 1992 period. This 0 year, growth has slowed consid er­ 1997 1998 1999 2000 Sept. 2001 ably. 

United Kingdom All other Europe Ca rib bean banking centers 

Ja pan All other Asia All other countries

United Kingdom. ............. 212,790 202,280 190,706 187,165 165,931 

All other Europe. ............. 274,671 274,354 290,632 294,721 302,689 

Caribbean banking centers1,2 .... 414,642 451,575 487,601 593,499 605,234 

Japan. ..................... 172,352 193,202 170,614 162,454 168,841 

All other Asia ................ 128,650 143,224 165,229 158,620 154,507 

Subtotal ................... 1,203,105 1,264,635 1,304,782 1,396,459 1,397,202 

All other countries. ............ 197,446 184,327 192,495 192,856 199,437 

Grand total ................ 1,400,551 1,448,962 1,497,277 1,589,315 1,596,639 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 Sept. 2001 
78 CAP I TAL MOVEMENTS 

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

TA BLE CM-II-1.—Total Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Cal en dar year 

Type of claim 1998 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Total claims ...................... 974,771 1,033,128 1,106,134 1,115,285 1,105,021 1,177,315 1,296,774 1,284,302 

Payable in dollars................. 875,891 944,937 1,020,889 1,028,621 1,025,543 1,095,899 1,202,490 1,185,758 

Banks’ own claims on foreigners.... 734,995 793,139 823,085 844,105 855,492 904,697 980,742 990,698 

Foreign public borrowers ........ 19,925 30,527 31,856 36,081 35,152 33,221 46,347 47,495 

Un af fil i ated foreign banks: 

Deposits.................... 27,230 34,538 24,377 22,371 23,765 23,886 19,948 22,106 

Other ...................... 78,976 62,648 65,599 66,331 63,023 71,391 81,770 69,307 

Own foreign offices .............. 484,535 529,682 566,207 575,022 592,669 630,137 670,952 686,065 

All other foreigners .............. 124,329 135,744 135,046 144,300 140,883 146,062 161,725 165,725 

Claims of banks’ 

domestic customers ............ 140,896 151,798 197,804 184,516 170,051 191,202 221,748 195,060 

Deposits ..................... 79,363 88,006 129,765 106,464 87,882 100,327 116,370 97,778 

Negotiable and readily

transferable instruments ....... 47,914 51,161 56,032 62,975 70,334 78,147 92,013 81,034 

Collections and other ........... 13,619 12,631 12,007 15,077 11,835 12,728 13,365 16,248 

Payable in foreign currencies........ 98,880 88,191 85,245 86,664 79,478 81,416 94,284 98,544 

Banks’ own claims on foreign ers 

of which ................... 78,162 67,365 63,492 67,862 60,355 57,005 73,179 77,400 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. - 5,405 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. - 31,582 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. n.a. - 10,412 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. - 9,526 

Claims of banks’ 

domestic customers 

of which .................. 20,718 20,826 21,753 18,802 19,123 24,411 21,105 21,144 

Canadian dollars .......... n.a. n.a. n.a. n.a. n.a. n.a. - 811 

Euros ................... n.a. n.a. n.a. n.a. n.a. n.a. - 6,378 

U.K. pounds sterling........ n.a. n.a. n.a. n.a. n.a. n.a. - 2,114 

Japanese yen............. n.a. n.a. n.a. n.a. n.a. n.a. - 874 

Mem o ran da: 

Claims reported by IBFs ........... 252,310 274,611 305,714 294,048 307,145 309,008 325,559 341,561 

Payable in dollars .............. 217,416 243,765 274,265 261,072 277,410 281,762 293,841 312,627 

Payable in foreign currencies ..... 34,894 30,846 31,449 32,976 29,735 27,246 31,718 28,934 

Customer liability on acceptances .... 4,520 4,553 4,462 5,055 4,701 4,258 2,993 3,054 

Collateralized by resale agreements .. n.a. n.a. n.a. n.a. n.a. n.a. 134,083 129,693 

Foreign public borrowers ........ n.a. n.a. n.a. n.a. n.a. n.a. 27,964 28,463 

For eign banks and other foreign ers .. n.a. n.a. n.a. n.a. n.a. n.a. 103,575 96,770 

International and regional orgs. ... n.a. n.a. n.a. n.a. n.a. n.a. 2,544 4,460 

Claims with remain ing matu rity of 1 year or less: 

On foreign public borrowers ....... 10,095 18,328 19,250 21,001 19,713 17,443 21,615 23,206 

On all other unaffiliated foreigners .. 176,431 169,566 156,163 160,641 154,226 168,648 173,436 168,500 

Claims with remain ing matu rity of more than 1 year: 

On foreign public borrowers ....... 9,798 11,933 12,729 15,025 14,886 15,108 24,301 23,730 

On all other unaffiliated foreigners .. 54,094 67,255 68,394 72,065 73,621 72,798 88,264 86,536 
CAP I TAL MOVEMENTS 79 

TA BLE CM-II-2.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Country 

Cal en dar year 

1998 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Eu rope: 

Austria ...................... 2,744 4,651 6,539 5,601 6,570 4,862 4,728 4,405 

Belgium 1 ..................... 11,989 15,774 15,246 12,692 10,769 9,957 6,962 6,200 

Bulgaria ..................... 3 7 4 3 6 23 7 2 

Czech Republic ............... 162 152 113 183 140 139 179 130 

Denmark .................... 4,367 3,223 2,393 4,840 5,310 4,923 7,086 6,693 

Finland ...................... 1,292 2,426 2,520 3,272 4,258 8,691 7,924 9,173 

France ...................... 27,708 36,433 42,141 41,877 38,826 53,007 62,158 70,406 

Germany .................... 46,117 58,385 68,707 62,081 57,955 70,564 82,015 83,506 

Greece ...................... 1,072 1,165 1,296 1,115 1,079 1,247 784 868 

Hungary ..................... 54 37 44 33 46 41 25 19 

Ireland ...................... 5,495 4,612 6,741 7,830 6,196 6,970 5,264 3,852 

Italy ........................ 13,064 12,765 11,032 13,592 11,126 12,586 10,743 12,410 

Luxembourg 1 ................. n.a. n.a. n.a. n.a. n.a. n.a. 3,884 8,529 

Netherlands .................. 15,875 19,928 22,917 22,913 23,089 22,974 30,918 24,961 

Norway...................... 1,560 1,160 2,630 3,036 5,613 5,655 9,013 7,301 

Poland ...................... 706 1,219 435 403 240 434 397 192 

Portugal ..................... 866 1,927 1,539 2,217 2,195 2,105 1,934 2,106 

Romania..................... 59 68 66 64 79 80 91 61 

Russia 2 ...................... 858 731 725 763 661 690 1,147 1,091 

Spain ....................... 7,760 5,400 4,702 5,029 4,163 4,531 7,529 5,392 

Sweden ..................... 9,196 8,508 14,407 15,326 15,295 15,985 19,379 18,847 

Switzerland .................. 53,678 85,388 120,883 96,171 105,416 87,736 111,214 124,159 

Turkey ...................... 3,781 9,906 9,596 4,741 4,254 4,455 4,369 3,983 

United Kingdom ............... 162,874 172,345 186,718 210,736 209,012 223,976 258,891 256,100 

Channel Islands and Isle of Man 3 . n.a. n.a. n.a. n.a. n.a. n.a. 3,352 3,276 

Yugoslavia 4 .................. 62 50 50 49 49 50 49 49 

Other Europe ................. 5,430 9,515 8,529 8,957 9,307 7,029 8,376 6,605 

Total Europe ................ 376,772 455,775 529,973 523,524 521,654 548,710 648,418 660,316 

Canada ....................... 73,578 56,906 61,729 62,337 54,604 55,929 64,491 68,016 

Latin America: 

Argentina .................... 10,909 11,486 11,477 11,803 12,322 12,938 12,640 13,260 

Brazil ....................... 18,195 18,733 17,260 18,971 20,184 22,130 21,362 22,959 

Chile........................ 8,498 6,743 6,666 6,311 6,114 6,067 6,118 5,603 

Colombia .................... 6,671 4,543 3,954 3,808 3,870 4,388 4,044 3,657 

Ecuador ..................... 1,461 780 701 626 640 651 550 538 

Guatemala ................... 1,149 1,162 1,205 1,255 1,252 1,279 1,198 1,229 

Mexico ...................... 24,011 19,160 17,948 17,798 17,374 18,247 18,191 17,874 

Panama ..................... 3,742 3,512 3,126 3,289 3,040 3,239 3,235 3,389 

Peru ........................ 3,296 2,559 2,251 2,492 2,719 2,823 2,827 2,579 

Uruguay ..................... 1,156 822 786 641 744 702 458 446 

Venezuela ................... 3,217 3,720 3,799 3,601 3,593 3,749 3,450 3,124 

Other Latin America 5 ........... 5,109 5,135 5,376 5,260 4,969 5,277 3,571 3,103 

To tal Latin America .......... 87,414 78,355 74,549 75,855 76,821 81,490 77,644 77,761 

Ca rib bean: 

Bahamas.................... 100,955 112,826 111,906 112,818 109,297 132,681 121,521 110,733 

Bermuda .................... 5,418 8,117 7,476 6,369 6,530 9,485 8,280 6,799 

British West Indies 6 ........... 187,464 210,411 212,021 216,609 219,416 237,947 n.a. n.a. 

Cayman Islands 6.............. n.a. n.a. n.a. n.a. n.a. n.a. 250,537 241,420 

Netherlands Antilles ........... 6,816 6,051 6,415 6,513 5,783 5,812 6,961 5,802 

Trinidad and Tobago........... 461 609 637 685 599 609 710 949 

Other Caribbean 5 ............. n.a. n.a. n.a. n.a. n.a. n.a. 5,200 4,380 

Total Caribbean ............... 301,361 338,313 338,787 343,290 341,966 386,889 393,557 370,384 

See footnotes at end of table. 
80 CAP I TAL MOVEMENTS 

TA BLE CM-II-2.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

1999 2000 2001 

Country 

Cal en dar year 

1998 Dec. Mar. r June r Sept. r Dec. r Mar. June p 

Asia: 

China: 

Mainland ................... 1,297 2,160 3,203 1,719 1,558 1,668 1,426 4,453 

Taiwan..................... 1,196 1,639 1,369 1,763 3,150 2,720 1,985 2,657 

Hong Kong ................... 10,408 6,580 5,215 5,320 7,203 7,346 11,459 9,539 

India ........................ 1,600 1,874 1,880 2,047 2,144 2,346 1,962 1,763 

Indonesia .................... 2,239 1,853 1,903 1,905 2,034 1,944 2,042 1,972 

Israel ....................... 4,586 5,061 6,559 4,632 4,127 5,588 5,196 5,149 

Japan ....................... 55,170 34,627 33,064 37,908 39,825 39,185 45,397 39,858 

Korea ....................... 8,432 9,625 11,894 16,187 14,708 8,069 12,485 11,454 

Lebanon ..................... 35 29 27 55 36 39 63 58 

Malaysia ..................... 1,096 1,092 1,136 1,031 1,047 849 986 869 

Pakistan ..................... 645 405 526 670 742 165 426 547 

Philippines ................... 1,664 1,466 1,718 1,918 1,545 1,833 1,240 1,874 

Singapore.................... 7,591 3,988 2,809 3,778 3,108 4,576 2,821 1,768 

Syria........................ 1 - 3 1 2 12 2 3 

Thailand ..................... 1,885 1,556 1,181 1,289 1,123 1,404 1,308 1,598 

Oil-exporting countries 7 ......... 20,132 15,502 12,588 12,996 10,838 10,627 10,301 10,308 

Other Asia ................... 281 437 511 332 310 324 274 314 

Total Asia .................. 118,258 87,894 85,586 93,551 93,500 88,695 99,373 94,184 

Af rica: 

Congo (formerly Zaire).......... 1 25 2 3 1 - - -

Egypt ....................... 320 308 320 272 199 228 367 551 

Ghana ...................... 26 22 18 16 18 18 90 

Liberia ...................... 627 513 553 525 591 545 356 476 

Morocco ..................... 446 377 304 287 290 241 229 211 

South Africa .................. 768 714 473 827 400 378 604 579 

Oil-exporting countries 8 ........ 936 277 198 431 917 477 221 147 

Other Africa .................. 379 276 282 285 280 357 393 324 

Total Africa ................. 3,503 2,512 2,150 2,646 2,696 2,244 2,260 2,308 

Other countries: 

Australia ..................... 9,459 8,308 8,466 9,056 8,313 8,245 7,521 5,824 

New Zealand 9 ................ n.a. n.a. n.a. n.a. n.a. n.a. 509 614 

All other ..................... 806 486 585 303 602 427 153 182 

Total other 

countries .................. 10,265 8,794 9,051 9,359 8,915 8,672 8,183 6,620 

Total foreign

countries ................ 971,151 1,028,549 1,101,825 1,110,562 1,100,156 1,172,629 1,293,926 1,279,589 

In ter na tional and regional orgs.: 

International .................. 3,499 4,555 4,294 4,677 4,544 4,582 2,794 4,252 

European regional ............. 42 10 - 5 42 - 10 

Latin American regional ......... 79 14 15 41 78 104 44 105 

Caribbean regional 10 ........... n.a. n.a. n.a. n.a. n.a. n.a. - -

Asian regional ................ - - - - 201 - - 348 

African regional ............... - - - - - - - -

Middle Eastern regional ......... - - - - - - - -

Total international 

and regional ............... 3,620 4,579 4,309 4,723 4,865 4,686 2,848 4,713 

Grand total ................ 974,771 1,033,128 1,106,134 1,115,285 1,105,021 1,177,315 1,296,774 1,284,302 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other bined “Other Latin America and Carib bean.”

Eu rope.” 6 Before Janu ary 2001, data for Cayman Islands included in British West Indies. 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the (Trucial States). 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 8 Includes Alge ria, Gabon, Libya, and Nige ria. 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 9 Before Janu ary 2001, data included in “All other.” Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav 10 Before Janu ary 2001, included in “Latin Ameri can regional.” Re pub lic of Mace do nia. 

20 

8 
CAP I TAL MOVEMENTS 81 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2001 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign Coun try To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

Eu rope: 

Austria ................ 4,405 3,294 2,868 2 424 - 1,111 1,060 51 

Belgium 1............... 6,200 4,385 3,781 473 131 - 1,815 1,654 161 

Bulgaria ............... 2 - - - - - 2 2 -

Czech Republic ......... 130 130 69 56 5 - - - -

Denmark............... 6,693 2,946 1,506 762 678 - 3,747 3,673 74 

Finland ................ 9,173 8,844 246 8,214 384 - 329 268 61 

France ................ 70,406 59,192 10,161 38,674 10,357 8 11,214 9,690 1,524 

Germany .............. 83,506 62,008 14,434 36,808 10,766 4 21,498 18,552 2,946 

Greece ................ 868 722 313 - 409 7 146 146 -

Hungary ............... 19 16 - 10 6 - 3 - 3 

Ireland ................ 3,852 3,387 2,356 340 691 - 465 336 129 

Italy................... 12,410 10,498 4,005 4,106 2,387 2 1,912 1,680 232 

Luxembourg 1 ........... 8,529 2,251 960 325 966 9 6,278 1,527 4,751 

Netherlands ............ 24,961 19,598 10,859 6,134 2,605 1 5,363 5,249 114 

Norway................ 7,301 6,531 6,502 - 29 - 770 753 17 

Poland ................ 192 188 146 15 27 - 4 1 3 

Portugal ............... 2,106 1,712 877 427 408 - 394 365 29 

Romania............... 61 61 54 - 7 - - - -

Russia 2................ 1,091 922 911 - 11 - 169 13 156 

Spain ................. 5,392 4,555 2,259 1,335 961 1 837 802 35 

Sweden ............... 18,847 11,334 3,031 8,018 285 - 7,513 7,126 387 

Switzerland............. 124,159 113,871 4,446 107,046 2,379 18 10,288 10,088 200 

Turkey ................ 3,983 2,645 2,432 98 115 125 1,338 1,258 80 

United Kingdom ......... 256,100 180,079 45,426 116,294 18,359 - 76,021 69,971 6,050 

Channel Islands and Isle of 

Man 3 ................ 3,276 3,276 979 2,296 1 - - - -

Yugoslavia 4 ............ 49 49 49 - - - - - -

Other Europe ........... 6,605 2,200 1,906 8 286 - 4,405 4,141 264 

Total Europe .......... 660,316 504,694 120,576 331,441 52,677 175 155,622 138,355 17,267 

Canada ................. 68,016 56,787 12,678 37,475 6,634 7 11,229 10,054 1,175 

Latin America: 

Argentina .............. 13,260 12,682 10,534 1,389 759 19 578 471 107 

Brazil ................. 22,959 21,989 14,310 7,228 451 204 970 748 222 

Chile .................. 5,603 5,540 5,313 138 89 3 63 63 -

Colombia .............. 3,657 3,645 3,513 128 4 12 12 11 1 

Ecuador ............... 538 527 476 47 4 3 11 11 -

Guatemala ............. 1,229 1,218 1,093 106 19 17 11 11 -

Mexico ................ 17,874 17,572 17,305 80 187 225 302 266 36 

Panama ............... 3,389 3,287 1,972 1,114 201 24 102 102 -

Peru .................. 2,579 2,573 2,084 482 7 13 6 6 -

Uruguay ............... 446 415 321 77 17 - 31 31 -

Venezuela ............. 3,124 3,108 2,934 48 126 10 16 16 -

Other Latin America 5 .... 3,103 3,078 2,797 274 7 40 25 25 -

Total Latin America ...... 77,761 75,634 62,652 11,111 1,871 570 2,127 1,761 366 

Ca rib bean: 

Bahamas .............. 110,733 107,861 6,861 98,911 2,089 8 2,872 2,872 -

Bermuda............... 6,799 5,884 5,794 8 82 - 915 914 1 

Cayman Islands 6 ........ 241,420 208,938 42,010 158,139 8,789 18 32,482 32,278 204 

Cuba.................. - - - - - - - - -

Jamaica ............... 301 301 270 31 - - - - -

Netherlands Antilles ...... 5,802 5,791 1,351 4,398 42 - 11 10 1 

Trinidad and Tobago ..... 949 946 592 354 - 1 3 - 3 

Other Caribbean 5 ....... 4,380 4,379 2,918 922 539 12 1 1 -

Total Caribbean ......... 370,384 334,100 59,796 262,763 11,541 39 36,284 36,075 209 

See footnotes at end of table. 
82 CAP I TAL MOVEMENTS 

TA BLE CM-II-3.—Total Claims on Foreigners by Type and Country, June 30, 2001, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Re porting banks’ own claims 

On foreign
 Mem o ran dum Claims of banks’ domes tic custom ers

pub lic bor­ row ers and
 Pay able in Cus tomers’ Pay able in

To tal banks’ un af fil i ated On own for-
 for eign li a bil ity on Pay able in for eign To tal claims own claims for eign ers eign offices
 cur ren cies ac cep tan ces To tal dol lars cur ren cies 

Coun try (1) (2) (3) (4) (5) (6) (7) (8) (9) 

Asia: 

China: 

Mainland ............. 4,453 4,392 4,341 46 5 26 61 60 1 

Taiwan .............. 2,657 2,597 2,073 451 73 3 60 23 37 

Hong Kong............. 9,539 9,458 6,958 2,291 209 12 81 67 14 

India .................. 1,763 1,635 1,422 212 1 11 128 122 6 

Indonesia .............. 1,972 1,967 1,876 56 35 2 5 5 -

Israel ................. 5,149 2,418 1,846 571 1 1 2,731 2,729 2 

Japan ................. 39,858 34,428 6,002 26,336 2,090 39 5,430 3,706 1,724 

Korea ................. 11,454 11,292 8,746 2,512 34 1,954 162 72 90 

Lebanon............... 58 48 45 3 - - 10 10 -

Malaysia............... 869 846 694 144 8 2 23 7 16 

Pakistan ............... 547 546 70 476 - - 1 1 -

Philippines ............. 1,874 1,866 1,795 36 35 31 8 8 -

Singapore ............. 1,768 1,711 1,277 295 139 - 57 33 24 

Syria.................. 3 2 2 - - - 1 1 -

Thailand ............... 1,598 1,569 734 807 28 7 29 19 10 

Other Asia ............. 10,622 10,314 1,514 7,296 1,504 41 308 308 -

Total Asia ............ 94,184 85,089 39,395 41,532 4,162 2,129 9,095 7,171 1,924 

Af rica: 

Congo (formerly Zaire).... - - - - - - - - -

Egypt ................. 551 532 281 249 2 41 19 19 -

Ghana ................ 20 11 11 - - 1 9 9 -

Liberia ................ 476 476 476 - - - - - -

Morocco ............... 211 200 174 1 25 - 11 11 -

South Africa ............ 579 540 423 105 12 38 39 27 12 

Other Africa ............ 471 412 381 31 - 1 59 59 -

Total Africa ........... 2,308 2,171 1,746 386 39 81 137 125 12 

Other countries: 

Australia............... 5,824 4,274 2,784 1,337 153 52 1,550 1,378 172 

New Zealand 7 .......... 614 602 278 1 323 - 12 1 11 

All other ............... 182 49 30 19 - 1 133 133 -

Total other 

countries............ 6,620 4,925 3,092 1,357 476 53 1,695 1,512 183 

Total foreign

countries .......... 1,279,589 1,063,400 299,935 686,065 77,400 3,054 216,189 195,053 21,136 

In ter na tional

and regional orgs.: 

International ............ 4,252 4,245 4,245 - - - 7 7 -

European regional ....... 8 - - - - - 8 - 8 

Latin American regional ... 105 105 105 - - - - - -

Caribbean regional 8 ..... - - - - - - - - -

Asian regional .......... 348 348 348 - - - - - -

African regional ......... - - - - - - - - -

Middle Eastern regional ... - - - - - - - - -

Total international 

and regional ......... 4,713 4,698 4,698 - - - 15 7 8 

Grand total .......... 1,284,302 1,068,098 304,633 686,065 77,400 3,054 216,204 195,060 21,144 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former Yugo slav

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other Re pub lic of Mace do nia.

Eu rope.” 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com3 Be fore Janu ary 2001, data included in United Kingdom. bined “Other Latin America and Carib bean.” 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by the 6 Be fore Janu ary 2001, data for Cayman Islands included in British West Indies. 

United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent states by 7 Be fore Janu ary 2001, data included in “All other.”. 

the United States are reported under “Other Europe” as follows: since Decem ber 1992 for 8 Before Janu ary 2001, included in “Latin Ameri can regional.” 
CAP I TAL MOVEMENTS 83 

CHART CM-B.—U.S. Claims on Foreign ers
 Re ported by U.S. Banks, Brokers and Dealers with Respect to Selected Countries
 

In the first half of 2001, U.S. banking 500	 

(In billions of dollars) 

claims on foreign ers increased $107

bil lion, due to a $112 billion increase

op po site Europe. Last year, banking

claims on foreign ers increased $144

bil lion, due to strong increases in 

400	 claims oppo site Europe and the

bank ing centers in the Carib bean. 

U.S. banking claims on foreign ers,

ex clud ing long-term secu ri ties, are

con cen trated in inter na tional finan300	 cial centers. The data on this page

show that over three-quarters of U.S.

claims currently are reported oppo­ site the United Kingdom, “All other

Eu rope,” and the banking centers in 

the Carib bean. Foreigners domi ciled 

200	 in Asia hold less than 10 percent of 

U.S. claims, down from 20 percent at 

the end of 1996. 

Af ter extremely strong growth in the

mid-1990s, total U.S. banking claims 

100	 on foreign ers leveled off in 1998 and 

1999, growing at only about 5 per- cent per year. In 2000, growth

reached 14 percent, matching the 

growth rate of 1997. This year,

claims are growing even faster. 

0 

1997 1998 1999 2000 June 2001 

All other Europe 

All other Asia 

United Kingdom Ca rib bean banking centers 

Ja pan All other countries 

United Kingdom ................... 151,645 162,874 172,345 223,976 256,100 

All other Europe. .................. 176,991 213,888 283,430 324,734 404,216 

Caribbean banking centers1,2. ........ 297,995 304,395 340,917 389,164 368,143 

Japan. .......................... 86,759 55,170 34,627 39,185 39,858 

All other Asia...................... 79,301 63,088 53,267 49,510 54,326 

Subtotal ........................ 792,691 799,415 884,586 1,026,569 1,122,643 

All other countries. ................. 151,390 175,356 148,542 150,746 161,659 

Grand total ..................... 944,081 974,771 1,033,128 1,177,315 1,284,302 

1

 Includes Baha mas, Bermuda, British West Indies, Nether lands Antil les and Panama. 2

 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in report ing format. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar years 

Coun try 1997 1998 1999 2000 June 2001 
84 CAP I TAL MOVEMENTS 

SEC TION III.—Sup ple men tary Lia bil i ties and Claims Data 

Re ported by Banks in the United States 

TA BLE CM-III-1.—Dol lar Lia bil i ties to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regu larly Reported Sepa rately 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Total lia bil i ties Total banks’ own claims 

Calen dar year 2001 Calen dar year 2001 

Country 1999 2000 June 1999 2000 June 

Other Europe: 

Cyprus .............................. 332 140 238 63 42 n.a. 

Iceland .............................. 63 116 73 11 13 11 

Monaco ............................. 179 161 169 n.a. n.a. 61 

Other Latin America and Carib bean: 

Aruba ............................... 295 366 141 n.a. n.a. n.a. 

Barbados ............................ 1,693 1,306 1,402 813 629 829 

Belize ............................... 103 149 187 n.a. 42 71 

Bolivia .............................. 726 800 760 582 367 341 

Costa Rica ........................... 1,403 1,374 1,381 586 647 769 

Dominica ............................ 66 51 86 13 37 9 

Dominican Republic .................... 1,760 1,617 1,550 787 952 965 

El Salvador........................... 982 633 744 965 1,029 1,060 

French West Indies and French Guiana .... 52 51 77 7 n.a. n.a. 

Haiti ................................ 345 297 327 16 53 33 

Honduras ............................ 1,537 1,674 1,779 328 287 262 

Nicaragua............................ 114 127 127 60 98 97 

Paraguay ............................ 886 824 857 98 88 100 

Suriname ............................ 178 173 217 67 50 n.a. 

Other Asia: 

Afghanistan .......................... 61 55 59 - - -

Burma .............................. 5 5 5 - - -

Jordan .............................. 512 391 423 59 66 84 

Macau .............................. n.a. 62 54 n.a. n.a. -

Sri Lanka ............................ 221 208 284 n.a. 29 55 

Yemen .............................. 368 325 339 n.a. 4 -

Other Africa: 

Angola .............................. 203 390 526 n.a. n.a. n.a. 

Cameroon ........................... 19 23 17 8 7 n.a. 

Ethiopia ............................. n.a. 137 178 n.a. n.a. n.a. 

Guinea .............................. 28 40 48 - - n.a. 

Ivory Coast........................... 55 74 56 n.a. 20 n.a. 

Kenya............................... 228 116 122 22 5 12 

Madagascar .......................... 26 n.a. n.a. - n.a. -

Mauritius ............................ 125 116 188 4 n.a. n.a. 

Mozambique ......................... 110 199 118 3 n.a. -

Niger ............................... 4 3 n.a. n.a. n.a. -

Rwanda ............................. 57 66 41 n.a. n.a. -

Senegal ............................. 32 18 17 n.a. 16 n.a. 

Somalia ............................. 16 13 13 - - -

Sudan .............................. 11 12 11 n.a. n.a. -

Tanzania ............................ 214 294 188 n.a. 3 2 

Tunisia .............................. 124 66 65 n.a. 100 103 

Uganda ............................. 121 95 79 n.a. 1 -

Zambia .............................. 52 107 66 n.a. n.a. -

Zimbabwe ........................... 73 56 63 n.a. n.a. n.a. 

All other: 

New Zealand1 ........................ 774 718 n.a. 215 148 n.a. 

Papua New Guinea .................... n.a. n.a. n.a. 27 27 n.a. 

1

 Begin ning Janu ary 2001, the New Zealand line shifted to monthly and quarterly reports of Note.—Data repre sent a partial breakdown of the amounts shown for the corre spond ing 

U.S. banking lia bil i ties and claims. See Capi tal Movements Sections I and II.	 dates for the “Other” geograph ical cate go ries in the regu lar monthly series in the “Treasury

Bul le tin.” 
CAP I TAL MOVEMENTS 85 

SEC TION IV.—Lia bil i ties to, and Claims on, Foreigners

Re ported by Nonbanking Business Enter prises 

in the United States 

TA BLE CM-IV-1.—Total Lia bil i ties and Claims by Type 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Cal en dar year 2000 2001 

Type of lia bil ity or claim 1997 1998 1999 June Sept. Dec. Mar. June p 

Total liabilities....................... 57,382 46,570 53,020 70,534 76,644 73,904 73,823 68,519 

Payable in dollars .................. 41,543 36,668 37,605 47,864 51,451 48,931 46,694 42,225 

Financial ........................ 12,630 10,371 13,883 22,803 26,159 25,246 23,369 18,061 

Com mer cial: 

Trade payables ................. 9,599 10,133 11,720 12,691 12,936 12,162 10,789 12,077 

Advance receipts and other ........ 19,314 16,164 12,002 12,370 12,356 11,523 12,536 12,087 

Payable in foreign currencies ......... 15,839 9,902 15,415 22,670 25,193 24,973 27,129 26,294 

Financial ........................ 14,247 8,884 14,097 21,265 23,736 22,173 24,607 24,253 

Com mer cial: 

Trade payables ................. 1,305 845 1,114 1,073 982 2,131 1,692 1,136 

Advance receipts and other ........ 287 173 204 332 475 669 830 905 

Total claims ........................ 68,128 77,462 76,642 80,731 94,803 90,157 108,706 98,038 

Payable in dollars .................. 62,173 72,171 69,170 72,300 82,872 79,558 95,933 88,258 

Fi nan cial: 

Deposits ....................... 21,060 28,549 16,373 15,361 27,974 21,015 26,944 27,380 

Other ......................... 11,806 14,049 18,593 22,384 20,541 25,142 37,480 27,862 

Com mer cial: 

Trade receivables................ 26,157 25,743 30,624 29,590 29,568 30,007 27,782 28,833 

Advance payments and other....... 3,150 3,830 3,580 4,965 4,789 3,394 3,727 4,183 

Payable in foreign currencies ......... 5,955 5,291 7,472 8,431 11,931 10,599 12,773 9,780 

Fi nan cial: 

Deposits ....................... 1,849 1,650 2,193 2,101 2,954 2,359 2,175 2,207 

Other ......................... 2,244 2,012 3,072 4,457 6,834 4,515 7,419 4,472 

Com mer cial: 

Trade receivables................ 1,379 1,459 1,978 1,693 1,962 3,097 2,414 2,336 

Advance payments and other....... 483 170 229 180 181 628 765 765 
86 CAP I TAL MOVEMENTS 

TA BLE CM-IV-2.—Total Lia bil i ties by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 June Sept. Dec. Mar. June p 

Eu rope: 

Austria ...................... 67 112 118 112 95 131 111 147 138 

Belgium-Luxembourg .......... 1,111 852 357 171 341 370 440 363 395 

Bulgaria ..................... 2 5 3 - 2 1 2 2 1 

Czech Republic ............... 22 38 105 26 26 25 7 9 7 

Denmark .................... 93 170 132 105 131 173 149 118 107 

Finland ..................... 161 281 83 48 47 42 91 61 76 

France ...................... 1,771 2,189 2,017 2,331 2,413 2,015 2,459 2,242 1,887 

Germany .................... 2,836 3,232 3,455 3,105 2,619 3,155 3,215 3,606 3,480 

Greece ..................... 72 89 120 141 223 356 400 464 321 

Hungary .................... 12 13 3 9 5 11 8 8 6 

Ireland ...................... 449 1,136 1,307 827 2,513 1,184 1,216 1,216 1,161 

Italy ........................ 911 923 1,177 749 1,515 1,537 1,773 1,557 1,690 

Netherlands.................. 1,322 933 1,835 2,503 2,597 2,464 2,316 2,518 2,106 

Norway ..................... 424 242 188 266 185 195 286 314 362 

Poland ...................... 30 7 11 46 81 48 42 52 40 

Portugal..................... 33 36 29 34 16 15 16 17 12 

Romania .................... 9 165 149 159 184 180 178 24 22 

Russia 1 ..................... 105 115 82 251 122 34 91 57 40 

Spain....................... 222 334 546 501 478 381 468 742 298 

Sweden ..................... 204 244 171 158 147 145 117 102 111 

Switzerland .................. 1,323 936 654 773 702 825 606 726 790 

Turkey ...................... 129 285 211 384 511 543 408 327 166 

United Kingdom .............. 21,464 15,753 9,677 19,592 24,445 31,552 29,209 31,504 28,457 

Yugoslavia 2 .................. 9 6 8 11 7 8 11 25 30 

Other Europe ................ 165 159 181 201 220 196 182 163 193 

Total Europe................ 32,946 28,255 22,619 32,503 39,625 45,586 43,801 46,364 41,896 

Canada ...................... 2,491 3,549 2,083 2,059 2,767 2,138 2,344 2,343 2,671 

Latin America 

and Carib bean: 

Argentina.................... 272 219 118 169 202 186 146 89 76 

Bahamas.................... 299 157 21 23 88 120 37 23 71 

Bermuda .................... 347 432 299 157 1,316 1,559 2,020 2,117 828 

Brazil ....................... 274 363 304 271 265 299 262 265 300 

British West Indies ............ 1,044 616 967 540 485 520 482 474 429 

Chile ....................... 160 150 111 64 99 61 52 97 124 

Colombia .................... 123 120 72 141 156 76 131 86 113 

Cuba ....................... 5 - 5 27 18 19 20 14 14 

Ecuador..................... 27 22 19 58 70 40 32 18 4 

Guatemala .................. 12 30 12 6 18 20 10 7 8 

Jamaica..................... 16 18 12 13 20 15 16 5 8 

Mexico...................... 682 591 406 912 1,099 1,114 867 823 782 

Netherlands Antilles ........... 53 23 44 19 24 16 32 20 18 

Panama..................... 12 16 16 67 69 27 32 35 49 

Peru ....................... 44 30 35 28 23 25 24 20 21 

Trinidad and Tobago ........... 144 75 34 15 12 11 36 29 41 

Uruguay .................... 6 20 8 8 7 7 27 5 6 

Venezuela ................... 329 262 204 305 239 124 286 244 219 

Other Latin America 

and Caribbean .............. 393 418 426 379 1,271 1,651 1,994 1,445 1,299 

Total Latin America 

and Caribbean............. 4,242 3,562 3,113 3,202 5,481 5,890 6,506 5,816 4,410 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 87 

TA BLE CM-IV-2.—Total Lia bil i ties by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 June Sept. Dec. Mar. June p 

Asia: 

China: 

Mainland ................... 990 1,250 708 627 781 526 497 686 665 

Taiwan..................... 697 936 898 1,175 1,096 985 970 938 1,036 

Hong Kong ................... 610 750 388 223 790 430 640 455 1,133 

India ........................ 181 170 387 519 330 284 309 168 179 

Indonesia .................... 314 213 154 83 89 111 81 42 55 

Israel ....................... 205 176 228 160 185 633 468 142 210 

Japan ....................... 10,483 8,602 7,439 5,751 8,224 6,780 8,973 7,188 5,674 

Korea ....................... 1,558 1,150 945 543 2,477 3,165 941 959 1,013 

Lebanon ..................... 72 29 27 56 55 52 53 53 55 

Malaysia..................... 586 766 141 118 102 238 162 168 266 

Pakistan ..................... 77 60 33 37 85 75 96 94 117 

Philippines ................... 110 222 169 169 104 105 114 116 977 

Singapore.................... 908 1,252 1,240 917 2,093 2,785 2,280 1,962 2,191 

Syria........................ 61 23 15 8 24 10 27 21 6 

Thailand ..................... 473 405 362 165 218 203 203 205 134 

Oil-exporting countries 3 ......... 2,193 3,138 2,852 2,555 3,494 3,714 2,844 3,374 3,095 

Other Asia ................... 327 211 141 217 271 357 290 295 217 

Total Asia .................. 19,845 19,353 16,127 13,323 20,418 20,453 18,948 16,866 17,023 

Af rica: 

Congo (formerly Zaire).......... - - - 9 1 1 - 1 122 

Egypt ....................... 198 90 39 86 115 154 166 227 173 

Ghana ...................... 29 28 9 1 3 4 6 6 5 

Liberia ...................... - 1 9 2 - 16 18 19 39 

Morocco ..................... 21 49 41 31 10 12 11 12 24 

South Africa .................. 154 255 189 138 141 130 135 112 117 

Oil-exporting countries 4 ......... 532 408 393 499 575 663 483 566 539 

Other Africa .................. 144 103 142 212 138 288 181 167 157 

Total Africa ................. 1,078 934 822 978 983 1,268 1,000 1,110 1,176 

Other countries: 

Australia ..................... 945 911 949 634 294 324 344 317 369 

All other ..................... 125 810 852 300 930 929 898 968 918 

Total other 

countries .................. 1,070 1,721 1,801 934 1,224 1,253 1,242 1,285 1,287 

Total foreign

countries ................ 61,672 57,374 46,565 52,975 70,498 76,588 73,841 73,784 68,463 

In ter na tional

and regional orgs.: 

International .................. 55 - - 1 - - 1 - -

European regional ............. 55 8 5 44 36 56 45 39 40 

Latin American regional ......... - - - - - - - - 16 

Asian regional ................ - - - - - - 9 - -

African regional ............... - - - - - - 8 - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

and regional ............... 110 8 5 45 36 56 63 39 56 

Grand total ................ 61,782 57,382 46,570 53,020 70,534 76,644 73,904 73,823 68,519 

3 1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other Emirates (Trucial States). re pub lics of the former U.S.S.R. are reported under “Other Europe.” 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ­
 

ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June
 

1994 for the Former Yugo slav Repub lic of Mace do nia.
 
88 CAP I TAL MOVEMENTS 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, June 30, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Coun try Total lia bil i ties To tal Pay able in dollars Pay able in foreign Commer cial

cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ..................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 .................. 

Other Europe ................. 

138 1 - 1 137 

395 98 98 - 297 

1 - - - 1 

7 3 3 - 4 

107 - - - 107 

76 59 7 52 17 

1,887 1,222 520 702 665 

3,480 2,463 1,659 804 1,017 

321 7 6 1 314 

6 1 1 - 5 

1,161 995 285 710 166 

1,690 599 11 588 1,091 

2,106 1,763 1,755 8 343 

362 3 3 - 359 

40 - - - 40 

12 3 3 - 9 

22 - - - 22 

40 18 6 12 22 

298 43 37 6 255 

111 3 1 2 108 

790 93 80 13 697 

166 7 7 - 159 

28,457 25,751 7,118 18,633 2,706 

30 - - - 30 

193 41 36 5 152 

Total Europe ................ 41,896 33,173 11,636 21,537 8,723 

Canada ....................... 2,671 628 624 4 2,043 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

76 9 9 - 67 

71 40 40 - 31 

828 461 461 - 367 

300 21 19 2 279 

429 408 408 - 21 

124 8 8 - 116 

113 10 9 1 103 

14 - - - 14 

4 - - - 4 

8 - - - 8 

8 2 2 - 6 

782 20 13 7 762 

18 10 10 - 8 

49 - - - 49 

21 1 1 - 20 

41 5 5 - 36 

6 - - - 6 

219 1 - 1 218 

1,299 1,122 1,118 4 177 

Total Latin America 

and Caribbean ............. 4,410 2,118 2,103 15 2,292 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 89 

TA BLE CM-IV-3.—Total Lia bil i ties by Type and Country, June 30, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Fi nan cial lia bil i ties 

Pay able in foreign Commer cial

Coun try Total lia bil i ties To tal Payable in dollars cur ren cies lia bil i ties 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong................... 

India ........................ 

Indonesia .................... 

Israel ....................... 

Japan ....................... 

Korea ....................... 

Lebanon..................... 

Malaysia..................... 

Pakistan ..................... 

Philippines ................... 

Singapore.................... 

Syria........................ 

Thailand ..................... 

Other Asia ................... 

665 55 55 - 610 

1,036 34 2 32 1,002 

1,133 901 901 - 232 

179 5 2 3 174 

55 4 4 - 51 

210 1 1 - 209 

5,674 3,297 1,328 1,969 2,377 

1,013 9 6 3 1,004 

55 6 6 - 49 

266 - - - 266 

117 - - - 117 

977 861 859 2 116 

2,191 440 419 21 1,751 

6 - - - 6 

134 1 - 1 133 

3,312 25 23 2 3,287 

Total Asia .................. 17,023 5,639 3,606 2,033 11,384 

Af rica: 

Congo (formerly Zaire).......... 122 - - - 122 

Egypt ....................... 173 6 5 1 167 

Ghana ...................... 5 - - - 5 

Liberia ...................... 39 38 38 - 1 

Morocco ..................... 24 - - - 24 

South Africa .................. 117 1 - 1 116 

Other Africa .................. 696 16 16 - 680 

Total Africa ................. 1,176 61 59 2 1,115 

Other countries: 

Australia ..................... 369 73 8 65 296 

All other ..................... 918 606 9 597 312 

Total other countries .......... 1,287 679 17 662 608 

Total foreign countries ....... 68,463 42,298 18,045 24,253 26,165 

In ter na tional and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional......... 

Asian regional ................ 

African regional ............... 

Middle Eastern regional......... 

- - - - -

40 - - - 40 

16 16 16 - -

- - - - -

- - - - -

- - - - -

Total international 

and regional............... 56 16 16 - 40 

Grand total ................ 68,519 42,314 18,061 24,253 26,205 

1

 Begin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

for the Former Yugo slav Repub lic of Mace do nia. 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
90 CAP I TAL MOVEMENTS 

TA BLE CM-IV-4.—Total Claims by Country 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 June Sept. Dec. Mar. June p 

Eu rope: 

Austria ...................... 159 126 146 208 257 297 498 490 491 

Belgium-Luxembourg........... 411 734 899 845 742 697 748 825 679 

Bulgaria ..................... 19 32 11 6 13 21 6 8 18 

Czech Republic ............... 34 42 67 26 42 43 67 54 76 

Denmark .................... 101 155 81 310 156 234 229 148 284 

Finland ...................... 173 211 244 261 257 212 224 254 311 

France ...................... 2,338 2,811 3,035 3,203 3,985 4,398 4,301 6,621 4,549 

Germany .................... 1,613 2,041 2,126 2,464 2,481 2,855 2,830 3,160 3,165 

Greece ...................... 148 386 316 487 441 327 332 391 397 

Hungary ..................... 17 62 66 54 54 47 47 46 52 

Ireland ...................... 274 277 244 340 494 589 616 719 863 

Italy ........................ 1,039 1,466 1,257 1,284 1,190 1,193 1,114 1,307 1,422 

Netherlands .................. 1,055 1,274 1,342 2,658 3,226 3,796 3,125 3,070 1,926 

Norway...................... 251 303 165 273 201 252 308 237 236 

Poland ...................... 108 124 111 62 61 66 67 75 67 

Portugal ..................... 92 78 153 91 121 106 83 106 62 

Romania..................... 14 7 20 11 15 9 16 19 15 

Russia 1 ..................... 239 221 232 293 398 340 373 184 133 

Spain ....................... 645 623 527 715 905 903 860 1,346 1,162 

Sweden ..................... 372 504 565 339 321 368 360 317 299 

Switzerland .................. 1,116 988 897 1,253 1,186 1,310 1,462 1,225 1,125 

Turkey ...................... 222 379 236 464 591 419 700 392 976 

United Kingdom ............... 10,868 13,997 12,535 13,388 16,605 21,384 20,402 24,740 19,753 

Yugoslavia 2 .................. 6 11 14 17 45 37 15 19 15 

Other Europe ................. 214 267 251 360 402 289 291 293 485 

Total Europe ................ 21,528 27,119 25,540 29,412 34,189 40,192 39,074 46,046 38,561 

Canada ....................... 5,607 5,973 5,120 5,310 9,049 10,470 8,078 8,239 8,287 

Latin America 

and Carib bean: 

Argentina .................... 617 688 893 896 891 826 1,109 1,001 924 

Bahamas .................... 1,588 2,335 427 1,613 703 1,433 1,390 581 857 

Bermuda .................... 415 352 575 401 415 409 395 2,136 1,076 

Brazil ....................... 2,771 2,475 1,859 2,381 2,560 2,549 2,784 2,621 3,253 

British West Indies ............. 15,726 10,571 24,492 12,280 7,802 15,777 12,733 16,496 12,674 

Chile........................ 374 327 320 263 313 329 302 272 339 

Colombia .................... 422 424 279 349 335 326 351 278 303 

Cuba ....................... 5 - - - 1 - 1 1 2 

Ecuador ..................... 107 101 103 82 57 83 66 57 64 

Guatemala ................... 98 93 88 85 73 93 106 73 101 

Jamaica ..................... 40 52 45 52 34 82 126 85 123 

Mexico ...................... 1,585 1,929 2,790 3,476 3,613 3,892 3,955 3,877 4,053 

Netherlands Antilles ............ 114 153 37 45 97 37 84 65 96 

Panama ..................... 109 145 173 168 194 201 244 206 173 

Peru ........................ 201 147 183 148 112 122 171 84 91 

Trinidad and Tobago ........... 25 20 55 46 45 53 59 35 47 

Uruguay ..................... 42 49 59 68 70 60 35 43 21 

Venezuela ................... 388 612 456 487 544 480 415 323 387 

Other Latin America 

and Caribbean............... 681 820 1,176 1,325 2,807 727 842 5,734 5,968 

Total Latin America 

and Caribbean ............. 25,308 21,293 34,010 24,165 20,666 27,479 25,168 33,968 30,552 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 91 

TA BLE CM-IV-4.—Total Claims by Country, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Calen dar year 2000 2001 

Coun try 1996 1997 1998 1999 June Sept. Dec. Mar. June p 

Asia: 

China: 

Mainland ................... 992 1,076 825 760 1,012 1,034 1,096 1,143 1,140 

Taiwan..................... 511 814 770 1,097 1,345 1,338 1,299 1,290 1,201 

Hong Kong ................... 669 562 331 400 861 458 593 662 1,402 

India ........................ 402 439 348 599 553 664 661 664 650 

Indonesia .................... 665 704 417 408 446 376 407 336 369 

Israel ....................... 323 347 327 336 527 393 458 515 639 

Japan ....................... 3,038 2,799 2,875 5,336 3,291 3,800 4,427 6,426 4,850 

Korea ....................... 822 988 1,084 1,378 1,432 1,542 1,745 2,215 1,691 

Lebanon..................... 41 37 26 14 25 40 36 18 22 

Malaysia..................... 560 547 492 516 672 733 743 722 694 

Pakistan ..................... 99 44 37 23 110 23 37 43 54 

Philippines ................... 245 144 148 258 141 127 106 99 870 

Singapore.................... 781 779 734 1,041 984 832 1,065 1,015 1,222 

Syria........................ 7 11 12 5 5 8 11 5 3 

Thailand ..................... 288 280 489 651 192 153 344 351 380 

Oil-exporting countries 3......... 993 1,118 1,144 1,648 1,283 1,284 1,104 1,036 1,130 

Other Asia ................... 161 157 160 152 216 183 195 165 239 

Total Asia .................. 10,597 10,846 10,219 14,622 13,095 12,988 14,327 16,705 16,556 

Af rica: 

Congo (formerly Zaire).......... 13 3 1 - 2 2 - 7 -

Egypt ....................... 155 286 136 186 236 223 266 280 279 

Ghana ...................... 15 9 14 6 28 26 5 7 7 

Liberia ...................... 29 8 11 3 8 - 2 21 40 

Morocco ..................... 27 28 29 35 42 27 49 25 25 

South Africa .................. 277 322 272 323 266 272 266 365 314 

Oil-exporting countries 4........... 180 134 181 186 199 395 237 207 189 

Other Africa .................. 224 209 226 178 305 234 258 284 296 

Total Africa ................. 920 999 870 917 1,086 1,179 1,083 1,196 1,150 

Other countries: 

Australia ..................... 1,536 1,485 1,398 1,889 2,105 2,005 2,041 1,917 1,952 

All other ..................... 265 390 286 351 536 485 359 453 513 

Total other 

countries.................. 1,801 1,875 1,684 2,240 2,641 2,490 2,400 2,370 2,465 

Total foreign

countries ................ 65,761 68,105 77,443 76,639 80,726 94,798 90,130 108,524 97,571 

In ter na tional

and regional orgs.: 

International .................. 60 18 15 2 - - 2 - 2 

European regional ............. 58 5 3 - 4 4 4 175 448 

Latin American regional ......... 2 - - - - - - - 6 

Asian regional ................ 13 - - - - - 12 - 10 

African regional ............... 3 - 1 1 1 1 2 - 1 

Middle Eastern regional ......... - - - - - - 7 7 -

Total international 

and regional ............... 136 23 19 3 5 5 27 182 467 

Grand total ................ 65,897 68,128 77,462 76,642 80,731 94,803 90,157 108,706 98,038 

1

 Begin ning with series for Decem ber 1992 forward, data are for Russia only. Data for all other for the Former Yugo slav Repub lic of Mace do nia. re pub lics of the former U.S.S.R. are reported under “Other Europe.” 3

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates
 2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- (Trucial States).
 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ- 4

 Includes Alge ria, Gabon, Libya and Nige ria.
 ent states by the United States are reported under “Other Europe” as follows: Begin ning in
 

De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994
 
92 CAP I TAL MOVEMENTS 

TA BLE CM-IV-5.—Total Claims by Type and Country, June 30, 2001, Prelim i nary 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Eu rope: 

Austria ...................... 

Belgium-Luxembourg........... 

Bulgaria ..................... 

Czech Republic ............... 

Denmark .................... 

Finland ...................... 

France ...................... 

Germany .................... 

Greece ...................... 

Hungary ..................... 

Ireland ...................... 

Italy ........................ 

Netherlands .................. 

Norway...................... 

Poland ...................... 

Portugal ..................... 

Romania..................... 

Russia 1 ...................... 

Spain ....................... 

Sweden ..................... 

Switzerland .................. 

Turkey ...................... 

United Kingdom ............... 

Yugoslavia 2 ................... 

Other Europe ................. 

491 361 361 - 130 

679 262 252 10 417 

18 - - - 18 

76 30 30 - 46 

284 179 179 - 105 

311 13 12 1 298 

4,549 1,376 1,151 225 3,173 

3,165 1,163 835 328 2,002 

397 217 216 1 180 

52 1 1 - 51 

863 495 486 9 368 

1,422 469 246 223 953 

1,926 1,072 863 209 854 

236 158 133 25 78 

67 - - - 67 

62 4 1 3 58 

15 - - - 15 

133 59 58 1 74 

1,162 464 415 49 698 

299 96 93 3 203 

1,125 653 633 20 472 

976 825 823 2 151 

19,753 15,913 13,062 2,851 3,840 

15 - - - 15 

485 165 114 51 320 

Total Europe ................ 38,561 23,975 19,964 4,011 14,586 

Canada ....................... 8,287 4,787 4,287 500 3,500 

Latin America 

and Carib bean: 

Argentina .................... 

Bahamas .................... 

Bermuda .................... 

Brazil ....................... 

British West Indies ............. 

Chile........................ 

Colombia .................... 

Cuba ....................... 

Ecuador ..................... 

Guatemala ................... 

Jamaica ..................... 

Mexico ...................... 

Netherlands Antilles ............ 

Panama ..................... 

Peru ........................ 

Trinidad and Tobago ........... 

Uruguay ..................... 

Venezuela ................... 

Other Latin America 

and Caribbean............... 

924 393 381 12 531 

857 818 812 6 39 

1,076 426 424 2 650 

3,253 1,877 1,874 3 1,376 

12,674 12,539 12,539 - 135 

339 40 39 1 299 

303 82 78 4 221 

2 - - - 2 

64 5 5 - 59 

101 25 25 - 76 

123 59 56 3 64 

4,053 2,633 2,530 103 1,420 

96 56 56 - 40 

173 47 47 - 126 

91 5 5 - 86 

47 - - - 47 

21 2 2 - 19 

387 66 59 7 321 

5,968 5,360 5,348 12 608 

Total Latin America 

and Caribbean ............. 30,552 24,433 24,280 153 6,119 

See footnotes at end of table. 
CAP I TAL MOVEMENTS 93 

TA BLE CM-IV-5.—Total Claims by Type and Country, June 30, 2001, Prelim i nary, con. 

[Po si tion at end of period in millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Finan cial claims 

Coun try Total claims Total Denom i nated in dollars 

De nom i nated in foreign Commer cial

cur ren cies claims 

(1) (2) (3) (4) (5) 

Asia: 

China: 

Mainland ................... 

Taiwan..................... 

Hong Kong ................... 

India ........................ 

Indonesia .................... 

Israel........................ 

Japan ....................... 

Korea ....................... 

Lebanon ..................... 

Malaysia ..................... 

Pakistan ..................... 

Philippines ................... 

Singapore .................... 

Syria ........................ 

Thailand ..................... 

Other Asia ................... 

1,140 249 246 3 891 

1,201 234 8 226 967 

1,402 1,015 873 142 387 

650 335 93 242 315 

369 145 144 1 224 

639 216 213 3 423 

4,850 1,698 463 1,235 3,152 

1,691 968 968 - 723 

22 - - - 22 

694 439 374 65 255 

54 4 4 - 50 

870 788 788 - 82 

1,222 359 342 17 863 

3 - - - 3 

380 217 205 12 163 

1,369 162 159 3 1,207 

Total Asia................... 16,556 6,829 4,880 1,949 9,727 

Af rica: 

Congo (formerly Zaire) .......... - - - - -

Egypt ....................... 279 77 74 3 202 

Ghana....................... 7 - - - 7 

Liberia....................... 40 34 34 - 6 

Morocco ..................... 25 1 1 - 24 

South Africa .................. 314 214 200 14 100 

Other Africa .................. 485 150 149 1 335 

To tal Africa ................. 1,150 476 458 18 674 

Other countries: 

Australia ..................... 1,952 682 656 26 1,270 

All other ..................... 513 314 292 22 199 

Total other 

countries .................. 2,465 996 948 48 1,469 

Total foreign

countries................. 97,571 61,496 54,817 6,679 36,075 

In ter na tional

and regional orgs.: 

International .................. 

European regional ............. 

Latin American regional ......... 

Asian regional................. 

African regional ............... 

Middle Eastern regional ......... 

2 - - - 2 

448 425 425 - 23 

6 - - - 6 

10 - - - 10 

1 - - - 1 

- - - - -

Total international 

and regional ............... 467 425 425 - 42 

Grand total ................ 98,038 61,921 55,242 6,679 36,117 

1 Be gin ning with series for Decem ber 1992 forward, data for all other repub lics of the former ent states by the United States are reported under “Other Europe” as follows: Begin ning in 

U.S.S.R. are reported under “Other Europe.” De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 

2

 Includes data on Serbia and Montenegro, which presently form an entity not formally recog- for the Former Yugo slav Repub lic of Mace do nia. 

nized by the United States. Data for enti ties of the former Yugo sla via recog nized as independ-
94 CAP I TAL MOVE MENTS

United King dom Ca rib bean bank ing cen ters

Ja pan All other Asia All other coun tries

-50

0

50

100

150

200

250

1998 1999 2000 2001

Jan. - Sept.

2001

July - Sept.

The data on this page rep re sent for -

eign in ves tors’ pur chases and sales of

long-term U.S. se cu ri ties (that is, U.S. 

Trea sury and Gov ern ment agency

bonds and notes, and U.S. cor po rate

bonds and stocks) as re ported to the

Trea sury In ter na tional Cap i tal (TIC)

re port ing sys tem. For eign in ves tors

also ac quired U.S. eq ui ties through

merg ers that in volve stock swaps. Net 

for eign ac qui si tions of U.S. eq ui ties

through stock swaps amounted to $14

bil lion in 1999, $20 bil lion in 2000,

and $7 bil lion in the first three quar -

ters of 2001. (Stock swaps data for the 

most re cent quar ter are Fed eral Re -

serve Board/Trea sury es ti mates and

are sub ject to sub stan tial re vi sions.)

These stock swaps are not re ported

un der the TIC re port ing sys tem.

The data pres ent ag gre gate net pur -

chases on an an nual ba sis for 1998

through 2000, as well as ac tiv ity for

the first three quar ters of 2001. The

fig ures show that for eign ers’ an nual

net pur chases (gross pur chases mi nus

gross sales) of U.S. se cu ri ties have

main tained an ex tremely high level

since 1998. 

An nual net for eign pur chases of U.S.

se cu ri ties first sur passed $100 bil lion

in 1993. In 2000, net for eign pur -

chases of U.S. se cu ri ties set a new re -

cord, sur pass ing the pre vi ous one set

in 1997. For the year, net ac qui si tions

(in clud ing stock swaps) amounted to

$478 bil lion, of which over $300 bil -

lion was re ported op po site Eu rope.

Net pur chases ac cel er ated in the first

half of 2001, and even af ter slow ing

in the third quar ter, are still on pace to 

sur pass last year’s re cord amount.

(In bil lions of dol lars)

Note: To fa cil i tate com par i son of net pur -

chases dur ing 2001 with those in prior years, 

the chart de picts data for all pe ri ods at an

an nu al ized rate.

[In mil lions of dol lars. Source: Trea sury In ter na tional Cap i tal Re porting Sys tem]

Cal en dar years

Coun try 

 1998 1999 2000

2001

Jan. - Sept.

2001

July - Sept.

United Kingdom. ................... 137,970 129,014 166,290 145,019 27,134

All other Europe .................... 84,047 71,492 128,577 61,248 5,900

Caribbean banking centers 1, 2. ........ 11,738 43,142 19,883 38,118 14,983

Japan ............................ 20,261 43,366 52,006 18,724 2,219

All other Asia....................... 11,050 34,168 52,151 72,745 22,526

Subtotal ......................... 265,066 321,182 418,907 335,854 72,762

All other countries. .................. 12,725 28,979 38,921 21,699 -2,155

Grand total ...................... 277,791 350,161 457,828 357,553 70,607

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

2

 Be gin ning Jan u ary 2001, Cayman Is lands re placed Brit ish West In dies in re port ing for mat.

CHART CM-C.—Net Pur chases of Long-Term

Do mes tic Se cu ri ties by For eigners, Se lected Coun tries

All other Eu rope
CAP I TAL MOVEMENTS 95 

SEC TION V.—U.S. Inter na tional Transac tions in Long-Term Secu ri ties 

TA BLE CM-V-1.—U.S. Transac tions with Foreigners in Long-Term Domes tic Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury bonds and notes 

Net foreign purchases U.S. Govern ment corpo ra tions and

For eign countries fed erally sponsored agencies 

Cal en dar Of fi cial Other In ter na tional Gross foreign Gross foreign Net foreign Gross foreign Gross foreign year or month To tal in sti tu tions for eign ers and regional pur chases sales purchases pur chases sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1997............ 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 

1998............ 49,039 4,123 42,447 2,469 5,154,155 5,105,116 56,802 524,384 467,582 

1999............ -9,953 -9,861 -657 565 4,288,138 4,298,091 92,200 486,000 393,800 

2000............ -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 - Jan. - Sept. p ... -19,632 -6,077 -13,044 -511 3,814,223 3,833,855 114,561 831,055 716,494 

2000 - Sept ........ -8,807 -6,626 -2,406 225 287,803 296,610 16,397 64,605 48,208 

Oct ......... -2,989 -7,150 3,976 185 352,223 355,212 18,186 64,319 46,133 

Nov ........ -14,106 -4,967 -8,992 -147 303,634 317,740 18,343 72,605 54,262 

Dec ........ -9,789 1,068 -10,972 115 336,144 345,933 9,930 75,999 66,069 

2001 - Jan. r........ -8,658 2,226 -10,351 -533 470,697 479,355 13,274 86,121 72,847 

Feb. r ....... 7,214 667 6,508 39 409,898 402,684 9,527 80,292 70,765 

Mar. r ....... 4,897 249 4,650 -2 446,523 441,626 19,544 104,309 84,765 

Apr ......... -13,711 -9,040 -4,477 -194 434,782 448,493 15,470 88,033 72,563 

May ........ 3,076 913 1,918 245 464,403 461,327 6,950 85,083 78,133 

June ........ -3,445 -3,243 6 -208 391,897 395,342 16,906 91,203 74,297 

July ........ -11,494 -741 -10,927 174 382,161 393,655 12,476 85,388 72,912 

Aug. p ....... 4,410 343 4,247 -180 426,540 422,130 11,986 99,896 87,910 

Sept. p ....... -1,921 2,549 -4,618 148 387,322 389,243 8,428 110,730 102,302 

Cor po rate and other secu ri ties 

Bonds 1 Stocks 

Cal en dar

year or month 

Net foreign pur chases Gross foreign pur chases Gross foreign Net foreign sales pur chases Gross foreign pur chases Gross foreign sales 

(10) (11) (12) (13) (14) (15) 

1997 ......................... 84,358 350,873 266,515 69,597 1,097,958 1,028,361 

1998 ......................... 121,930 381,262 259,332 50,020 1,573,696 1,523,676 

1999 ......................... 160,392 368,692 208,300 107,522 2,340,659 2,233,137 

2000 ......................... 184,128 479,456 295,328 174,890 3,605,196 3,430,306 

2001 - Jan. - Sept. p ................ 178,274 554,503 376,229 84,350 2,280,483 2,196,133 

2000 - Sept ..................... 13,762 41,779 28,017 8,559 297,677 289,118 

Oct ...................... 13,388 38,941 25,553 16,336 339,995 323,659 

Nov ...................... 19,019 42,353 23,334 9,054 284,909 275,855 

Dec ...................... 19,052 43,126 24,074 11,127 286,161 275,034 

2001 - Jan. r ..................... 13,709 52,121 38,412 23,778 300,629 276,851 

Feb. r ..................... 29,501 67,337 37,836 9,444 258,233 248,789 

Mar. r ..................... 26,703 65,541 38,838 7,428 284,292 276,864 

Apr ...................... 21,955 60,897 38,942 6,625 249,747 243,122 

May ...................... 33,432 84,445 51,013 17,330 276,934 259,604 

June ..................... 15,558 66,954 51,396 10,439 259,635 249,196 

July ...................... 14,367 53,453 39,086 11,475 244,897 233,422 

Aug. p .................... 12,722 57,746 45,024 7,400 229,427 222,027 

Sept. p .................... 10,327 46,009 35,682 -9,569 176,689 186,258 

1 

Data include transac tions in directly placed issues abroad by U.S. corpo ra tions and 

is sues of States and munici pali ties. 
96 CAP I TAL MOVEMENTS 

TA BLE CM-V-2.—U.S. Transac tions with Foreigners in Long-Term Foreign Secu ri ties by Type 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Net foreign pur­ For eign bonds For eign stocks 

chases of for­ Net foreign pur­ Gross foreign Net foreign pur­ Gross foreign Cal en dar eign secu ri ties chases from pur chases from Gross foreign chases from pur chases from 

year or month from U.S. U.S. U.S. sales to U.S. U.S. U.S. 

Gross foreign 

sales to U.S. 

(1) (2) (3) (4) (5) (6) (7) 

1997................. 

1998................. 

1999................. 

2000 ................ 

2001 - Jan. - Sept. p ........ 

2000 - Sept ............. 

Oct.............. 

Nov ............. 

Dec ............. 

2001 - Jan. r............. 

Feb. r ............ 

Mar. r ............ 

Apr. r............. 

May ............. 

June ............. 

July ............. 

Aug. p ............ 

Sept. p ............ 

-89,083 -48,144 1,451,731 1,499,875 -40,939 756,018 796,957 

-11,137 -17,349 1,328,250 1,345,599 6,212 929,569 923,357 

9,964 -5,676 798,267 803,943 15,640 1,177,303 1,161,663 

-17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

-10,755 32,177 898,260 866,083 -42,932 1,103,401 1,146,333 

10,051 284 92,190 91,906 9,767 148,564 138,797 

-1,056 -3,671 98,505 102,176 2,615 152,872 150,257 

13,195 8,192 94,817 86,625 5,003 141,601 136,598 

-5,199 -1,191 83,713 84,904 -4,008 135,417 139,425 

-6,060 -1,922 116,783 118,705 -4,138 147,311 151,449 

-1,920 1,235 102,395 101,160 -3,155 130,124 133,279 

-16,554 -1,290 115,676 116,966 -15,264 133,205 148,469 

812 5,487 93,828 88,341 -4,675 121,345 126,020 

-5,831 2,267 101,383 99,116 -8,098 136,046 144,144 

-4,244 1,048 101,950 100,902 -5,292 122,243 127,535 

598 5,629 91,585 85,956 -5,031 115,956 120,987 

7,430 9,404 87,584 78,180 -1,974 96,301 98,275 

15,014 10,319 87,076 76,757 4,695 100,870 96,175 
CAP I TAL MOVEMENTS 97 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Eu rope: 

Austria ......... -613 -865 23 813 -508 -282 360 271 54 1,076 519 63 

Belgium 1 ........ 73 -645 -127 1,318 620 471 9,451 1,834 965 18,218 2,053 244 

Bulgaria ........ -10 145 61 - - - - 42 3 - 28 -16 

Czech Republic .... 606 236 26 774 6 - 186 143 -1 14 16 21 

Denmark ........ -1,373 -714 -280 965 291 127 409 1,249 263 3,162 1,977 -539 

Finland......... 368 -379 84 272 28 -14 341 155 - 836 440 46 

France ......... -4,146 -141 -2,564 58 1,402 -325 2,158 2,425 -129 5,727 6,376 -264 

Germany........ -7,304 -2,405 -1,016 2,489 4,668 554 1,578 4,039 187 31,752 6,239 1,111 

Greece......... -371 -110 16 133 114 125 78 140 33 804 -69 -71 

Hungary ........ -249 52 -85 140 84 51 13 40 -10 140 22 11 

Ireland ......... 1,047 -370 463 1,577 -177 -303 2,352 857 -89 4,926 1,116 52 

Italy .......... 2,069 

Luxembourg 1 ..... n.a. 

-1,353 

216 

-961 

-244 

816 

n.a. 

-2,012 

238 

-214 

78 

308 

n.a. 

122 

2,945 

-60 

257 

12,230 

n.a. 

1,379 

4,234 

-1,208 

930 

Netherlands ...... 2,140 -3,743 1,047 1,365 -32 -444 -235 2,259 375 4,915 7,974 1,580 

Norway ........ 1,179 1,225 1,778 -365 1,563 -36 120 -99 -132 3,018 185 68 

Poland ......... -1,526 -951 -50 121 537 59 26 26 - 38 8 -5 

Portugal ........ 1,568 1,896 349 35 -30 -72 -28 169 7 96 50 6 

Romania ........ 239 -92 -21 176 -323 -141 - - - 1 -1 -

Russia 2 ........ 379 2,135 1,483 41 519 -801 -23 2 - 141 -2 -3 

Spain ......... -802 -2,832 137 7,176 685 251 42 479 159 4,271 676 98 

Sweden ........ 1,082 -1,152 1,516 598 288 -96 1,292 279 157 2,489 2,593 -1 

Switzerland ...... -10,326 1,202 1,205 1,554 2,227 840 2,419 2,710 28 11,960 1,911 -1,056 

Turkey ......... 1,104 -1,053 -175 1,216 11 7 -721 -17 - 65 -19 -17 

United Kingdom .... -33,669 -9,099 -10,383 30,185 32,733 10,081 111,038 91,407 18,027 58,736 29,978 9,409 

Channel Islands and 

Isle of Man 3 .... n.a. -16 -54 n.a. 220 110 n.a. 952 292 n.a. -491 -83 

Yugoslavia 4 ...... - n.a. n.a. - n.a. n.a. 32 n.a. n.a. -5 n.a. n.a. 

Other Europe ..... -2,169 1,615 -833 1,278 108 784 -3,014 647 145 44 -63 

Total Europe ..... -50,704 -17,198 -8,605 52,735 43,260 10,810 128,182 113,076 20,531 164,654 67,129 10,298 

Canada ......... -550 -3,592 -2,956 10,111 896 -898 3,176 1,449 -693 5,956 8,561 1,814 

Latin America: 

Argentina ....... -3,374 1,255 -115 899 1,752 312 725 469 178 746 95 -27 

Brazil.......... 846 1,710 1,120 903 450 -1,653 -79 -138 16 136 -150 -64 

Chile .......... 68 -285 303 147 -2 42 -114 374 74 325 145 7 

Colombia ....... 842 -274 -65 -92 80 5 549 576 128 210 63 18 

Ecuador ........ -727 6 1 40 30 22 79 87 23 48 57 14 

Guatemala ....... - -25 -8 16 26 17 33 37 13 30 14 7 

Mexico ......... 2,425 175 -1,268 2,838 1,585 637 1,090 768 264 394 -531 -270 

Panama ........ -57 -165 -63 484 493 217 379 388 163 368 -150 -55 

Peru .......... -18 24 3 486 500 250 22 11 - 46 19 6 

Uruguay ........ -345 -23 -26 192 200 168 229 191 -7 243 144 -38 

Venezuela ....... 1,288 313 159 2,152 214 30 298 259 6 301 5 -16 

Other Latin America 5 . -844 145 -20 2,371 639 95 1,049 515 96 259 -31 -6 

Total Latin America . 104 2,856 21 10,436 5,967 142 4,260 3,537 954 3,106 -320 -424 

Ca rib bean: 

Bahamas ....... 353 -5,068 -7,537 -4 449 436 640 1,342 623 -1,335 1,157 91 

Bermuda ........ -7,351 1,673 1,591 6,132 6,058 3,430 10,881 16,006 5,979 -10,052 -10,884 -3,971 

British West Indies 6 .. -3,386 n.a. n.a. 11,439 n.a. n.a. 12,972 n.a. n.a. -970 n.a. n.a. 

Cayman Islands 6 ... n.a. 4,569 3,244 n.a. 7,075 1,614 n.a. 19,357 3,474 n.a. 1,288 -542 

Cuba .......... - n.a. n.a. - n.a. n.a. - n.a. n.a. - n.a. n.a. 

Jamaica ........ 7 22 54 -7 80 -15 37 14 1 35 4 -1 

Netherlands Antilles .. 5,379 -6,189 6,241 1,782 -116 534 846 424 50 -8,617 411 -536 

Trinidad and Tobago . -20 17 - 16 -155 -128 14 116 10 21 -1 5 

Other Caribbean 5 ... n.a. 3,270 1,449 n.a. -565 361 n.a. 1,754 236 n.a. -1,092 -2,291 

Total Caribbean ... -5,018 -1,706 5,042 19,358 12,826 6,232 25,390 39,013 10,373 -20,918 -9,117 -7,245 

See footnotes at end of table. 

-78 
98 CAP I TAL MOVEMENTS 

TA BLE CM-V-3.—Net Foreign Transac tions in Long-Term Domes tic Secu ri ties 

by Type and Country, con. 

[In millions of dollars; nega tive figures indi cate net sales by foreign ers to U.S. residents or a net outflow of capi tal from the United States. 

Source: Treasury Inter na tional Capi tal Reporting System] 

Mar ket able Treasury 

bonds and notes 

U.S. Govern ment corpo ra tions 

and Federal agency bonds Cor po rate bonds Cor po rate stocks 

2001 2001 2001 2001 

Coun try 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

Cal en dar 

year

2000 

Jan. 

through

Sept. 

July

through

Sept. p 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) 

Asia: 

China: 

Mainland ...... Taiwan ....... -3,971 

-10,089 

11,476 

2,436 

-296 

859 

18,819 

3,877 

19,542 

1,953 

3,140 

1,697 

808 

972 

4,424 

1,679 

1,686 

865 

-103 

-147 

-1 

276 

-4 

-65 

Hong Kong ...... India ......... Indonesia ...... -341 

1,409

227 

7,487 

1,136

-5,165 

3,555 

275 

-1,261 

8,669 

119 

8 

14,441 

-19 

-24 

5,833 

1 

-15 

1,853 

28 

15 

3,399 

28 

58 

1,119 

16 

25 

215 

-6 

158 

465 

-29 

84 

285 

-11 

4 

Israel ......... 671 1,194 -161 772 410 195 542 331 150 -1,102 -194 18 

Japan ........ Korea ........ 10,580

4,827 

-4,992

-2,312 

-5,141

-116 

23,802

1,807 

14,730

-1,090 

5,105

-198 

15,554

-795 

3,832

794 

1,054

278 

2,070

-160 

5,154

-24 

1,201

-26 

Lebanon ....... -174 24 9 1 1 -1 1 19 10 249 18 14 

Malaysia ....... Pakistan ....... -219 

-2 

446 

40 

450 - 25 

1 

120 

1 

90 

1 

106 

1 

36 

3 

41 

2 

3 

45 

-43 

-9 

-17 

2 

Philippines ...... Singapore ...... Syria ......... Thailand ....... Oil-exporting 722 

-6,167 - 1,202 

378 

-8,358 -

34 

-117 

-90 - 137 

-67 

317 

1 

-16 

230 

1,876 -

48 

77 

1,090 

-1 

36 

213 

1,276 

1 

51 

230 

4,457 -

18 

32 

1,217 - -10 

17 

10,788 

28 

-58 

-33 

10,715 

-9 

-2 

-2 

1,308 -

-1 

countries 7 ..... 3,482 -3,806 -1,484 477 634 101 1,565 509 -460 9,189 2,166 2,011 

Other Asia ...... -519 -66 -143 15 -17 127 18 -55 3 497 385 246 

Total Asia ..... 1,638 -48 -3,524 58,627 52,836 17,278 22,209 19,762 6,028 21,683 18,919 4,963 

Af rica: 

Congo (formerly Zaire)

Egypt......... Ghana ........ 

- -324 -- -154 

n.a. 

n.a. 

-115 

n.a. 

-

11 

-

-1 

50 

n.a. 

n.a. 

17 

n.a. 

-2 

-14 

-

-

21 

n.a. 

n.a. 

11 

n.a. 

-9 

-40 

-

-1 

-38 

n.a. 

n.a. 

-6 

n.a. Liberia ........ 323 -79 -13 772 -32 13 17 34 19 -20 -312 -4 

Morocco ....... -230 111 111 4 50 - -2 - - -6 -4 -4 

South Africa ..... -35 -94 -25 -53 4 3 -37 150 63 271 -142 -40 

Oil-exporting

countries 8 ..... - -2 -2 -2 149 50 3 - 1 63 -41 -1 

Other Africa ..... -148 -26 -94 176 -143 -7 65 181 39 156 222 73 

Total Africa ..... -414 -244 -138 908 77 76 30 386 133 415 -316 

Other countries: 

Australia ....... 1,435 

New Zealand 9 .... n.a. 615 

19 

918 

-12 

495 

n.a. -1,197 -31 

-784 

-18 

169 

n.a. -57 19 

-188 

17 

1,437 

n.a. -458 -31 

-48 

-10 

All other countries .. -63 177 107 216 45 10 738 507 58 -1,432 -169 -63 

Total other 

countries ..... 1,372 811 1,013 711 -1,183 -792 907 469 -113 5 -658 -121 

Total foreign

countries .... -53,572 -19,121 -9,147 152,886 114,679 32,848 184,154 177,692 37,213 174,901 84,198 9,303 

In ter na tional

and regional orgs.: 

International ..... -483 -404 -52 -45 -124 4 -5 507 152 -47 19 -10 

European regional .. Latin American -122 -10 n.a. -5 - n.a. -46 18 n.a. - - n.a. 

regional ...... Caribbean regional 10 

Asian regional .... African regional ... Middle Eastern 

regional ...... 

76 

n.a. 

63 

2 

4 

22 

n.a. 

-138 

25 

-6 

-4 

n.a. 

198 

n.a. 

-

9 

n.a. 

2 

-

-5 

-10 

n.a. 1 

15 

-

1 

n.a. 

37 

n.a. 

-

-5 

n.a. -

30 

-

70 

n.a. -

-13 

-

51 

n.a. - n.a. 

-

100 

n.a. 2 

-2 

-64 

119 

n.a. 

-2 

-

16 

-1 

n.a. 

-1 

n.a. 

15 

Total international 

and regional ... Grand total .... 

-460 

-54,032 

-511 

-19,632 

142 

-9,005 

-44 

152,842 

-118 

114,561 

42 

32,890 

-26 

184,128 

582 

178,274 

203 

37,416 

-11 

174,890 

152 

84,350 

3 

9,306 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as com2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in bined “Other Latin America and Carib bean.” 

“Other Europe.” 6 Begin ning Janu ary 2001, Cayman Islands replaced British West Indies in the data series. 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and United Arab 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by Emirates (Trucial States). 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 8 Includes Alge ria, Gabon, Libya, and Nige ria. 

states by the United States are reported under “Other Europe” as follows: since Decem ber 9 Before Janu ary 2001, data included in “All other.” 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 10 Before Janu ary 2001, data included in “Latin Ameri can regional.” Yu go slav Repub lic of Mace do nia. 

18 
CAP I TAL MOVEMENTS 99 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Third Quarter 2001, Prelim i nary 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket­ Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc­ and fed­ Fi nanc­ and fed­ ing Bank er ally ing Bank er ally To tal bonds spon­ other
 bonds spon­ Cor po rate and 

pur For eign secu ri ties ­ and sored 

Cor po rate and
 For eign secu ri ties To tal and sored other 

Country chases notes agencies Bonds Stocks
 Bonds Stocks sales notes agencies Bonds Stocks Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Eu rope: 

Austria ........ 4,073 1,823 605 149 952 208 336 4,184 1,800 887 95 889 180 333 

Belgium ........ 10,604 3,106 869 1,826 3,113 831 859 8,941 3,233 398 861 2,869 614 966 

Bulgaria ........ 99 62 - 4 7 - 26 80 1 - 1 23 1 54 

Czech Republic .... 1,092 1,015 - - 39 - 38 1,038 989 - 1 18 - 30 

Denmark ....... 13,422 9,470 996 818 1,257 285 596 14,040 9,750 869 555 1,796 240 830 

Finland ........ 3,361 2,047 154 40 423 2 695 3,036 1,963 168 40 377 40 448 

France ........ 98,808 60,396 3,162 2,163 21,293 3,740 8,054 100,489 62,960 3,487 2,292 21,557 2,950 7,243 

Germany ....... 76,609 36,884 5,393 1,789 17,156 7,550 7,837 75,673 37,900 4,839 1,602 16,045 7,615 7,672 

Greece ........ 1,395 526 163 55 309 184 158 1,208 510 38 22 380 115 143 

Hungary ........ 204 82 77 - 25 - 20 269 167 26 10 14 7 45 

Ireland......... 67,198 41,004 4,196 1,955 13,826 1,963 4,254 66,235 40,541 4,499 2,044 13,774 1,830 3,547 

Italy .......... 30,241 10,390 747 434 12,584 2,788 3,298 33,153 11,351 961 494 13,792 3,126 3,429

Luxembourg ...... 15,600 2,227 3,325 1,394 6,571 644 1,439 14,767 2,471 3,247 1,137 5,641 923 1,348 

Netherlands ...... 43,671 21,847 3,283 964 10,111 1,328 6,138 40,118 20,800 3,727 589 8,531 775 5,696 

Norway ........ 48,665 41,252 3,080 988 853 1,723 769 46,872 39,474 3,116 1,120 785 1,974 403 

Poland ........ 2,404 1,986 222 - 5 148 43 2,336 2,036 163 - 10 75 52 

Portugal ........ 1,826 1,244 25 36 230 76 215 2,713 895 97 29 224 64 1,404 

Romania ....... 995 441 500 - 1 50 3 1,116 462 641 - 1 10 2 

Russia 1 ........ 10,774 4,833 5,823 2 41 18 57 10,088 3,350 6,624 2 44 28 40 

Spain ......... 18,612 11,312 701 213 2,759 910 2,717 17,848 11,175 450 54 2,661 879 2,629 

Sweden ........ 11,919 4,153 315 342 4,835 1,010 1,264 10,375 2,637 411 185 4,836 863 1,443 

Switzerland ...... 35,467 8,387 2,664 1,843 14,360 2,000 6,213 34,023 7,182 1,824 1,815 15,416 1,938 5,848 

Turkey......... 789 233 8 - 78 79 391 921 408 1 - 95 42 375 

United Kingdom .... 947,292 418,498 45,516 71,544 136,934 154,346 120,454 908,999 428,881 35,435 53,517 127,525 133,927 129,714 

Channel Islands and 

Isle of Man 2 .... 3,335 281 558 610 1,215 228 443 3,166 335 448 318 1,298 163 604 

Yugoslavia 3 ...... - - - - - - - - - - - - - -

Other Europe ..... 7,308 3,644 1,271 290 979 291 833 7,431 4,477 487 145 1,057 513 752 

Total Europe .... 1,455,763 687,143 83,653 87,459 249,956 180,402 167,150 1,409,119 695,748 72,843 66,928 239,658 158,892 175,050 

Canada ......... 128,202 67,221 10,726 3,255 22,420 7,268 17,312 131,134 70,177 11,624 3,948 20,606 8,584 16,195 

Latin America: 

Argentina ....... 7,961 640 485 382 701 5,069 684 6,997 755 173 204 728 4,579 558 

Brazil 

Chile ......... 3,722 1,454 75 362 500 1,150 181 3,228 1,151 33 288 493 1,138 125 

Colombia ....... 2,612 823 210 398 277 890 14 2,061 888 205 270 259 421 18 

Ecuador ........ 378 2 51 42 234 14 35 373 1 29 19 220 67 37 

Guatemala ...... 138 11 25 29 51 15 7 100 19 8 16 44 4 9 

Mexico ........ 13,783 5,572 753 809 765 2,859 3,025 12,161 6,840 116 545 1,035 1,135 2,490 

Panama ........ Peru .......... 2,363 

466 

59 

26 

402 

251 

431 

24 

770 

41 

526 

75 

175 

49 

1,964 

234 

122 

23 

185 

1 

268 

24 

825 

35 

357 

89 

207 

62 

Uruguay ........ Venezuela....... 1,439 

1,613 

256 

511 

255 

199 

110 

85 

295 

274 

358 

460 

165 

84 

1,241 

1,207 

282 

352 

87 

169 

117 

79 

333 

290 

297 

238 

125 

79 

Other Latin America .. 1,524 166 277 254 488 265 74 1,234 186 182 158 494 123 91 

......... 12,209 4,511 1,296 278 396 3,049 2,679 12,738 3,391 2,949 262 460 3,709 1,967 

Total Latin America . 48,208 14,031 4,279 3,204 4,792 14,730 7,172 43,538 14,010 4,137 2,250 5,216 12,157 5,768 

Ca rib bean: 

Bahamas ....... 46,309 20,626 1,394 3,611 11,679 4,527 4,472 52,910 28,163 958 2,988 11,588 4,362 4,851 

Bermuda ....... 180,331 45,132 10,172 12,961 90,022 13,507 8,537 172,763 43,541 6,742 6,982 93,993 12,991 8,514 

British West Indies .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Cayman Islands .... 453,075 122,892 113,289 26,945 143,423 19,100 27,426 445,490 119,648 111,675 23,471 143,965 20,014 26,717 

Cuba ......... - - - - - - - - - - - - - -

Jamaica ........ 693 330 196 8 13 137 9 594 276 211 7 14 83 3 

Netherlands Antilles.. 60,139 27,885 1,586 943 25,221 1,729 2,775 54,304 21,644 1,052 893 25,757 1,883 3,075 

Trinidad and Tobago . 123 - 24 40 14 26 19 207 - 152 30 9 2 14 

Other Caribbean.... 77,733 6,183 1,021 4,239 58,358 1,553 6,379 78,464 4,734 660 4,003 60,649 1,702 6,716 

Total Caribbean ... 818,403 223,048 127,682 48,747 328,730 40,579 49,617 804,732 218,006 121,450 38,374 335,975 41,037 49,890 

See footnotes at end of table. 
100 CAP I TAL MOVEMENTS 

TA BLE CM-V-4.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Third Quarter 2001, Prelim i nary, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps. Fi nanc- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other To tal bonds spon- Cor po rate and bonds spon- Cor po rate and

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland ...... 37,905 27,848 6,749 2,055 265 913 75 32,676 28,144 3,609 369 269 188 97 

Taiwan ....... 10,975 3,639 2,367 1,056 1,387 901 1,625 7,394 2,780 670 191 1,452 122 2,179 

Hong Kong ...... India.......... 75,789 

2,311 

34,890 

1,942 

18,100 

1 

1,541 

16 

4,675 

121 

2,165 

1 

14,418 

230 

63,247 

2,162 

31,335 

1,667 

12,267 - 422 - 4,390 

132 

1,416 

4 

13,417 

359 

Indonesia ....... 2,516 417 15 28 112 1,677 267 3,549 1,678 30 3 108 1,569 161 

Israel ......... Japan ......... Korea ......... 5,496 

191,402 

15,389 

2,696 

93,810 

8,769 

286 

30,707 

3,029 

305 

4,119 

382 

1,180 

14,812 

66 

234 

8,322 

1,763 

795 

39,632 

1,380 

5,215 

186,992 

14,656 

2,857 

98,951 

8,885 

91 

25,602 

3,227 

155 

3,065 

104 

1,162 

13,611 

92 

167 

8,666 

475 

783 

37,097 

1,873 

Lebanon........ 409 46 3 10 190 149 11 244 37 4 - 176 15 12 

Malaysia ....... Pakistan........ 2,286 

52 

1,085 - 149 

1 

70 

2 

719 

16 

96 

2 

167 

31 

1,882 

14 

635 - 59 

- 29 - 736 14 

17 

- 406 - Philippines ...... Singapore ....... Syria ......... Thailand........ 

819 

37,826 

3 

2,204 

435 

11,583 - 1,967 

95 

3,803 -

36 

61 

2,597 -

25 

65 

9,818 

2 

26 

115 

4,689 

1 

74 

48 

5,336 -

76 

810 

35,009 

3 

2,015 

552 

11,673 - 1,830 

18 

2,713 

1 

-

29 

1,380 -

35 

67 

8,510 

2 

27 

83 

5,557 -

50 

61 

5,176 -

73 

Other Asia....... 17,432 5,429 1,866 584 8,167 254 1,132 16,144 7,056 1,638 1,041 5,910 109 390 

Total Asia ...... 402,814 194,556 67,207 12,851 41,621 21,356 65,223 372,012 198,080 49,929 6,823 36,658 18,438 62,084 

Af rica: 

Congo (formerly Zaire)

Egypt ......... Ghana ......... 

2 

185 -

-

35 

-

-

31 

-

-

14 

-

1 

43 

-

-

51 

-

1 

11 

-

2 

260 -

- 150 --

14 

-

-

3 

-

1 

49 

-

-

35 

-

1 

9 

- Liberia ......... 309 35 33 32 161 9 39 298 48 20 13 165 2 50 

Morocco........ 186 174 - - 12 - - 81 63 - - 16 - 2 

South Africa ...... 538 59 5 64 119 4 287 538 84 2 1 159 10 282 

Other Africa ...... 1,603 407 168 88 453 326 161 1,724 503 125 48 381 217 450 

Total Africa ..... 2,823 710 237 198 789 390 499 2,903 848 161 65 771 264 794 

Other countries: 

Australia........ 17,529 7,503 766 1,092 2,180 1,232 4,756 17,263 6,585 1,550 1,280 2,228 1,169 4,451 

New Zealand...... 429 197 - 26 67 34 105 387 209 18 9 77 23 51 

All other countries... 1,272 410 272 104 199 126 161 1,202 303 262 46 262 225 104 

Total other 

countries...... 19,230 8,110 1,038 1,222 2,446 1,392 5,022 18,852 7,097 1,830 1,335 2,567 1,417 4,606 

Total foreign

countries..... 

In ter na tional and 

re gional orgs.: 

International...... European regional .. Latin American 

regional ....... Caribbean regional .. Asian regional..... African regional .... Middle Eastern 

regional ....... Total international 

and regional .... Grand total .... 

2,875,443 1,194,819 294,822 156,936 650,754 266,117 311,995 2,782,290 1,203,966 261,974 119,723 641,451 240,789 314,387 

1,951 472 1,043 206 131 57 42 1,890 524 1,039 54 141 87 45 

1,144 - - - - 66 1,078 1,014 - - - - 17 997 

197 14 9 66 93 5 10 141 18 8 15 94 - 6 - - - - - - - - - - - - - - 870 718 140 - 11 - 1 637 520 103 - 12 - 2 - - - - - - - - - - - - - -

25 - - - 24 - 1 9 - - - 9 - -

4,187 1,204 1,192 272 259 128 1,132 3,691 1,062 1,150 69 256 104 1,050 

2,879,630 1,196,023 296,014 157,208 651,013 266,245 313,127 2,785,981 1,205,028 263,124 119,792 641,707 240,893 315,437 

1 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in “Other 3 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by

Eu rope.” the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent 

2 Be fore Janu ary 2001, data included in United Kingdom. states by the United States are reported under “Other Europe” as follows: since Decem ber 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former 

Yu go slav Repub lic of Mace do nia. 
CAP I TAL MOVEMENTS 101 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2000 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. residents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas- U.S. 

and Gov’t. ury and Gov’t. Federal corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Coun try chases notes agencies Bonds Stocks Bonds Stocks sales notes agencies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Europe: 

Austria....... 23,559 9,868 3,211 531 6,632 832 2,485 21,242 10,481 2,398 171 5,556 654 1,982 

Belgium 1 ..... 142,661 19,686 8,563 15,125 77,185 5,674 16,428 109,141 19,613 7,245 5,674 58,967 4,225 13,417 

Bulgaria ...... 133 23 - 1 40 65 4 129 33 - 1 40 32 23 

Czech Republic

Denmark ..... 30,718 10,810 3,235 1,339 9,799 1,403 4,132 27,606 12,183 2,270 930 6,637 943 4,643 

Finland ...... 26,710 7,771 1,324 410 2,243 118 14,844 23,550 7,403 1,052 69 1,407 72 13,547 

France ....... 423,294 162,996 3,748 7,229 194,423 8,082 46,816 419,499 167,142 3,690 5,071 188,696 9,526 45,374 

Germany ..... Greece ...... 319,830 

8,238 

95,317 

3,149 

7,656 

330 

7,395 

98 

122,398 9,213 

3,498 123 

77,851 

1,040 

290,624 

7,610 

102,621 5,167 

3,520 197 

5,817 

20 

90,646 

2,694 

16,845 

239 

69,528 

940 

Hungary ...... Ireland ....... 2,719 

277,763 

1,765 

166,220 

364 

14,857 

13 

5,738 

206 14 

39,391 21,014 

357 

30,543 

2,611 

263,591 

2,014 224 

165,173 13,280 - 3,386 

66 

34,465 

31 

16,353 

276 

30,934 

Italy ........ Luxembourg 1 ... Netherlands .... 199,364 n.a. 171,472 60,593 n.a. 49,307 4,917 

n.a. 

8,282 

2,315 

n.a. 

4,023 

93,298 4,020 n.a. n.a. 61,743 9,690 34,221 n.a. 38,427 181,700 n.a. 168,748 58,524 4,101 n.a. n.a. 47,167 6,917 2,007 

n.a. 

4,258 

81,068 n.a. 56,828 3,639 

n.a. 12,415 

32,361 n.a. 41,163 

Norway ...... 82,679 56,504 12,067 1,224 7,824 2,166 2,894 77,669 55,325 12,432 1,104 4,806 1,221 2,781 

Poland ....... 4,970 3,791 357 26 192 232 372 6,218 5,317 236 - 154 194 317 

Portugal ...... Romania ..... 12,112 

2,437 

6,533 

975 

198 

1,356 

79 

- 3,225 315 55 - 1,762 51 

10,065 

2,018 

4,965 163 

736 1,180 

107 - 3,129 

54 

258 - 1,443 

48 

.. 8,522 5,127 814 186 124 147 2,124 7,359 4,521 40 - 110 133 2,555 

Russia 2 ...... 17,364 3,438 12,650 4 694 252 326 16,838 3,059 12,609 27 553 194 396 

Spain ....... 85,715 36,399 7,750 673 17,695 4,367 18,831 72,930 37,201 574 631 13,424 3,879 17,221 

Sweden ...... 68,705 23,373 1,824 2,323 24,385 1,643 15,157 61,337 22,291 1,226 1,031 21,896 1,355 13,538 

Switzerland .... 231,794 17,344 8,268 5,659 151,784 5,305 43,434 233,310 27,670 6,714 3,240 139,824 4,391 51,471 

Turkey ....... 43,586 4,593 1,216 77 725 32,708 4,267 43,369 3,489 - 798 660 32,896 5,526 

United Kingdom .. 3,924,639 1,589,020 171,218 254,728 734,261 499,333 676,079 3,788,535 1,622,689 141,033 143,690 675,525 531,201 674,397 

Channel Islands 

and Isle of Man 3.. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Yugoslavia 4 .... 71 - - 32 16 6 17 68 - - - 21 - 47 

Other Europe ... 35,144 15,712 2,978 2,237 9,282 1,476 3,459 38,965 17,881 1,700 5,251 9,238 1,392 3,503 

Total Europe... 6,144,199 2,350,314 277,183 311,465 1,561,118 608,1981,035,921 5,874,732 2,401,018 224,448 183,283 1,396,464 642,0881,027,431 

Canada ....... 559,374 246,033 16,351 13,093 156,702 45,641 81,554 544,569 246,583 6,240 9,917 150,746 40,712 90,371 

Latin America: 

Venezuela

Argentina ..... 43,917 1,085 1,396 2,071 5,475 29,141 4,749 43,324 4,459 497 1,346 4,729 27,702 4,591 

Brazil ....... 49,937 6,206 1,581 638 3,331 20,380 17,801 51,542 5,360 678 717 3,195 21,528 20,064 

Chile........ 9,150 1,813 277 746 3,208 1,785 1,321 8,819 1,745 130 860 2,883 1,366 1,835 

Colombia ..... 9,133 4,486 694 1,008 1,633 1,131 181 7,379 3,644 786 459 1,423 939 128 

Ecuador ...... 1,085 16 123 115 758 41 32 1,625 743 83 36 710 36 17 

Guatemala .... 747 22 19 93 503 34 76 634 22 3 60 473 22 54 

Mexico ...... 60,808 27,204 3,437 2,465 6,999 8,394 12,309 51,499 24,779 599 1,375 6,605 7,548 10,593 

Panama ...... 12,913 306 836 881 8,378 1,303 1,209 11,265 363 352 502 8,010 928 1,110 

Peru ........ 2,040 4 628 30 505 317 556 1,222 22 142 8 459 194 397 

Uruguay ...... 5,596 701 359 330 2,019 1,885 302 5,186 1,046 167 101 1,776 1,734 362 ..... 12,175 1,956 2,322 458 4,450 1,489 1,500 7,509 668 170 160 4,149 1,064 1,298 

Other Latin 

America 5 .... 17,146 3,554 3,169 1,465 6,693 1,151 1,114 14,492 4,398 798 416 6,434 1,115 1,331 

Total Latin 

America .... 224,647 47,353 14,841 10,300 43,952 67,051 41,150 204,496 47,249 4,405 6,040 40,846 64,176 41,780 

Ca rib bean: 

Bahamas ..... 145,890 52,185 3,950 6,955 51,101 11,122 20,577 148,112 51,832 3,954 6,315 52,436 10,590 22,985 

Bermuda ..... 914,326 138,101 56,095 31,353 553,446 84,628 50,703 915,573 145,452 49,963 20,472 563,498 82,342 53,846 

British West 

Indies ....... 1,448,151 

Cayman Islands 6 .. n.a. Cuba ....... 2 

267,607 n.a. -160,684 n.a. -59,842 n.a. -806,954 48,493 104,571 1,432,045 n.a. n.a. n.a. n.a. 2 - - 2 270,993 149,245 n.a. n.a. - -46,870 n.a. -807,924 n.a. 2 44,220 112,793 n.a. n.a. - - Jamaica ...... 765 164 54 38 233 247 29 510 157 61 1 198 78 15 

Netherlands 

Antilles...... 279,650 78,417 13,884 5,565 140,321 11,570 29,893 291,748 73,038 12,102 4,719 148,938 11,635 41,316 

Trinidad and 

Tobago ..... 423 86 16 18 216 54 33 338 106 - 4 195 5 28 

Other Caribbean 5 . n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

Total Caribbean . 2,789,207 536,560 234,683 103,771 1,552,273 156,114 205,806 2,788,328 541,578 215,325 78,381 1,573,191 148,870 230,983 

See footnotes at end of table. 
102 CAP I TAL MOVEMENTS 

TA BLE CM-V-5.—U.S. Transac tions with Foreigners in Long-Term Domes tic 

and Foreign Secu ri ties, by Type and Country, During Calen dar Year 2000, con. 

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] 

Gross purchases by foreign ers from U.S. residents Gross sales by foreign ers to U.S. resi dents 

Do mes tic secu ri ties Do mes tic secu ri ties 

Mar ket- Mar ket­ able Bonds of able Bonds of

Treas ury U.S. Treas ury U.S. 

and Gov’t. and Gov’t. Fed eral corps. Fed eral corps.

Financ- and fed- Fi nanc- and fed­ ing Bank er ally ing Bank er ally 

pur- and sored other bonds spon- Cor po rate and To tal bonds spon- Cor po rate and 

For eign secu ri ties To tal and sored other 

Country chases notes agen cies Bonds Stocks Bonds Stocks sales notes agen cies Bonds Stocks 

For eign secu ri ties 

Bonds Stocks 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) 

Asia: 

China: 

Mainland .... 91,662 57,944 26,490 1,162 2,836 2,258 972 74,552 61,915 7,671 354 2,939 450 1,223

Taiwan ..... 37,108 7,289 4,794 1,026 11,081 3,166 9,752 40,500 17,378 917 54 11,228 404 10,519 

Hong Kong .... 176,510 49,480 15,910 2,555 19,399 6,699 82,467 168,384 49,821 7,241 702 19,184 5,715 85,721 

India ....... 9,556 5,414 124 28 1,357 44 2,589 8,296 4,005 5 - 1,363 57 2,866 

Indonesia..... 4,774 2,535 13 33 978 215 1,000 4,077 2,308 5 18 820 197 729 

Israel ....... 32,469 12,629 1,000 773 11,206 548 6,313 33,768 11,958 228 231 12,308 707 8,336 

Japan ...... 894,786 349,370 104,216 22,289 116,968 42,754 259,189 821,810 338,790 80,414 6,735 114,898 38,245 242,728 

Korea....... 51,618 33,809 5,863 100 734 2,064 9,048 46,631 28,982 4,056 895 894 699 11,105 

Lebanon ..... 3,728 4 1 12 3,246 263 202 3,442 178 - 11 2,997 53 203 

Malaysia ..... 3,376 582 32 120 593 235 1,814 3,283 801 7 14 590 310 1,561 

Pakistan ..... 678 - 1 1 629 3 44 683 2 - - 584 11 86 

Philippines .... 6,216 3,169 248 313 1,162 584 740 4,928 2,447 315 100 1,145 162 759 

Singapore .... 156,436 64,602 9,110 5,847 39,151 11,196 26,530 146,291 70,769 8,793 4,571 28,363 10,303 23,492 

Syria ....... 225 - 1 1 205 5 13 219 - - - 177 - 42 

Thailand ..... 9,283 8,006 11 65 410 275 516 7,996 6,804 27 14 468 180 503 

Other Asia .... 117,064 42,487 10,605 3,558 55,359 1,171 3,884 101,984 39,524 10,113 1,975 45,673 697 4,002 

Total Asia ... 1,595,489 637,320 178,419 37,883 265,314 71,480 405,073 1,466,844 635,682 119,792 15,674 243,631 58,190 393,875 

Af rica: 

Congo (formerly

Zaire) ..... 35 - - - 8 - 27 38 - - 2 17 - 19 

Egypt ....... 2,465 1,110 69 58 927 44 257 2,781 1,434 58 72 967 38 212 

Ghana ...... 9 - - - 5 - 4 5 - - - 5 - - Liberia ...... 3,135 857 1,111 211 825 22 109 2,089 534 339 194 845 69 108 

Morocco ..... 216 118 7 - 80 1 10 477 348 3 2 86 11 27 

South Africa ... 4,296 741 12 122 1,229 58 2,134 3,281 776 65 159 958 15 1,308 

Other Africa ... 6,049 469 550 109 3,006 764 1,151 5,652 617 376 41 2,787 691 1,140 

Total Africa .. 16,205 3,295 1,749 500 6,080 889 3,692 14,323 3,709 841 470 5,665 824 2,814 

Other countries: 

Australia ..... 93,278 43,190 3,957 1,172 15,197 6,528 23,234 87,504 41,755 3,462 1,003 13,760 4,881 22,643 

New Zealand 7 .. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. All other 

countries .... 10,671 1,590 957 950 2,984 2,512 1,678 11,197 1,653 741 212 4,416 2,411 1,764 

Total other 

countries ... 103,949 44,780 4,914 2,122 18,181 9,040 24,912 98,701 43,408 4,203 1,215 18,176 7,292 24,407 

Total foreign

countries .. 11,433,070 3,865,655 

In ter na tional and

re gional orgs.: 

International ... 5,688 3,160 

European

regional..... 3,792 152 

Latin American 

regional..... 945 158 

Caribbean 

regional 8 .... n.a. n.a. Asian regional .. 1,470 1,375 

African regional . 32 2 

Middle Eastern 

regional..... 213 9 

Total inter728,140 479,134 3,603,620 958,413 1,798,108 10,991,993 3,919,227 575,254 294,980 3,428,719 962,152 1,811,661 

694 231 717 259 627 6,722 3,643 739 236 764 540 800 

52 2 1 231 3,354 3,401 274 57 48 1 287 2,734 

42 58 623 6 58 748 82 33 63 523 - 47 

n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2 1 40 23 29 1,387 1,312 - 1 38 7 29 - 30 - - - 2 - - - 2 - -

- - 195 - 9 271 5 5 - 259 - 2 

national and 

regional .... 12,140 4,856 790 322 1,576 519 4,077 12,531 5,316 834 348 1,587 834 3,612 

Grand total .... 11,445,210 3,870,511 728,930 479,456 3,605,196 958,932 1,802,185 11,004,524 3,924,543 576,088 295,328 3,430,306 962,986 1,815,273 

1 Before Janu ary 2001, combined data reported for Belgium-Luxembourg. 5 Be fore Janu ary 2001, “Other Latin America” and “Other Carib bean” were reported as
 

2 Since Decem ber 1992, data for all other repub lics of the former U.S.S.R. included in com bined “Other Latin America and Carib bean.”
 

“Other Europe.” 6 Before January 2001, data for Cayman Islands included in British West Indies.
 

3 Be fore Janu ary 2001, data included in United Kingdom. 7 Before Janu ary 2001, data included in “All other.”
 

4 In cludes Serbia and Montenegro, which presently form an entity not formally recog nized by 8 Before Janu ary 2001, data included in “Latin Ameri can regional.”
 

the United States. Data for enti ties of the former Yugo sla via recog nized as inde pend ent
 

states by the United States are reported under “Other Europe” as follows: since Decem ber
 

1992 for Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the Former
 

Yu go slav Repub lic of Mace do nia.
 
CAP I TAL MOVEMENTS 103
 

CHART CM-D.—Net Purchases of Long-Term

For eign Secu ri ties by U.S. Inves tors *
 

150 

100 

50 

0 

-50 

-100 

-150 

1997 1998 1999 2000 2001 2001 

Jan.-Sept. July-Sept. 

(In billions of dollars) 

Note: To facil i tate compar i son of net purchases

dur ing 2001 with those in prior years, the chart de picts data for all peri ods at an annu al ized rate. 

For eign bonds For eign stocks To tal foreign secu ri ties 

The data on this page repre sent

U.S. inves tors’ purchases and sales 

of long-term foreign secu ri ties as

re ported to the Treasury Inter na­ tional Capi tal (TIC) report ing sys­ tem. However, in the past several 

years, U.S. inves tors also have ac­ quired a substan tial amount of for­ eign stocks, mostly Euro pean,

through mergers that involve stock 

swaps. Net acqui si tions through stock swaps amounted to $96 bil­ lion in 1998, $123 billion in 1999, 

$84 billion in 2000, and about $40

bil lion in the first three quarters of 

2001. (Stock swaps data for the 

most recent quarter are Federal

Re serve Board/Treasury esti mates

and are subject to substan tial revi­ sions.) These stock swaps are not

re ported under the TIC report ing

sys tem. 

In clud ing the stock swaps, annual 

U.S. net purchases of long-term

for eign secu ri ties have aver aged about $100 billion since the 

mid-1990s, without much varia­ tion from year to year. In the past

few years, the acqui si tions have 

been concen trated in foreign

stocks, as net purchases of foreign

bonds have been negli gi ble, far be- low the levels of the mid-1990s. In 

2000, taking into account the esti­ mated $84 billion in foreign stocks

ac quired through mergers, U.S.

res i dents acquired approx i mately $97 billion in foreign stocks. In the 

first three quarters of 2001, U.S.

in ves tors’ net acqui si tions of for­ eign secu ri ties have slowed con­ sid er ably, weighed down by $32

bil lion in net sales of foreign

[In millions of dollars. Source: Treasury Inter na tional Capi tal Reporting System] bonds.

Cal en dar years 

Type 1997 1998 1999 2000 

2001 

Jan. - Sept. 

2001 

July - Sept. 

Foreign bonds ..... 48,144 17,349 5,676 4,054 -32,177 -25,352 

Foreign stocks ..... 40,939 -6,212 -15,640 13,088 42,932 2,310 

Total ......... 89,083 11,137 -9,964 17,142 10,755 -23,042 

*Net purchases by U.S. inves tors equal net sales by foreign ers,or gross sales minus gross purchases of secu ri ties. 
104 

IN TRO DUC TION: Foreign Currency Posi tions 

The “Treasury Bulle tin” reports foreign currency holdings 

of large foreign exchange market partic i pants. These reports

pro vide infor ma tion on posi tions in deriv a tive instru ments, 

such as foreign exchange futures and options, that are increasingly used in estab lish ing foreign exchange posi tions but were 

not covered in the old reports. 

The infor ma tion is based on reports of large foreign exchange market partic i pants on holdings of six major foreign

cur ren cies (Cana dian dollar, German mark, Japa nese yen, 

Swiss franc, pound sterling and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

Jan u ary 1999, are intended to approx i mate "all other" currency posi tions of report ing insti tu tions. U.S.-based businesses file a consol i dated report for their domes tic and foreign

sub sid iar ies, branches and agencies. U.S. subsid iar ies of foreign enti ties file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 

Code of Federal Regu la tions 128, Subpart C). 

Weekly and monthly reports must be filed throughout the 

cal en dar year by major foreign exchange market partic i pants, 

which are defined as market partic i pants with more than $50 

bil lion equiva lent in foreign exchange contracts on the last 

busi ness day of any calen dar quarter during the previ ous year 

(end March, June, Septem ber or Decem ber). Such contracts 

in clude 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 calen dar 

year by each foreign exchange market partic i pant that had 

more than $5 billion equiva lent in foreign exchange contracts 

on the last business day of any quarter the previ ous year (end 

March, June, Septem ber or Decem ber). 

This infor ma tion is published in seven sections corre sponding to each of the major curren cies covered by the reports. Tables I-1 through VII-1 present the currency data reported 

weekly by major market partic i pants. Tables I-2 through 

VII-2 present more detailed currency data of major market 

par tic i pants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through VII-3 present quarterly consol i dated

cur rency data reported by large market partic i pants and 

FFIEC report ers that do not file weekly reports.

Prin ci pal exchanged under cross-currency inter est rate 

swaps is reported as part of purchases or sales of foreign exchange. Such princi pal also was noted sepa rately on monthly 

and quarterly reports through Decem ber 1998, when this practice was discon tin ued. The net options posi tion, or the net 

delta-equivalent value of an options posi tion, is an esti mate of 

the rela tion ship between an option’s value and an equiva lent

cur rency hedge. The delta equiva lent value is defined as the 

prod uct of the first partial deriv a tive of an option valu a tion

for mula (with respect to the price of the under ly ing currency)

mul ti plied by the notional princi pal of the contract. 
FOR EIGN CURRENCY POSI TIONS 105 

SEC TION I.—Cana dian Dollar Posi tions 

TA BLE FCP-I-1.—Weekly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Cana dian

Pur chased Sold Net options posi tions dol lars per U.S. dollar) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

369,589 374,536 -958 1.573 

378,836 386,078 65 1.563 

374,735 383,132 -156 1.564 

370,542 376,075 -147 1.552 

362,109 368,093 -710 1.533 

360,741 363,297 -551 1.539 

371,022 372,050 1,130 1.538 

367,295 372,751 -203 1.552 

404,472 389,631 1,847 1.546 

378,731 380,235 911 1.527 

392,526 395,415 772 1.516 

370,216 375,002 550 1.535 

369,908 373,320 565 1.518 

357,724 364,786 668 1.510 

359,470 364,090 344 1.526 

366,342 365,282 -282 1.536 

364,868 362,946 -193 1.537 

363,527 361,910 -666 1.538 

355,583 355,698 -61 1.536 

360,849 358,936 -177 1.533 

333,819 333,350 -326 1.543 

335,491 337,627 -706 1.546 

327,054 326,917 -495 1.558 

338,768 337,286 -1,032 1.560 

310,545 310,292 -309 1.561 

319,999 319,780 -495 1.571 
106 FOR EIGN CURRENCY POSI TIONS 

SEC TION I.—Cana dian Dollar Posi tions, con. 

TA BLE FCP-I-2.—Monthly Report of Major Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Exchange 

rate 

Cross cur- (Ca na dian 

Spot, forward Net delta rency inter- dol lars per 

and future contracts Non-capital items Calls Puts equiva- est rate U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec ........ 290,380 290,271 58,800 51,966 45,192 52,906 47,165 42,987 -4,347 158,643 1.532 

1999 - Dec ........ 301,513 299,988 48,848 46,733 29,403 32,548 24,040 25,542 43 n.a. 1.447 

2000 - Oct......... 348,003 357,793 65,566 61,648 19,131 19,985 16,168 16,653 99 n.a. 1.523 

Nov ........ 360,321 366,124 70,895 64,264 20,609 21,161 16,533 18,898 925 n.a. 1.536 

Dec ........ 368,065 351,224 73,277 69,548 19,303 20,495 18,106 19,916 1,285 n.a. 1.500 

2001 - Jan......... 374,109 378,807 81,520 78,567 19,647 21,860 22,608 24,423 889 n.a. 1.499 

Feb ........ 364,880 370,510 65,016 66,865 21,773 23,567 22,732 23,722 -623 n.a. 1.537 

Mar ........ 377,788 383,933 64,301 62,363 26,069 27,555 24,188 24,324 -1,080 n.a. 1.578 

Apr ......... 372,420 376,494 72,181 67,669 28,054 28,651 27,557 28,786 -631 n.a. 1.537 

May ........ 389,815 391,440 76,282 76,382 31,550 31,906 30,862 33,767 264 n.a. 1.539 

June........ 370,872 372,562 85,177 86,087 32,896 32,739 31,056 31,990 772 n.a. 1.515 

July ........ 372,454 371,860 76,271 76,780 22,505 22,092 24,621 24,158 -281 n.a. 1.533 

Aug ........ 335,295 334,566 73,093 72,741 27,846 27,982 31,858 32,739 80 n.a. 1.551 

Sept ........ 318,517 317,865 70,546 73,476 26,672 27,149 29,366 30,323 -487 n.a. 1.580 

TA BLE FCP-I-3.—Quarterly Report of Large Market Partic i pants 

[In millions of Cana dian dollars. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Ex change 

Cross cur- rate 

Spot, forward rency inter- (Ca na dian and future contracts Non-capital items Calls Puts Net delta est rate dol lars per

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps U.S. dollar)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec ........ 30,214 30,372 62,426 54,635 1,383 n.a. 1,853 1,292 -129 7,214 1.532 

1999 - Mar ........ 42,926 40,252 49,479 52,069 373 229 875 341 -2,849 n.a. 1.509 

June........ 26,534 26,029 50,617 45,798 378 n.a. n.a. 358 n.a. n.a. 1.463 

Sept ........ 25,629 25,735 51,562 49,931 182 306 n.a. n.a. n.a. n.a. 1.468 

Dec ........ 22,143 23,486 63,486 65,638 168 n.a. n.a. n.a. n.a. n.a. 1.447 

2000 - Mar ........ 20,098 22,775 47,433 41,645 n.a. n.a. 894 n.a. n.a. n.a. 1.449 

June........ 19,493 23,320 49,501 43,293 323 n.a. 406 290 -93 n.a. 1.481 

Sept ........ 21,192 20,521 47,212 45,754 270 n.a. 257 212 -62 n.a. 1.504 

Dec ........ 27,747 34,920 47,126 45,544 279 n.a. 316 366 36 n.a. 1.500 

2001 - Mar ........ 21,626 30,472 46,819 43,788 n.a. n.a. 479 446 71 n.a. 1.578 

June........ 30,328 32,853 47,860 42,721 491 417 550 639 n.a. n.a. 1.515 
FOR EIGN CURRENCY POSI TIONS 107 

SEC TION II.—German Mark Posi tions 

TA BLE FCP-II-1.—Weekly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Deutsche 

Pur chased Sold Net options posi tions marks per U.S. dollar) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

11,820 11,173 n.a. 2.170 

11,736 10,963 n.a. 2.205 

11,715 10,996 n.a. 2.211 

11,633 10,920 n.a. 2.183 

11,540 10,798 n.a. 2.190 

11,534 10,794 n.a. 2.211 

11,230 10,575 n.a. 2.216 

11,144 10,462 n.a. 2.284 

10,772 10,055 n.a. 2.282 

10,709 10,038 n.a. 2.304 

10,730 10,054 n.a. 2.289 

10,723 10,117 n.a. 2.289 

10,536 9,897 n.a. 2.274 

10,476 9,934 n.a. 2.305 

10,456 n.a. n.a. 2.277 

10,453 n.a. n.a. 2.241 

10,447 n.a. n.a. 2.223 

10,434 n.a. n.a. 2.221 

10,493 n.a. n.a. 2.224 

10,473 n.a. n.a. 2.228 

12,095 n.a. n.a. 2.139 

10,309 n.a. n.a. 2.150 

10,332 n.a. n.a. 2.207 

n.a. n.a. n.a. 2.198 

n.a. n.a. n.a. 2.157 

10,196 n.a. n.a. 2.101 
108 FOR EIGN CURRENCY POSI TIONS 

SEC TION II.—German Mark Posi tions, con. 

TA BLE FCP-II-2.—Monthly Report of Major Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross currency interest rate 

Ex change 

rate 

(Deutsche 

marks per 

U.S. 

Purchased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec........ 2,137,633 2,095,888 275,795 276,946 538,892 569,968 535,282 564,736 5,041 434,747 1.942 

1999 - Dec........ 27,357 35,643 8,371 11,700 9,254 11,991 14,709 11,246 n.a. n.a. 1.970 

2000 - Oct ........ 14,333 n.a. n.a. n.a. n.a. 3,948 n.a. 3,542 n.a. n.a. 2.304 

Nov ........ 13,709 n.a. n.a. n.a. n.a. 4,029 n.a. 3,644 n.a. n.a. 2.243 

Dec ........ 11,153 n.a. 20,075 23,477 2,332 2,922 6,418 3,327 n.a. n.a. 2.077 

2001 - Jan ........ 12,459 n.a. 19,182 19,652 2,080 2,823 n.a. 2,660 n.a. n.a. 2.089 

Feb ........ 11,879 n.a. 19,111 19,503 n.a. 2,334 n.a. 2,718 n.a. n.a. 2.119 

Mar ........ 11,612 11,041 n.a. n.a. 1,320 n.a. n.a. 2,663 n.a. n.a. 2.117 

Apr ........ 11,342 10,779 n.a. n.a. 1,253 n.a. n.a. 2,407 n.a. n.a. 2.205 

May ....... 10,803 10,052 n.a. n.a. 1,244 n.a. n.a. 2,222 n.a. n.a. 2.314 

June ....... 10,252 n.a. n.a. n.a. 1,086 n.a. n.a. 2,149 n.a. n.a. 2.303 

July ........ 10,543 n.a. n.a. n.a. 1,108 n.a. n.a. 2,117 n.a. n.a. 2.234 

Aug ........ 10,209 n.a. n.a. n.a. 1,243 n.a. n.a. 2,090 n.a. n.a. 2.147 

Sept ....... n.a. n.a. n.a. n.a. 1,173 n.a. n.a. 2,436 n.a. n.a. 2.149 

TA BLE FCP-II-3.—Quarterly Report of Large Market Partic i pants 

[In millions of German marks. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Cross currency in­ ter est rate 

Ex change 

rate 

(Deut sche 

marks per 

U.S. 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec ........ 204,109 182,509 114,722 96,084 19,975 18,118 20,838 20,055 749 33,636 1.693 

1999 - Mar. ........ 35,238 30,884 78,296 77,336 5,273 3,681 6,945 3,443 -1,786 n.a. 2.106 

June. ....... 29,882 24,365 69,238 69,965 2,430 1,973 n.a. 2,189 n.a. n.a. 1.891 

Sept. ....... 31,152 18,307 61,817 63,678 1,479 1,637 4,370 2,023 n.a. n.a. 1.829 

Dec. ........ 18,003 10,389 63,721 68,320 266 121 n.a. n.a. n.a. n.a. 1.942 

2000 - Mar. ........ 11,985 6,048 34,223 38,156 n.a. n.a. n.a. n.a. n.a. n.a. 2.047 

June........ 10,471 5,011 29,144 30,562 n.a. n.a. n.a. n.a. n.a. n.a. 2.051 

Sept ........ 9,645 n.a. 27,070 23,899 19 32 n.a. n.a. n.a. n.a. 2.218 

Dec ........ 10,587 4,802 36,052 28,045 n.a. n.a. n.a. n.a. n.a. n.a. 2.077 

2001 - Mar ........ 6,002 4,763 17,581 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.224 

June........ 10,156 4,530 17,425 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2.303 
FOR EIGN CURRENCY POSI TIONS 109 

SEC TION III.—Japa nese Yen Posi tions 

TA BLE FCP-III-1.—Weekly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (Japa- Pur chased Sold Net options posi tions nese yen per U.S. dollar) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

185,572 190,544 1,371 125.46 

179,268 184,986 1,210 124.81 

184,427 189,771 1,161 122.37 

187,119 191,798 1,137 122.34 

181,782 186,640 1,032 121.91 

186,536 191,077 821 122.20 

183,994 188,764 747 123.65 

184,335 188,933 891 119.85 

185,680 190,529 970 120.41 

184,227 189,830 1,102 120.36 

184,270 189,707 1,068 122.05 

178,467 184,264 900 123.72 

188,605 194,659 788 124.46 

186,410 192,398 768 124.50 

189,708 195,879 964 124.36 

184,440 190,111 920 123.93 

181,261 186,528 902 123.70 

181,580 187,294 892 124.51 

183,544 189,332 1,232 124.87 

190,904 196,339 1,331 123.20 

179,574 185,090 1,428 120.48 

183,195 188,146 1,376 120.21 

182,440 188,095 1,543 120.71 

180,177 184,940 1,334 120.76 

170,220 174,887 1,430 119.53 

175,821 180,570 1,248 117.30 
110 FOR EIGN CURRENCY POSI TIONS 

SEC TION III.—Japa nese Yen Posi tions, con. 

TA BLE FCP-III-2.—Monthly Report of Major Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Options posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Jap a nese 

yen per 

U.S. 

Cross currency inter est rate 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiva lent swaps dol lar) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec ........ 202,201 206,719 25,691 26,714 37,327 37,921 50,809 49,009 1,208 74,901 113.30 

1999 - Dec ........ 146,349 149,278 27,233 24,011 22,474 21,436 36,816 39,114 1,050 n.a. 102.31 

2000 - Oct......... 156,295 160,553 24,881 23,216 25,212 25,012 50,612 51,092 1,121 n.a. 109.14 

Nov ........ 160,196 164,953 25,530 23,935 21,408 20,667 51,269 51,843 1,072 n.a. 110.40 

Dec ........ 157,318 162,804 25,262 24,120 19,555 18,884 47,477 48,889 1,142 n.a. 114.42 

2001 - Jan......... 170,052 175,360 28,085 27,095 24,015 22,652 53,084 53,945 1,100 n.a. 116.42 

Feb ........ 178,012 182,917 28,432 27,271 22,101 20,791 50,328 50,878 1,149 n.a. 117.38 

Mar ........ 187,776 194,572 29,381 27,724 26,040 23,018 54,817 56,734 1,568 n.a. 125.54 

Apr ......... 193,385 198,552 26,648 25,841 24,092 22,346 51,532 55,426 940 n.a. 123.57 

May ........ 193,276 198,316 31,383 30,042 32,459 30,105 58,925 60,316 1,106 n.a. 119.20 

June........ 200,324 205,774 27,508 26,345 29,540 21,922 60,726 54,335 908 n.a. 124.77 

July ........ 186,735 191,954 26,456 26,241 23,345 22,692 54,659 53,837 912 n.a. 125.09 

Aug ........ 175,946 180,479 36,813 36,190 28,750 25,629 55,048 57,848 1,095 n.a. 118.79 

Sept ........ 181,655 186,474 33,481 34,172 28,119 27,023 55,794 56,816 1,191 n.a. 119.23 

TA BLE FCP-III-3.—Quarterly Report of Large Market Partic i pants 

[In billions of Japa nese yen. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward Net delta 

and future contracts Non-capital items Calls Puts equivaExchange 

rate 

(Jap a nese 

yen per U.S. 

Cross currency interest rate 

Pur chased

Re port date (1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

lent 

(9) 

swaps 

(10) 

dol lar) 

(11) 

1998 - Dec ........ 12,356 10,415 9,057 8,606 1,045 n.a. 4,031 2,412 -269 4,049 113.30 

1999 - Mar ........ 10,407 11,415 8,382 7,703 498 1,041 1,088 748 69 n.a. 118.90 

June ....... 11,020 12,124 9,073 9,372 669 854 1,172 579 -84 n.a. 121.25 

Sept........ 12,546 13,169 9,697 10,067 510 947 1,580 675 -320 n.a. 106.35 

Dec ........ 8,147 8,964 9,608 9,516 410 850 988 542 n.a. n.a. 102.31 

2000 - Mar ........ 9,940 10,052 6,827 6,463 697 1,267 1,229 821 n.a. n.a. 102.80 

June ....... 9,614 9,295 6,647 6,352 558 855 992 722 115 n.a. 106.07 

Sept........ 7,826 7,612 6,232 6,901 580 984 1,068 748 100 n.a. 108.21 

Dec ........ 7,538 8,215 6,392 5,286 455 663 727 409 16 n.a. 114.42 

2001 - Mar ........ 11,408 11,719 6,538 6,018 473 667 1,174 512 -84 n.a. 125.54 

June ....... 12,129 11,699 5,789 7,497 515 n.a. n.a. 1,049 28 n.a. 124.77 
FOR EIGN CURRENCY POSI TIONS 111 

SEC TION IV.—Swiss Franc Posi tions 

TA BLE FCP-IV-1.—Weekly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Swiss

Pur chased Sold Net options posi tions francs per U.S. dollar) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

464,648 457,754 -2,907 1.696 

457,676 452,398 -2,289 1.711 

465,746 458,699 -2,560 1.729 

474,884 467,093 -2,063 1.710 

471,700 467,614 -2,471 1.728 

496,143 491,161 -3,053 1.743 

498,036 493,953 -2,576 1.735 

487,994 485,269 -2,940 1.780 

481,559 476,373 -2,333 1.778 

497,322 493,872 -1,893 1.790 

499,708 495,471 -1,638 1.789 

430,975 426,531 -2,120 1.784 

425,597 420,448 -1,539 1.766 

417,225 412,590 -1,540 1.798 

428,121 424,899 -1,952 1.768 

449,902 446,425 -929 1.724 

439,194 436,046 -453 1.715 

447,538 446,535 37 1.715 

451,356 449,443 -415 1.716 

441,147 440,480 364 1.713 

421,132 418,819 -127 1.664 

412,376 411,233 661 1.668 

412,395 413,385 -77 1.706 

412,236 412,125 -529 1.700 

384,086 385,750 1,185 1.659 

389,453 391,009 1,240 1.586 
112 FOR EIGN CURRENCY POSI TIONS 

SEC TION IV.—Swiss Franc Posi tions, con. 

TA BLE FCP-IV-2.—Monthly Report of Major Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Exchange 

rate 

(Swiss 

francs per 

U.S. 

Cross currency interest rate 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

equivaPur chased 

(1) 

Sold 

(2) 

As sets 

(3) 

Li a bil i ties 

(4) 

dol lar) 

(11) 

Bought Written Bought Written lent 

(9) 

swaps 

Re port date (5) (6) (7) (8) (10)

1998 - Dec ........ 412,893 414,305 27,126 28,145 70,475 65,812 63,977 68,190 5,605 120,584 1.375 

1999 - Dec ........ 349,124 346,571 24,262 24,361 63,446 66,092 62,096 58,039 -4,618 n.a. 1.591 

2000 - Oct......... 445,195 446,969 44,711 51,168 83,680 81,501 75,315 76,735 -2,119 n.a. 1.798 

Nov ........ 475,265 477,843 48,580 51,858 75,301 74,948 64,606 63,180 -3,199 n.a. 1.730 

Dec ........ 391,980 400,664 67,268 70,627 60,340 58,622 55,933 52,641 -2,020 n.a. 1.613 

2001 - Jan......... 447,647 443,017 63,925 71,067 67,744 66,291 66,222 64,934 -1,214 n.a. 1.636 

Feb ........ 463,309 463,207 58,303 67,451 70,041 67,494 66,720 62,967 -1,599 n.a. 1.670 

Mar ........ 466,813 462,215 64,769 70,358 69,598 62,917 66,583 68,260 -1,436 n.a. 1.736 

Apr ......... 469,703 462,665 62,361 66,898 67,041 64,125 60,632 56,051 -2,658 n.a. 1.735 

May ........ 499,296 493,182 65,605 67,766 76,483 67,282 64,115 66,803 -1,895 n.a. 1.797 

June........ 430,905 427,485 55,723 59,780 63,017 56,534 62,329 60,157 -1,025 n.a. 1.794 

July ........ 425,747 425,111 55,661 60,539 55,354 50,837 52,559 50,838 -66 n.a. 1.728 

Aug ........ 391,997 392,065 52,265 59,718 63,769 60,695 61,730 58,227 729 n.a. 1.664 

Sept ........ 369,236 374,938 53,136 60,486 74,636 67,827 65,635 65,649 2,180 n.a. 1.619 

TA BLE FCP-IV-3.—Quar terly Report of Large Market Partic i pants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

Ex change 

rate 

(Swiss 

francs per 

U.S. 

Cross cur­ rency inter est rate 

Pur chased 

(1) 

Sold 

(2) 

As sets Li a bil i ties equiva lent 

(9) 

dol lar) 

(11) 

Bought Written Bought Written swaps 

Re port date (3) (4) (5) (6) (7) (8) (10)

1998 - Dec ........ 29,714 27,460 25,805 17,734 2,858 2,958 1,723 1,455 -58 15,491 1.375 

1999 - Mar ........ 27,949 24,485 n.a. 19,203 n.a. n.a. 1,184 1,076 -298 n.a. 1.482 

June........ 29,910 31,341 25,543 21,297 1,748 n.a. 999 839 -418 n.a. 1.551 

Sept ........ 41,114 42,781 26,958 22,921 n.a. n.a. 4,829 n.a. 165 n.a. 1.495 

Dec ........ 28,025 30,321 25,346 22,075 n.a. n.a. 2,416 1,886 -251 n.a. 1.591 

2000 - Mar ........ 25,551 32,822 23,732 11,470 n.a. n.a. 2,481 2,495 164 n.a. 1.664 

June........ 26,881 31,379 23,355 12,740 n.a. n.a. n.a. n.a. n.a. n.a. 1.634 

Sept ........ 25,817 29,202 25,141 15,983 2,415 n.a. n.a. 3,679 n.a. n.a. 1.727 

Dec ........ 24,618 24,262 22,570 12,256 1,254 n.a. n.a. 1,801 n.a. n.a. 1.613 

2001 - Mar ........ 23,288 28,769 25,139 13,346 n.a. n.a. n.a. n.a. n.a. n.a. 1.736 

June........ 28,972 36,996 23,799 11,409 755 n.a. n.a. 1,694 n.a. n.a. 1.794 
FOR EIGN CURRENCY POSI TIONS 113 

SEC TION V.—Ster ling Posi tions 

TA BLE FCP-V-1.—Weekly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Exchange rate (U.S.

Pur chased Sold Net options posi tions dollars per pound) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

530,083 532,121 1,893 1.434 

518,618 519,411 1,661 1.437 

509,405 510,155 1,521 1.427 

523,472 523,156 1,752 1.440 

505,409 507,262 1,801 1.432 

520,660 520,644 1,400 1.421 

522,537 521,427 1,662 1.430 

514,285 515,135 1,489 1.419 

524,145 527,741 1,694 1.426 

528,728 531,921 1,953 1.392 

557,316 557,854 1,120 1.391 

527,403 528,713 1,702 1.398 

554,132 555,548 1,033 1.417 

537,155 539,954 889 1.407 

522,647 526,635 1,327 1.409 

519,995 524,345 1,422 1.419 

504,873 509,525 1,454 1.428 

523,857 526,162 1,367 1.434 

545,014 547,425 854 1.433 

544,419 546,754 1,047 1.414 

521,366 524,393 713 1.448 

517,845 521,186 151 1.451 

515,843 519,618 521 1.457 

508,214 513,239 775 1.455 

485,287 490,661 1,182 1.467 

493,415 493,921 1,004 1.471 
114 FOR EIGN CURRENCY POSI TIONS 

SEC TION V.—Ster ling Posi tions, con. 

TA BLE FCP-V-2.—Monthly Report of Major Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Net delta 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent 

Cross currency interest rate 

swaps 

Ex change 

rate 

(U.S. dollars 

per pound) 

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec ........ 451,435 436,782 90,311 83,682 62,967 59,537 84,861 81,929 1,817 106,491 1.655 

1999 - Dec ........ 431,852 417,589 82,826 85,068 33,780 40,959 38,668 36,834 -1,112 n.a. 1.618 

2000 - Oct......... 508,043 504,514 131,141 129,740 62,564 60,089 43,471 47,039 2,004 n.a. 1.449 

Nov ........ 525,924 520,714 127,240 123,787 57,386 54,895 38,298 40,369 1,819 n.a. 1.426 

Dec ........ 481,136 476,681 132,953 130,552 52,053 49,904 34,092 35,317 1,692 n.a. 1.492 

2001 - Jan......... 532,986 534,464 128,112 120,429 56,783 56,194 38,054 39,293 2,328 n.a. 1.464 

Feb ........ 521,729 522,321 122,989 119,293 55,990 54,464 37,751 37,777 2,080 n.a. 1.445 

Mar ........ 546,986 549,756 139,233 126,469 55,661 54,272 36,644 36,537 1,962 n.a. 1.419 

Apr ......... 507,994 509,576 132,544 121,137 51,910 52,319 33,534 34,242 1,611 n.a. 1.430 

May ........ 520,872 524,805 128,848 114,184 44,646 44,406 40,961 42,894 1,828 n.a. 1.418 

June ........ 539,244 545,753 145,806 128,126 45,060 44,399 41,658 43,666 1,234 n.a. 1.414 

July ........ 508,693 511,810 151,850 136,514 39,555 40,400 35,607 35,878 1,538 n.a. 1.426 

Aug ........ 498,928 501,669 159,645 143,890 40,786 42,188 38,686 39,608 957 n.a. 1.454 

Sept ........ 466,369 467,295 189,961 157,729 39,921 42,843 38,961 39,245 1,775 n.a. 1.469 

TA BLE FCP-V-3.—Quar terly Report of Large Market Partic i pants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Spot, forward 

and future contracts Non-capital items Calls Puts 

Cross cur­ Ex change 

rency inter­ rate 

Net delta est rate (U.S. dollars 

Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equivalent swaps per pound)

Re port date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1998 - Dec .......... 41,798 52,331 55,012 40,001 1,785 1,655 4,116 2,774 -128 12,444 1.655 

1999 - Mar .......... 29,752 38,797 49,526 38,258 1,339 1,970 3,120 3,484 -468 n.a. 1.612 

June ......... 33,120 38,967 61,274 50,042 1,672 1,822 1,855 n.a. -448 n.a. 1.577 

Sept .......... 29,234 40,531 55,936 43,129 904 2,315 2,717 n.a. n.a. n.a. 1.647 

Dec .......... 20,076 28,844 60,608 49,434 1,095 1,514 2,415 n.a. n.a. n.a. 1.618 

2000 - Mar .......... 26,741 30,937 40,575 33,411 1,158 1,236 2,095 1,372 -758 n.a. 1.593 

June ......... 28,019 32,192 44,947 34,944 1,581 1,505 1,702 1,275 -44 n.a. 1.517 

Sept .......... 29,370 30,972 43,390 22,825 1,684 1,350 3,274 1,388 25 n.a. 1.474 

Dec .......... 26,463 30,649 70,752 33,294 2,244 1,887 2,912 1,809 144 n.a. 1.492 

2001 - Mar .......... 33,159 37,997 69,553 31,759 4,097 3,564 3,511 3,251 412 n.a. 1.419 

June ......... 37,364 37,366 41,252 33,622 4,081 3,648 4,204 3,596 314 n.a. 1.414 
FOR EIGN CURRENCY POSI TIONS 115 

SEC TION VI.—U.S. Dollar Posi tions 

TA BLE FCP-VI-1.—Weekly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Pur chased Sold Net options posi tions Exchange rate 

Re port date (1) (2) (3) (4) 

04/04/01 ......................... 

04/11/01 ......................... 

04/18/01 ......................... 

04/25/01 ......................... 

05/02/01 ......................... 

05/09/01 ......................... 

05/16/01 ......................... 

05/23/01 ......................... 

05/30/01 ......................... 

06/06/01 ......................... 

06/13/01 ......................... 

06/20/01 ......................... 

06/27/01 ......................... 

07/04/01 ......................... 

07/11/01 ......................... 

07/18/01 ......................... 

07/25/01 ......................... 

08/01/01 ......................... 

08/08/01 ......................... 

08/15/01 ......................... 

08/22/01 ......................... 

08/29/01 ......................... 

09/05/01 ......................... 

09/12/01 ......................... 

09/19/01 ......................... 

09/26/01 ......................... 

5,456,353 5,467,554 6,476 n.a. 

5,354,357 5,361,652 3,546 n.a. 

5,356,023 5,369,230 2,885 n.a. 

5,404,763 5,425,296 3,466 n.a. 

5,219,962 5,236,221 5,381 n.a. 

5,307,501 5,335,610 8,522 n.a. 

5,271,273 5,294,610 4,698 n.a. 

5,285,248 5,309,850 3,362 n.a. 

5,291,236 5,310,896 1,620 n.a. 

5,275,886 5,269,080 51 n.a. 

5,348,408 5,362,314 2,478 n.a. 

5,191,425 5,190,140 2,593 n.a. 

5,332,784 5,324,742 3,882 n.a. 

5,234,110 5,226,004 4,551 n.a. 

5,229,534 5,219,618 6,064 n.a. 

5,186,700 5,178,942 6,815 n.a. 

5,140,107 5,121,009 4,102 n.a. 

5,150,211 5,128,980 5,564 n.a. 

5,220,684 5,206,087 4,873 n.a. 

5,342,354 5,325,284 3,870 n.a. 

4,998,609 4,973,047 407 n.a. 

5,075,650 5,048,391 1,753 n.a. 

5,034,402 5,006,415 736 n.a. 

4,990,616 4,958,252 2,315 n.a. 

4,856,430 4,821,968 -2,743 n.a. 

4,943,362 4,905,213 -1,714 n.a. 
116 FOR EIGN CURRENCY POSI TIONS 

SEC TION VI.—U.S. Dollar Posi tions, con. 

TA BLE FCP-VI-2.—Monthly Report of Major Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Exchange

Pur chased Sold Assets Lia bil i ties Bought Written Bought Written equiva lent rate 

Report date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999 - Dec........ 4,429,626 4,470,268 - - 554,465 537,876 606,475 464,834 4,031 n.a. 

2000 - Oct ........ 5,043,018 5,061,759 - - 782,150 748,119 655,836 633,993 5,429 n.a. 

Nov........ 5,176,487 5,208,287 - - 770,457 722,232 586,828 570,735 7,624 n.a. 

Dec........ 4,903,805 4,922,496 - - 696,817 665,879 549,766 523,288 5,750 n.a. 

2001 - Jan ........ 5,326,590 5,350,533 - - 765,574 744,974 513,203 477,691 7,235 n.a. 

Feb ........ 5,326,090 5,330,088 - - 776,016 753,297 490,520 458,591 5,278 n.a. 

Mar ........ 5,579,966 5,554,172 - - 778,966 745,837 505,699 478,095 6,150 n.a. 

Apr ........ 5,400,233 5,422,373 - - 767,175 750,434 502,817 499,359 6,392 n.a. 

May ....... 5,398,319 5,463,495 - - 836,284 822,422 572,155 565,696 2,712 n.a. 

June ....... 5,438,873 5,439,278 - - 846,810 818,069 554,864 530,405 5,563 n.a. 

July........ 5,236,086 5,226,660 - - 827,658 798,790 522,169 497,990 5,380 n.a. 

Aug........ 4,955,089 4,918,782 - - 871,379 843,867 551,510 535,105 1,043 n.a. 

Sept ....... 4,946,337 4,895,539 - - 870,384 841,743 571,301 561,648 -857 n.a. 

TA BLE FCP-VI-3.—Quar terly Report of Large Market Partic i pants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Oper a tions] 

Op tions posi tions 

Cross cur­ Spot, forward 

and future contracts Non-capital items Calls Puts Net delta 

rency inter est rate Exchange 

Re port date 

Pur chased Sold 

(1) (2) 

As sets Li a bil i ties 

(3) (4) 

Bought Written 

(5) (6) 

Bought Written 

(7) (8) 

equiva lent 

(9) 

swaps 

(10) 

rate 

(11) 

1999 - Mar ....... 344,488 346,419 - - 45,081 n.a. 24,808 31,891 -2,548 n.a. n.a. 

June ...... 355,215 381,986 - - 30,362 n.a. 14,682 34,477 -4,398 n.a. n.a. 

Sept ...... 369,911 399,707 - - 42,136 n.a. 16,652 32,959 n.a. n.a. n.a. 

Dec ....... 314,129 346,435 - - 39,682 n.a. 13,553 48,522 n.a. n.a. n.a. 

2000 - Mar ....... 355,039 356,538 - - 39,429 n.a. 18,542 45,725 n.a. n.a. n.a. 

June ...... 352,979 378,558 - - 32,348 55,153 43,881 47,262 1,031 n.a. n.a. 

Sept ...... 324,914 346,333 - - 19,704 28,846 24,183 29,783 116 n.a. n.a. 

Dec ....... 317,601 345,854 - - 18,397 22,772 20,810 20,489 1,877 n.a. n.a. 

2001 - Mar ....... 371,877 391,251 - - 27,156 18,228 24,062 20,503 1,938 n.a. n.a. 

June ...... 358,649 418,648 - - 28,326 n.a. n.a. 17,413 n.a. n.a. n.a. 
FOR EIGN CURRENCY POSI TIONS 117 

SEC TION VII.—Euro Posi tions 

TA BLE FCP-VII-1.—Weekly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward and future contracts 

Ex change rate (Euros per

Pur chased Sold Net options posi tions U.S. dollar) 

Re port date (1) (2) (3) (4) 

04/04/01 ...................... 

04/11/01 ...................... 

04/18/01 ...................... 

04/25/01 ...................... 

05/02/01 ...................... 

05/09/01 ...................... 

05/16/01 ...................... 

05/23/01 ...................... 

05/30/01 ...................... 

06/06/01 ...................... 

06/13/01 ...................... 

06/20/01 ...................... 

06/27/01 ...................... 

07/04/01 ...................... 

07/11/01 ...................... 

07/18/01 ...................... 

07/25/01 ...................... 

08/01/01 ...................... 

08/08/01 ...................... 

08/15/01 ...................... 

08/22/01 ...................... 

08/29/01 ...................... 

09/05/01 ...................... 

09/12/01 ...................... 

09/19/01 ...................... 

09/26/01 ...................... 

2,164,553 2,185,854 -14,361 1.110 

2,129,402 2,159,029 -12,275 1.127 

2,143,321 2,164,103 -11,834 1.130 

2,138,052 2,159,189 -9,372 1.116 

2,062,563 2,082,836 -9,265 1.120 

2,078,286 2,100,438 -8,786 1.130 

2,066,055 2,089,349 -7,780 1.133 

2,100,142 2,122,812 -7,893 1.168 

2,048,569 2,074,600 -6,113 1.167 

2,096,465 2,121,278 -7,711 1.178 

2,132,176 2,153,029 -7,880 1.171 

2,065,494 2,089,644 -7,870 1.170 

2,139,265 2,154,351 -8,818 1.163 

2,117,059 2,135,227 -6,588 1.179 

2,083,657 2,099,006 -9,449 1.164 

2,064,162 2,080,526 -7,820 1.146 

2,037,625 2,064,320 -6,922 1.137 

2,036,926 2,067,780 -6,866 1.135 

2,047,650 2,074,947 -8,699 1.137 

2,129,717 2,161,792 -8,450 1.139 

1,962,215 2,004,085 -6,722 1.094 

2,022,761 2,052,192 -8,084 1.099 

1,963,997 2,002,223 -8,670 1.128 

1,975,931 2,014,415 -7,923 1.124 

1,895,603 1,930,830 -6,563 1.103 

1,919,762 1,954,646 -7,146 1.074 
118 FOR EIGN CURRENCY POSI TIONS 

SEC TION VII.—Euro Posi tions, con. 

TA BLE FCP-VII-2.—Monthly Report of Major Market Partic i pants 

[In millions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Net delta Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 

1999 - Dec ....... 1,452,108 1,461,307 474,536 446,874 409,670 402,166 258,738 242,453 -7,254 0.993 

2000 - Oct ........ 2,005,978 2,016,298 656,950 559,093 379,876 365,534 351,453 385,327 -6,529 1.178 

Nov ....... 2,121,354 2,119,639 639,786 585,005 300,549 288,753 298,360 334,643 -8,718 1.147 

Dec ....... 1,962,446 1,957,163 657,186 619,882 262,483 249,899 257,504 278,235 -10,079 1.062 

2001 - Jan........ 2,177,901 2,177,193 663,015 614,349 273,426 262,080 235,598 255,172 -13,804 1.068 

Feb ....... 2,104,913 2,123,049 658,959 625,401 260,684 242,446 234,316 254,918 -13,912 1.083 

Mar ....... 2,171,850 2,193,360 656,005 670,869 272,403 255,746 251,019 269,228 -15,516 1.137 

Apr ........ 2,061,270 2,080,334 690,217 732,851 254,806 242,306 228,240 254,410 -9,379 1.127 

May ....... 2,072,166 2,086,962 732,181 763,897 261,525 253,776 286,171 320,604 -7,951 1.183 

June....... 2,151,420 2,164,496 686,946 717,479 279,516 256,091 308,994 332,860 -8,673 1.177 

July ....... 2,028,684 2,060,043 767,943 766,892 306,448 290,290 351,597 388,922 -7,122 1.142 

Aug ....... 1,927,625 1,960,117 874,835 854,433 295,185 282,873 336,373 362,094 -7,952 1.098 

Sept ....... 1,853,044 1,885,728 830,216 885,265 309,785 289,310 369,299 389,436 -9,737 1.099 

TA BLE FCP-VII-3.—Quar terly Report of Large Market Partic i pants 

[In billions of euros. Source: Office of Foreign Exchange Oper a tions] 

Spot, forward Op tions posi tions 

and future contracts Non-capital items Calls Puts Cross cur­ Net delta rency inter est Ex change 

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent rate swaps rate 

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 

1999 - Mar ....... 92,802 97,957 98,287 93,539 4,212 4,265 5,228 4,413 -1,083 n.a. 0.929 

June ...... 112,045 121,089 80,972 69,409 3,878 6,839 6,310 4,308 -2,644 n.a. 0.967 

Sept ...... 144,979 139,983 113,959 93,954 6,487 5,727 6,741 4,983 -3,297 n.a. 0.935 

Dec ....... 99,318 96,977 223,804 94,507 5,263 9,552 9,898 7,093 -3,795 n.a. 0.993 

2000 - Mar ....... 157,837 137,611 222,847 87,591 7,762 12,088 12,578 10,024 -916 n.a. 1.047 

June ...... 152,605 143,345 226,923 87,974 10,660 11,704 13,871 12,373 -447 n.a. 1.049 

Sept ...... 144,129 147,945 229,496 88,077 11,846 12,922 21,183 16,153 1,752 n.a. 1.134 

Dec ....... 129,716 136,375 n.a. 96,884 10,791 9,851 13,261 10,361 1,483 n.a. 1.062 

2001 - Mar ....... 158,727 155,397 n.a. 131,437 10,594 9,998 11,681 13,315 1,285 n.a. 1.137 

June ...... 167,044 170,956 180,325 136,672 16,275 n.a. n.a. 11,562 n.a. n.a. 1.177 
119 

IN TRO DUC TION: Exchange Stabi li za tion Fund 

To stabi lize the exchange value of the dollar, the Exchange Stabi li za tion Fund (ESF) was estab lished pursu ant to 

chap ter 6, section 10 of the Gold Reserve Act of Janu ary 30, 

1934 (codi fied at 31 United States Code 5302), which authorized estab lish ment of a Treasury fund to be oper ated under the 

ex clu sive control of the Secre tary, with approval of the President. 

Sub se quent amendment of the Gold Reserve Act modified the origi nal purpose somewhat to reflect termi na tion of 

the fixed exchange rate system. 

Re sources of the fund include dollar balances, partially

in vested in U.S. Govern ment secu ri ties, spe cial drawing 

rights (SDRs), and balances of foreign curren cies. Princi pal 

sources of income (+) or loss (-) for the fund are profits (+) or 

losses (-) on SDRs and foreign exchange, as well as inter est 

earned on assets. 

• Ta ble ESF-1 pres ents the assets, lia bil i ties and capi tal 

of the fund. The figures are in U.S. dollars or their equiva lents 

based on current exchange rates computed accord ing to the accrual method of account ing. The capi tal account repre sents the 

orig i nal capi tal appro pri ated to the fund by Congress of $2 billion, minus a subse quent transfer of $1.8 billion to pay for the

ini tial U.S. quota subscrip tion to the Inter na tional Mone tary 

Fund. Gains and losses are reflected in the cumu la tive net income (+) or loss (-) account. 

• Ta ble ESF-2 shows the results of oper a tions by quarter. Figures are in U.S. dollars or their equiva lents computed

ac cord ing to the accrual method. “Profit (+) or loss (-) on foreign exchange” includes real ized profits or losses. “Adjustment for change in valu a tion of SDR holdings and allo ca tions”

re flects net gain or loss on reval u a tion of SDR holdings and allo ca tions for the quarter. 

TA BLE ESF-1.—Bal ances as of Mar. 31, 2001, and June 30, 2001 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Apr. 1, 2001, 

through 

Assets, lia bil i ties and capi tal Mar. 31, 2001 June 30, 2001 June 30, 2001 

As sets 

U.S. dollars: 

Held with Treasury: 

U.S. Govern ment secu ri ties ................. 10,069,256 -28,298 10,040,958 

Spe cial drawing rights 1 ....................... 10,378,707 30,149 10,408,856 

For eign exchange and secu ri ties: 

Euro pean euro ............................. 6,993,507 -175,623 6,817,884 

Japa nese yen ............................. 7,542,340 53,317 7,595,657 

Ac counts receiv able .......................... 148,891 -16,117 132,774 

Total assets ............................... 35,132,701 -136,572 34,996,129 

Li a bil i ties and capi tal 

Cur rent lia bil i ties: 

Accounts payable .......................... 191,878 -27,683 164,195 

Total current lia bil i ties ..................... 191,878 -27,683 164,195 

Other lia bil i ties: 

SDR certif i cates ............................ 2,200,000 - 2,200,000 

SDR allo ca tions ............................ 6,176,589 -73,492 6,103,097 

Total other lia bil i ties ....................... 8,376,589 -73,492 8,303,097 

Cap i tal: 

Capi tal account ............................ 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ...... 26,364,234 -35,397 26,328,837 

Total capi tal ............................. 26,564,234 -35,397 26,528,837 

Total lia bil i ties and capi tal ................ 35,132,701 -136,572 34,996,129 

See footnote on the follow ing page. 
120 EX CHANGE STABI LI ZA TION FUND
 

TA BLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assis tant Secre tary of the Treasury for Manage ment] 

Current quarter Fis cal year to date 

Apr. 1, 2001, Oct. 1, 2000, 

through through 

June 30, 2001 June 30, 2001 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .................................. 

Adjust ment for change in valu a tion 

of SDR holdings and allo ca tions1 ...................... 

Inter est (+) or net charges (-) on: 

SDRs............................................ 

U.S. Govern ment secu ri ties .......................... 

Foreign exchange .................................. 

Commis sions........................................ 

-208,796 -1,476,237 

-53,230 -188,146 

39,275 133,921 

107,018 422,353 

81,087 262,772 

- -

Income from oper a tions ........................... -34,646 -845,337 

Net income (+) or loss (-) ........................ -34,646 -845,337 

1 Be gin ning July 1974, the Inter na tional Mone tary Fund adopted a technique for valu ing the Note.—Annual balance sheets for fiscal 1934 through 1940 appeared in the 1940 “Annual 

SDRs based on a weighted aver age of exchange rates for the curren cies of selected member Re port of the Secre tary of the Treasury” and those for succeed ing years appeared in subsecoun tries. The U.S. SDR holdings and allo ca tions are valued on this basis begin ning July	 quent reports through 1980. Quarterly balance sheets begin ning with Decem ber 31, 1938,

have been published in the “Treasury Bulle tin.” Data from incep tion to Septem ber 30, 1978, 

may be found on the statements published in the Janu ary 1979 “Treasury Bulle tin.” 1974. 
123
 

IN TRO DUC TION: Trust Funds
 

The tables and charts in this section present the most recent data available on vari ous trust funds admin is tered by the

Trea sury. Trust funds are moneys held by the Govern ment in 

ac counts estab lished by law or by trust agreement for specific 

pur poses and desig nated by law as being trust funds. 

This report compiles data from many sources and provides infor ma tion in a consol i dated manner. 

The Civil Service Retire ment and Disabil ity Fund is operated by the Office of Person nel Manage ment. The Federal 

Hos pi tal Insur ance and Federal Supple men tary Medi cal Insur ance Trust Funds are under the auspices of the Depart ment 

of Health and Human Services’ Health Care Financing Admin is tra tion. The Federal Old-age and Survi vors Insur ance 

and Federal Disabil ity Insur ance Trust Funds are admin is tered 

by Social Secu rity. 

In addi tion, the Depart ment of Vet erans Affairs’ Vet erans

Ben e fits Admin is tra tion disburses the National Service Life 

In sur ance Fund. The Depart ment of Labor’s Employ ment and 

Training Admin is tra tion is respon si ble for the Unem ploy ment 

Trust Fund. 

Data for the Railroad Retire ment Trust Fund also are included in this section. That trust fund is admin is tered by the

Rail road Retire ment Board, an inde pend ent agency. 

The follow ing tables are published in the Decem ber issue 

of the “Treasury Bulle tin” each year. Most of the data for the 

ta bles came from the “Monthly Treasury Statement of Receipts and Outlays of the United States Govern ment,” in which 

monthly data are published. Esti mated figures are based on the 

“Bud get of the United States Govern ment, Fiscal Year 2002,”

re leased April 9, 2001. 

CHART TF-A.—Ma jor Trust Funds 

To tal Net Increase or Decrease in Assets 

(In billions of dollars) 

150 

140 

130 

120 

110 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

-10 

-20 

-30 

2001 

2000 

Civil Fed eral Fed eral Fed eral Fed eral Na tional Rail road Un em ployService Hos pi tal Dis abil ity Old-age Sup ple- Ser vice Retirement ment Trust 

Retirement Insurance In sur ance and men tary Life Ac count Fund 

and Trust Fund Trust Fund Survivors Med i cal Insurance 

Dis abil ity Insurance Insurance Fund 

Fund Trust Fund Trust 

Fund 

Source: Finan cial Manage ment Service 
124 TRUST FUNDS
 

CHART TF-B.—To tal Receipts of Major Trust Funds 

(In billions of dollars) 

550 

500 

450 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2001 

2000 

Civil Fed eral Fed eral Fed eral Fed eral Na tional Rail road Un em ployService Hos pi tal Dis abil ity Old-age Sup ple- Ser vice Re tire ment ment Trust 

Retirement Insurance In sur ance and men tary Life Ac count Fund 

and Trust Fund Trust Fund Survivors Med i cal Insurance 

Disability Insurance Insurance Fund 

Fund Trust Fund Trust Fund 

Source: Finan cial Manage ment Service 
TRUST FUNDS 125
 

CHART TF-C.—To tal Expen di tures of Major Trust Funds 

(In billions of dollars) 

400 

350 

300 

250 

200 

150 

100 

50 

0 

2001 

2000 

Civil Fed eral Fed eral Fed eral Fed eral Na tional Rail road Un em ployService Hos pi tal Dis abil ity Old-age Sup ple- Ser vice Re tire ment ment Trust 

Retirement Insurance In sur ance and men tary Life Ac count Fund 

and Trust Fund Trust Fund	 Survivors Med i cal Insurance 

Disability Insurance Insurance Fund 

Fund Trust Fund Trust Fund 

Source: Finan cial Manage ment Service 
126 TRUST FUNDS 

TA BLE TF-1.—Civil Service Retire ment and Disabil ity Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Re ceipts 

Do na tions, service credit payments, and other In ter est and 

Fis cal year Agencies’ Em ployees’ Fed eral mis cel la neous prof its on 

or month To tal con tri bu tions con tri bu tions con tri bu tions re ceipts in vest ments 

(1) (2) (3) (4) (5) (6) 

1997 ................... 70,228 14,133 4,205 21,254 154 30,483 

1998 ................... 72,229 14,828 4,124 21,357 153 31,766 

1999 ................... 74,522 15,131 4,250 21,401 161 33,579 

2000 ................... 75,968 16,091 4,541 21,557 170 33,608 

2001 ................... 77,948 16,705 4,190 21,639 462 34,953 

2002 - Est............... 80,824 17,595 4,208 22,465 25 36,531 

2000 - Oct .............. 1,462 1,061 382 4 14 2 

Nov .............. 1,604 1,165 397 - 13 29 

Dec .............. 2,030 968 349 - 12 702 

2001 - Jan .............. 17,930 967 343 - 13 16,608 

Feb .............. 1,473 996 315 - 136 27 

Mar .............. 1,663 1,215 383 - 39 26 

Apr............... 1,387 1,004 312 - 38 32 

May .............. 1,797 1,299 396 - 40 63 

June ............. 18,735 991 303 - 38 17,403 

July .............. 1,371 1,018 313 - 38 2 

Aug .............. 1,645 1,201 376 - 41 28 

Sept.............. 26,849 4,819 321 21,639 40 29 

Fis cal 2001 .............. 77,948 16,705 4,190 21,639 462 34,953 

Fis cal year To tal expen di tures Net increase, As sets, end of period 

or month other than invest ments or decrease (-), in assets To tal In vest ments Un ex pended balance 

(7) (8) (9) (10) (11) 

1997................... 41,723 28,505 420,965 414,404 6,561 

1998................... 43,058 29,170 450,135 446,757 3,378 

1999................... 43,932 30,590 480,725 480,640 85 

2000................... 45,194 30,774 511,499 511,986 -487 

2001................... 47,356 30,592 542,091 542,608 -517 

2002 - Est .............. 49,640 31,184 574,372 574,372 -

2000 - Oct .............. 3,856 -2,394 509,105 509,611 -506 

Nov .............. 3,775 -2,170 506,934 507,341 -407 

Dec .............. 3,768 -1,738 505,196 505,003 193 

2001 - Jan .............. 3,974 13,956 519,152 519,635 -483 

Feb .............. 4,043 -2,570 516,582 517,099 -517 

Mar .............. 3,991 -2,328 514,255 514,741 -486 

Apr .............. 4,034 -2,647 511,607 512,976 -1,369 

May .............. 3,942 -2,145 509,463 509,996 -533 

June ............. 4,003 14,732 524,195 524,727 -532 

July .............. 4,038 -2,667 521,528 522,053 -525 

Aug .............. 3,966 -2,321 519,207 519,739 -532 

Sept ............. 3,965 22,883 542,091 542,608 -517 

Fis cal 2001 ............. 47,356 30,592 542,091 542,608 -517 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
TRUST FUNDS 127 

TA BLE TF-2.—Federal Hospi tal Insur ance Trust Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Re ceipts 

Fis cal year In ter est and profits 

or month To tal Net appro pri a tions Fed eral payments De posits by States on invest ments Other 

(1) (2) (3) (4) (5) (6) 

1997 ............. 128,583 112,137 4,319 17 9,758 2,353 

1998 ............. 138,100 121,308 5,331 -2 9,154 2,308 

1999 ............. 152,948 133,774 7,484 * 9,287 2,402 

2000 ............. 159,534 137,097 9,516 2 10,469 2,450 

2001 ............. 171,736 151,257 5,605 - 12,338 2,536 

2002 - Est......... 180,903 158,465 8,529 - 13,715 194 

2000 - Oct ........ 11,234 11,022 1 - 34 178 

Nov ........ 12,136 11,958 1 - 14 164 

Dec ........ 14,302 14,019 89 - 11 183 

2001 - Jan ........ 21,280 13,754 1,550 - 5,807 170 

Feb ........ 10,913 10,737 -20 - 26 169 

Mar ........ 14,080 13,287 602 - 15 175 

Apr......... 16,703 15,336 1,190 - 9 168 

May ........ 11,359 11,108 * - 69 182 

June ....... 22,575 14,438 1,232 - 6,321 585 

July ........ 11,210 11,024 3 - 13 171 

Aug ........ 11,421 11,199 1 - 11 210 

Sept ........ 14,523 13,378 958 - 8 179 

Fis cal 2001 ........ 171,736 151,257 5,605 - 12,338 2,536 

Ex pen di tures other than investments Net increase, As sets, end of period 

Fis cal year Ben e fit Ad min is tra tive or decrease Un ex pended 

or month To tal pay ments ex penses Other (-), in assets To tal In vest ments bal ance 

(7) (8) (9) (10) (11) (12) (13) (14) 

1997 ............. 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767 

1998 ............. 136,690 135,487 1,178 25 1,410 116,264 118,250 -1,986 

1999 ............. 130,759 129,463 1,282 15 22,188 138,453 153,767 -15,314 

2000 ............. 129,195 127,934 1,253 9 30,338 168,791 168,859 -68 

2001 ............. 141,975 139,356 1,425 1,194 29,761 198,552 197,137 1,415 

2002 - Est ......... 147,211 141,823 1,521 3,867 33,692 230,870 230,870 -

2000 - Oct ......... 10,975 10,859 110 6 259 169,050 168,069 981 

Nov ......... 10,913 10,772 139 2 1,223 170,272 169,272 1,000 

Dec ......... 11,938 11,847 90 2 2,364 172,636 171,622 1,014 

2001 - Jan ......... 9,656 9,534 123 * 11,624 184,260 183,507 753 

Feb ......... 10,824 10,688 136 1 89 184,349 183,604 745 

Mar ......... 15,584 15,474 109 1 -1,504 182,844 182,106 738 

Apr ......... 9,749 9,642 110 -3 6,954 189,798 188,703 1,095 

May ........ 12,418 12,298 118 1 -1,059 188,739 188,389 350 

June ........ 13,221 13,095 123 3 9,354 198,093 197,142 951 

July ......... 10,029 9,915 114 * 1,182 199,275 198,020 1,255 

Aug ......... 13,918 13,759 157 2 -2,497 196,778 194,961 1,817 

Sept ........ 12,749 11,473 97 1,179 1,774 198,552 197,137 1,415 

Fis cal 2001 ........ 141,975 139,356 1,425 1,194 29,761 198,552 197,137 1,415 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
128 TRUST FUNDS 

TA BLE TF-3.—Federal Disabil ity Insur ance Trust Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Re ceipts Expen di tures other than invest ments 

Fis cal year De posits In ter est and profits Ben e fit 

or month To tal Ap pro pri a tions by States on invest ments Other To tal pay ments 

(1) (2) (3) (4) (5) (6) (7) 

1997 ............... 

1998 ............... 

1999 ............... 

2000 ............... 

2001 ............... 

2002 - Est ........... 

2000 - Oct........... 

Nov .......... 

Dec .......... 

2001 - Jan .......... 

Feb .......... 

Mar .......... 

Apr........... 

May .......... 

June.......... 

July .......... 

Aug .......... 

Sept .......... 

Fis cal 2001 .......... 

60,112 56,135 6 3,526 446 46,701 45,430 

62,956 57,944 1 4,432 579 49,459 47,739 

67,792 61,884 * 5,223 684 52,142 50,488 

77,061 69,995 4 6,265 796 56,046 54,276 

82,980 74,609 - 7,572 799 60,831 58,219 

87,835 79,140 - 8,669 26 64,710 62,787 

5,224 5,023 - 12 188 4,668 4,551 

5,398 5,380 - 11 7 4,748 4,548 

5,541 5,527 - 10 4 5,619 4,684 

10,867 7,097 - 3,585 185 4,914 4,831 

5,911 5,893 - 13 5 4,935 4,824 

6,775 6,757 - 8 9 5,084 4,908 

8,021 7,818 - 10 194 5,061 4,923 

6,058 6,025 - 16 16 5,063 4,925 

11,429 7,540 - 3,886 3 5,230 4,952 

5,844 5,667 - 4 172 5,195 5,056 

5,718 5,696 - 12 9 10,348 10,164 

6,196 6,186 - 3 6 -35 -146 

82,980 74,609 - 7,572 799 60,831 58,219 

Ex pen di tures other than investments, con. 

Pay ments 

to railroad Net increase, As sets, end of period 

Fis cal year re tire ment Ad min is tra tive or decrease Un ex pended 

or month ac count ex penses Other (-), in assets To tal In vest ments bal ance 

(8) (9) (10) (11) (12) (13) (14) 

1997.............. 59 1,160 52 13,411 64,571 63,562 1,009 

1998.............. 157 1,488 76 13,497 78,068 76,996 1,072 

1999.............. 135 1,480 40 15,650 93,718 92,666 1,052 

2000.............. 159 1,575 35 21,014 114,732 113,707 1,025 

2001.............. 10 1,712 890 22,149 136,882 135,842 1,040 

2002 - Est ......... 185 1,651 87 23,125 158,512 158,512 -

2000 - Oct ......... - 107 10 556 115,288 114,162 1,126 

Nov ......... - 195 6 649 115,938 114,838 1,100 

Dec ......... - 94 841 -78 115,859 114,735 1,124 

2001 - Jan ......... - 83 * 5,952 121,812 120,729 1,083 

Feb ......... - 108 2 976 122,788 121,663 1,125 

Mar ......... - 166 10 1,691 124,479 123,396 1,083 

Apr ......... - 139 -1 2,960 127,439 126,445 994 

May ......... - 135 3 995 128,434 127,316 1,118 

June ........ 10 266 3 6,199 134,633 133,538 1,095 

July ......... - 138 1 649 135,281 134,159 1,122 

Aug ......... - 180 5 -4,630 130,651 132,154 -1,503 

Sept ........ - 101 9 6,231 136,882 135,842 1,040 

Fis cal 2001 ........ 10 1,712 890 22,149 136,882 135,842 1,040 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
TRUST FUNDS 129 

TA BLE TF-4.—Federal Old-Age and Survi vors Insur ance Trust Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Expen di tures other than invest ments 

Re ceipts Pay ments to railFis cal year De posits Net earnings Ben e fit road retire ment 

or month To tal Ap pro pri a tions by States on invest ments Other To tal pay ments ac count 

(1) (2) (3) (4) (5) (6) (7) (8) 

1997 ............. 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688 

1998 ............. 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662 

1999 ............. 446,977 389,705 * 46,847 10,425 337,916 332,383 3,681 

2000 ............. 484,259 418,206 5 53,531 12,517 353,427 347,890 3,538 

2001 ............. 513,871 440,811 * 61,239 11,821 373,037 367,680 3,273 

2002 - Est ......... 544,455 453,853 - 67,417 23,185 392,749 384,312 3,627 

2000 - Oct ......... 32,610 29,580 - 71 2,959 29,880 29,618 -

Nov ......... 31,769 31,683 - 74 12 29,450 29,335 -

Dec ......... 33,917 33,837 - 65 15 30,292 30,015 -

2001 - Jan ......... 74,088 41,779 - 29,331 2,978 30,963 30,687 -

Feb ......... 34,787 34,695 - 76 16 30,927 30,759 -

Mar ......... 39,940 39,856 - 67 18 30,814 30,863 -

Apr ......... 49,150 46,042 * 70 3,038 31,079 30,882 -

May ........ 35,614 35,481 * 111 22 31,233 30,895 -

June ........ 75,815 44,540 - 31,261 14 34,279 30,835 3,273 

July ......... 36,116 33,375 - 23 2,719 31,929 31,573 -

Aug ......... 33,634 33,541 - 65 28 54,372 54,780 -

Sept ........ 36,430 36,401 - 26 3 7,819 7,437 -

Fis cal 2001 ........ 513,871 440,811 * 61,239 11,821 373,037 367,680 3,273 

Ex pen di tures other than invest ments, con. Net increase, As sets, end of period 

Fis cal year Ad min is tra tive or decrease Un ex pended 

or month ex penses Other (-), in assets To tal In vest ments bal ance 

(9) (10) (11) (12) (13) (14) 

1997 ............. 2,001 - 67,916 575,185 567,445 7,740 

1998 ............. 1,832 - 85,919 661,104 653,282 7,822 

1999 ............. 1,851 - 109,061 770,165 762,226 7,939 

2000 ............. 1,998 - 130,832 900,998 893,519 7,479 

2001 ............. 2,084 - 140,834 1,041,832 1,034,114 7,718 

2002 - Est ......... 2,121 2,689 151,706 1,181,904 1,181,904 -

2000 - Oct ......... 261 - 2,730 903,728 896,121 7,607 

Nov......... 115 - 2,319 906,047 898,026 8,021 

Dec......... 277 - 3,625 909,672 901,597 8,075 

2001 - Jan ......... 275 - 43,126 952,798 945,071 7,727 

Feb ......... 168 - 3,860 956,658 948,901 7,757 

Mar ......... -49 - 9,126 965,785 958,190 7,595 

Apr ......... 197 - 18,070 983,855 976,216 7,639 

May ........ 338 - 4,381 988,236 980,716 7,520 

June ........ 171 - 41,536 1,029,772 1,022,270 7,502 

July......... 357 - 4,187 1,033,959 1,026,351 7,608 

Aug......... -408 - -20,738 1,013,221 1,009,408 3,813 

Sept ........ 382 - 28,611 1,041,832 1,034,114 7,718 

Fis cal 2001 ........ 2,084 - 140,834 1,041,832 1,034,114 7,718 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
130 TRUST FUNDS 

TA BLE TF-5.—Federal Supple men tary Medi cal Insur ance Trust Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Re ceipts Expen di tures other than invest ments 

Fis cal year Fed eral In ter est and profits Ben e fit 

or month To tal Pre miums con tri bu tions on invest ments Other To tal pay ments 

(1) (2) (3) (4) (5) (6) (7) 

1997 ............... 80,806 16,984 59,471 2,192 2,159 72,553 71,133 

1998 ............... 81,955 17,153 59,919 2,606 2,277 76,272 74,837 

1999 ............... 85,278 17,722 62,185 2,925 2,446 80,518 79,008 

2000 ............... 89,242 17,961 65,561 3,161 2,559 88,992 87,212 

2001 ............... 79,227 19,447 69,838 3,188 2,865 99,452 97,466 

2002 - Est ........... 111,991 25,546 81,332 2,733 2,380 112,193 107,669 

2000 - Oct ........... 5,783 5,530 38 213 1 8,031 7,932 

Nov ........... 5,772 5,531 23 218 * 8,147 7,970 

Dec ........... 5,791 5,537 24 230 * 9,004 8,839 

2001 - Jan ........... 7,761 6,059 1,463 239 1 6,933 6,749 

Feb ........... 6,327 6,067 16 244 - 7,417 7,252 

Mar ........... 6,384 6,119 22 244 * 7,975 7,823 

Apr ........... 6,283 6,025 15 243 * 6,871 6,721 

May........... 6,405 6,128 31 246 * 9,158 8,978 

June .......... 7,745 6,016 1,485 244 - 10,308 10,112 

July ........... 6,401 6,140 14 246 * 7,431 7,275 

Aug ........... 14,237 3,136 10,688 22 392 11,176 10,975 

Sept .......... 337 200 - 35 102 7,000 6,840 

Fis cal 2001 .......... 79,227 19,447 69,838 3,188 2,865 99,452 97,466 

Ex pen di tures other than invest ments, con. Net increase, As sets, end of period 

Fis cal year Ad min is tra tive or decrease Un ex pended 

or month ex penses Other (-), in assets To tal In vest ments bal ance 

(8) (9) (10) (11) (12) (13) 

1997 .............. 1,403 17 8,252 34,855 34,464 391 

1998 .............. 1,413 22 5,683 40,538 39,502 1,036 

1999 .............. 1,493 17 4,760 45,297 26,528 18,769 

2000 .............. 1,759 21 249 45,547 45,075 472 

2001 .............. 1,974 12 -20,225 25,322 41,978 -16,656 

2002 - Est .......... 1,979 2,545 -202 39,272 39,272 -

2000 - Oct .......... 100 -1 -2,248 43,298 45,133 -1,835 

Nov .......... 176 2 -2,375 40,924 44,346 -3,422 

Dec .......... 163 2 -3,214 37,710 42,846 -5,136 

2001 - Jan .......... 184 * 828 38,538 45,055 -6,517 

Feb .......... 165 1 -1,091 37,447 45,579 -8,132 

Mar .......... 147 5 -1,591 35,857 45,560 -9,703 

Apr .......... 153 -4 -588 35,269 46,763 -11,494 

May ......... 179 1 -2,752 32,517 45,174 -12,657 

June ......... 196 * -2,564 29,953 44,286 -14,333 

July .......... 155 * -1,030 28,923 45,431 -16,508 

Aug .......... 200 2 3,061 31,984 48,917 -16,933 

Sept ......... 157 3 -6,662 25,322 41,978 -16,656 

Fis cal 2001 ......... 1,974 12 -20,225 25,322 41,978 -16,656 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
TRUST FUNDS 131 

TA BLE TF-6.—National Service Life Insur ance Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Ex pen di tures other 

than invest ments 

Receipts (ben e fits, 

Trans fers from In ter est net lending, Net increase, As sets, end of period 

Fis cal year Pre miums and gen eral and and profits re funds, and or decrease Un ex pended 

or month To tal other receipts spe cial funds on invest ments div i dends) (-), in assets To tal In vest ments bal ance 

(1) (2) (3) (4) (5) (6) (7) (8) (9) 

1997............... 1,248 231 2 1,015 1,227 21 12,058 12,023 35 

1998............... 1,196 217 2 977 1,210 -15 12,044 12,008 36 

1999............... 1,146 204 6 936 1,201 -55 11,989 11,954 35 

2000............... 1,090 201 1 887 1,242 -152 11,836 11,804 32 

2001............... 1,050 194 1 855 1,221 -171 11,665 11,639 26 

2002 - Est........... 1,450 179 455 816 1,768 -318 9,870 9,870 -

2000 - Oct .......... 18 16 * 2 92 -73 11,763 11,727 36 

Nov .......... 17 14 * 2 92 -75 11,688 11,653 35 

Dec .......... 437 14 * 423 97 339 12,028 12,001 27 

2001 - Jan .......... 20 20 * * 98 -78 11,950 11,914 36 

Feb .......... 17 16 * 1 103 -86 11,863 11,827 36 

Mar .......... 19 18 * 1 124 -104 11,759 11,727 32 

Apr .......... 17 15 * 1 101 -84 11,675 11,643 32 

May .......... 19 17 * 2 101 -82 11,592 11,559 33 

June ......... 435 16 * 419 101 334 11,926 11,894 32 

July .......... 19 18 * * 97 -78 11,848 11,814 34 

Aug .......... 18 17 * 1 98 -80 11,768 11,735 33 

Sept.......... 16 14 * 2 118 -102 11,665 11,639 26 

Fis cal 2001.......... 1,050 194 1 855 1,221 -171 11,665 11,639 26 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
132 TRUST FUNDS 

TA BLE TF-7.—Railroad Retire ment Account 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Receipts Expen di tures other 

In ter est than invest ments 

Fis cal year and profits Ben e fit 

or month To tal Ap pro pri a tions on invest ments Other To tal pay ments 

(1) (2) (3) (4) (5) (6) 

1997 ............. 9,270 4,051 1,234 3,985 8,322 2,984 

1998 ............. 10,443 4,353 2,017 4,073 8,391 2,984 

1999 ............. 8,763 4,143 313 4,308 8,384 2,977 

2000 ............. 9,654 4,337 1,161 4,157 8,434 3,030 

2001 ............. 10,229 4,272 2,347 3,610 8,569 3,039 

2002 - Est ......... 4,096 2,934 1,162 - - -

2000 - Oct ......... 716 408 220 88 685 249 

Nov......... 594 301 293 - 683 253 

Dec......... 708 334 374 - 681 253 

2001 - Jan ......... 524 455 -14 83 700 252 

Feb ......... 678 369 308 - 699 252 

Mar ......... 457 424 32 - 702 252 

Apr ......... 363 421 -141 83 698 253 

May ........ 756 441 316 - 697 253 

June ........ 3,404 -56 177 3,283 922 256 

July......... 815 452 291 73 705 253 

Aug......... 723 396 326 - 700 257 

Sept ........ 491 325 166 - 697 256 

Fis cal 2001 ........ 10,229 4,272 2,347 3,610 8,569 3,039 

Ex pen di tures other than invest ments, con. Net increase, As sets, end of period 

Fis cal year Ad min is tra tive or decrease Un ex pended 

or month ex penses Other (-), in assets To tal In vest ments bal ance 

(7) (8) (9) (10) (11) (12) 

1997 .............. 86 5,252 948 7,741 19,239 -11,498 

1998 .............. 87 5,321 2,052 9,793 21,811 -12,018 

1999 .............. 88 8,319 379 10,172 24,345 -14,173 

2000 .............. 94 5,310 1,220 11,393 24,823 -13,430 

2001 .............. 91 5,439 1,660 13,053 26,865 -13,812 

2002 - Est .......... - - 4,096 18,499 18,499 -

2000 - Oct.......... 7 429 31 11,424 24,969 -13,545 

Nov ......... 7 423 -89 11,335 24,990 -13,655 

Dec ......... 7 421 27 11,362 25,001 -13,639 

2001 - Jan.......... 7 441 -177 11,186 25,086 -13,900 

Feb ......... 7 440 -21 11,165 25,141 -13,976 

Mar ......... 10 439 -245 10,920 25,340 -14,420 

Apr .......... 8 438 -335 10,585 25,773 -15,188 

May ......... 7 437 59 10,644 26,838 -16,194 

June ......... 7 659 2,482 13,126 26,721 -13,595 

July ......... 8 444 110 13,236 26,830 -13,594 

Aug ......... 9 434 23 13,259 26,871 -13,612 

Sept ......... 8 433 -206 13,053 26,865 -13,812 

Fis cal 2001 ......... 91 5,439 1,660 13,053 26,865 -13,812 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
TRUST FUNDS 133 

TA BLE TF-8.—Unem ploy ment Trust Fund 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Re ceipts 

Fis cal year State Fed eral Ad vances from the De posits by Railroad In ter est and profits 

or month To tal un em ploy ment taxes un em ploy ment taxes gen eral fund Re tire ment Board on invest ments 

(1) (2) (3) (4) (5) (6) 

1997 .............. 

1998 .............. 

1999 .............. 

2000 .............. 

2001 .............. 

2002 - Est .......... 

2000 - Oct.......... 

Nov ......... 

Dec ......... 

2001 - Jan.......... 

Feb.......... 

Mar.......... 

Apr .......... 

May ......... 

June ......... 

July ......... 

Aug ......... 

Sept ......... 

Fis cal 2001 ......... 

32,481 22,071 6,103 564 28 3,715 

32,297 21,047 6,369 508 68 4,305 

31,681 19,894 6,475 403 111 4,798 

33,259 20,701 6,871 397 68 5,222 

33,993 20,824 6,937 432 51 5,749 

38,557 24,601 7,257 483 88 6,128 

1,562 765 736 38 7 16 

2,478 2,319 112 41 * 6 

307 184 75 35 * 12 

4,435 801 788 18 7 2,821 

2,203 1,914 234 50 * 6 

290 184 24 48 * 32 

4,794 1,294 3,448 5 17 29 

8,843 8,482 303 51 1 7 

3,182 308 36 54 * 2,785 

2,135 1,068 1,042 3 17 4 

3,361 3,187 107 60 * 7 

404 317 33 29 * 25 

33,993 20,824 6,937 432 51 5,749 

Expen di tures other than invest ments 

Re pay ment of 

Fis cal year State unem- State adminis- ad vances from Fed eral adminis- Rail road adminor month To tal ployment bene fits trative expenses the general fund trative expenses istrative expenses 

(7) (8) (9) (10) (11) (12) 

1997 ............. 

1998 ............. 

1999 ............. 

2000 ............. 

2001 ............. 

2002 - Est ......... 

2000 - Oct ......... 

Nov ......... 

Dec ......... 

2001 - Jan ......... 

Feb ......... 

Mar ......... 

Apr ......... 

May ........ 

June ........ 

July ......... 

Aug ......... 

Sept ........ 

Fis cal 2001 ........ 

See footnotes at end of table. 

24,203 20,829 3,088 - 208 2 

23,284 19,933 3,085 - 204 * 

24,752 21,180 3,361 - 140 * 

24,050 20,657 3,117 - 193 * 

31,603 27,896 3,213 - 396 * 

32,119 31,990 - - - -

1,828 1,526 287 - 8 -

1,714 1,543 153 - 11 -

1,983 1,844 124 - 7 -

3,167 2,731 386 - 39 * 

2,807 2,464 295 - 36 * 

3,102 2,762 292 - 37 * 

2,826 2,422 275 - 121 * 

2,747 2,414 315 - 13 -

2,756 2,432 275 - 43 -

2,897 2,633 246 - 12 -

3,065 2,749 295 - 12 -

2,710 2,375 270 - 58 -

31,603 27,896 3,213 - 396 * 
134 TRUST FUNDS 

TA BLE TF-8.—Unem ploy ment Trust Fund, con. 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Ex pen di tures other than invest ments, con. 

Rail road unem ploy ment insur ance 

Net increase, As sets, end of period 

Fis cal year 

or month 

Ben e fit Ad min is tra tive or decrease 

pay ments ex penses (-), in assets To tal In vest ments 

Unex pended 

balance 

(13) (14) (15) (16) (17) (18) 

1997.............. 73 3 8,279 72,957 61,923 11,034 

1998.............. 59 3 9,014 81,970 70,641 11,329 

1999.............. 68 4 6,929 88,899 77,358 11,541 

2000.............. 78 3 9,209 98,108 86,399 11,709 

2001.............. 93 4 2,390 100,498 88,638 11,860 

2002 - Est ......... 129 - 6,438 99,025 99,025 -

2000 - Oct ......... 7 * -266 97,842 85,477 12,365 

Nov ......... 7 * 764 98,606 86,897 11,709 

Dec ......... 7 * -1,676 96,930 85,267 11,663 

2001 - Jan ......... 12 * 1,268 98,198 85,902 12,296 

Feb ......... 11 * -604 97,593 85,941 11,652 

Mar ......... 10 * -2,813 94,781 83,139 11,642 

Apr ......... 8 * 1,967 96,748 81,894 14,854 

May ......... 5 * 6,096 102,844 91,182 11,662 

June ........ 5 * 426 103,270 91,621 11,649 

July ......... 5 1 -762 102,508 89,896 12,612 

Aug ......... 8 * 297 102,805 91,107 11,698 

Sept ........ 7 * -2,307 100,498 88,638 11,860 

Fis cal 2001 ........ 93 4 2,390 100,498 88,638 11,860 

* Less than $500,000. 

Note.—Es ti mates are based on the "Budget of the United States Govern ment, Fiscal Year 2002," released by the Office of Manage ment and Budget April 9, 2001. 
TRUST FUNDS 135 

TA BLE TF-9A.—Invest ments of Specified Trust Accounts in Public Debt Secu ri ties 

by Issue, as of Sept. 30, 2001 

[In millions of dollars. Source: Finan cial Manage ment Service] 

Fed eral Old-age Federal SuppleFed eral Dis- Fed eral Hos- and Survi vors mentary Medi cal Rail road 

Invest ment of secu ri ties abil ity Insur- pital Insur- In sur ance In sur ance Re tire ment Un em ploy ment 

Type and rate Pay able date Is sue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Ac count Trust Fund 

(1) (2) (3) (4) (5) (6) (7) (8) 

Pub lic issues: 

Bonds: 

7-5/8%............... 02/15/02-07 02/15/77 10 - - - - -

11-3/4%.............. 02/15/05-10 02/15/80 30 - - - - -

- - - - - To tal public issues.................................. 40 

TA BLE TF-9B.—Invest ments of Specified Trust Accounts in Public Debt Secu ri ties 

by Issue, as of Sept. 30, 2001 

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

Type Issued Retired (-) or inflation adjusted Out stand ing 

(1) (2) (3) 

Gov ern ment account series: 

Fed eral Disabil ity Trust Fund .......................... 150,714 -14,913 135,801 

Fed eral Hospi tal Insur ance Trust Fund .................. 223,295 -26,158 197,137 

Fed eral Old-age and Survi vors Insur ance Trust Fund ....... 1,087,888 -53,774 1,034,114 

Fed eral Supple men tary Medi cal Insur ance Trust Fund ...... 51,598 -9,620 41,978 

Rail road Retire ment Account .......................... 26,396 -1,413 24,983 

Un em ploy ment Trust Fund ............................ 91,621 -2,983 88,638 

To tal Government account series .................... 1,631,512 -108,861 1,522,651 
136 TRUST FUNDS 

TA BLE TF-15A.—High way Trust Fund 

The follow ing infor ma tion is released accord ing to the The 24-month reve nue esti mates for the highway and 

pro vi sions of the Byrd Amendment to the Intermodal Surface mass transit accounts, respec tively, include the latest estiTrans por ta tion Effi ciency Act of 1991 [codi fied at 26 United mates received from Treasury’s Office of Tax Analy sis for exStates Code 9503(d)] and repre sents data concern ing the cise taxes, net of refunds. They repre sent net highway receipts

High way Trust Fund. The figure described as “unfunded au- for those peri ods begin ning at the close of fiscal 2002. 

tho ri za tions” is the latest esti mate received from the DOT for 

fis cal 2002. 

High way Account 

[In billions of dollars. Source: Depart ment of Transportation] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2002) .................................................................. 75.586 

less: 

Cash balance (FY 2002) ................................................................................................... .... 21.885 

Un funded autho ri za tions (FY 2002)............................................................................................... 53.701 

24-month reve nue esti mate (fiscal 2003 and 2004) .................................................................................. 60.896 

Mass Transit Account 

[In billions of dollars. Source: Depart ment of Transpor ta tion] 

Com mit ments (unobligated balances plus unpaid obli ga tions, FY 2002) .................................................................. 0.400 

less: 

Cash balance (FY 2002) ................................................................................................... .... 5.536 

Un funded autho ri za tions (FY 2002)............................................................................................... -5.136 

24-month reve nue esti mate (fiscal 2003 and 2004) .................................................................................. 9.622 
137 

IN TRO DUC TION: Aquatic Resources Trust Fund 

The Aquatic Resources Trust Fund was estab lished on the 

books of the Treasury pursu ant to the Defi cit Reduc tion Act of 

1984 [Public Law 98-369, divi sion A, title X, section 1016(a),

ap proved July 18, 1984]. The fund consists of two accounts: the 

Sport Fish Resto ra tion Account and Boat Safety Account. 

Mo tor boat fuel taxes are transferred, in amounts up to $70

mil lion per fiscal year, from the Highway Trust Fund to the 

Boat Safety Account. Author ity for such transfers expires on 

Oc to ber 1, 2003. 

Amounts equiva lent to the excise taxes received on sport

fish ing equipment and import duties on fishing tackle, yachts 

and pleasure craft are appro pri ated into the Sport Fish Resto ration Account. Motor boat fuel taxes not transferred to the Boat 

Safety Account or to the Land and Water Conser va tion Fund 

are transferred from the Highway Trust Fund to the Sport Fish

Res to ra tion Account. Transfers of motor boat fuel taxes from 

the Highway Trust Fund to the Land and Water Conser va tion 

Fund are limited to $1 million per fiscal year. In addi tion, pursu ant to the Omni bus Budget Recon cil i a tion Act of 1990 [Public Law 101-508, title XI, section 11211(i)(2) and (3)], small

en gine gaso line taxes are transferred to the Sport Fish Resto ration Account. 

Amounts in the Sport Fish Resto ra tion Account are used, 

as provided by appro pri a tions acts, for the purposes of carry ing 

out “An Act to provide that the United States shall aid the States 

in fish resto ra tion and manage ment projects, and for other purposes,” approved August 9, 1950 (as in effect on the date of enact ment of the TEA-21 Resto ra tion Act), the purposes of 

sec tion 7404(d) of the Transpor ta tion Equity for the 21st Century (as in effect on the date of enact ment of the TEA-21 Restora tion Act), and the Coastal Wetlands Planning, Protec tion and 

Res to ra tion Act (as in effect on the date of enact ment of the 

TEA-21 Resto ra tion Act). 

Amounts in the Boat Safety Account, as provided by appro pri a tions acts, are available to carry out the purposes of section 13106 of title 46, United States Code (as in effect on the 

date of enact ment of the TEA-21 Resto ra tion Act). 

When the provi sions of 26 United States Code 9602(b) are 

met, amounts available in the two accounts exceed ing outlay

re quire ments are invested in public debt secu ri ties with the inter est credited to the respec tive accounts. 

An nual reports to Congress, required by 26 United States 

Code 9602(a), are submit ted by the Secre tary of the Treasury. 

These reports are required to cover the finan cial condi tion and 

re sults of oper a tions of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TA BLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Resto ra tion

Re sults of Oper a tions, Fiscal 2000 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 1999 ................................................................................................... .. $1,140,272,805 

Rev e nue: 

Tax reve nue: 

Gas, motorboat ................................................................................................... ..... 174,889,000 

Fish, equipment ................................................................................................... .... 104,785,000 

Electric trolling sonar................................................................................................... . 2,014,000 

Cus toms/im port duties .................................................................................................. 33,911,134 

Gas, motorboat, small engines ............................................................................................ 60,447,000 

To tal, tax revenue ................................................................................................... ... 376,046,134 

In vest ment reve nue: 

In ter est on investments.................................................................................................. 63,465,872 

Loss on sale of secu ri ties ................................................................................................ 

To tal, invest ment revenue .............................................................................................. 63,464,989 

To tal revenue................................................................................................... ..... 439,511,123 

Nonexpenditure transfers: 

Trans fer to Inte rior ................................................................................................... .. 687,121,512 

Trans fer to U.S. Coast Guard ............................................................................................. 110,606,984 

Trans fer to Corps of Engi neers............................................................................................ 235,662,367 

To tal nonexpenditure transfers .......................................................................................... 1,033,390,863 

Bal ance Sept. 30, 2000 ................................................................................................... $546,393,065 

-883 
138 TRUST FUNDS 

TA BLE TF-20.—Aquatic Resources Trust Fund, Sport Fish Resto ra tion

Ex pected Condi tion and Results of Oper a tions, Fiscal 2001-2005 

[In thousands of dollars. Source: Depart ment of the Interior] 

2001 2002 2003 2004 2005 

Bal ance Oct. 1 ...................................................... 546,393 605,626 628,096 665,807 706,755 

Re ceipts/Revenue: 

Taxes ........................................................... 388,000 419,000 430,000 450,000 461,000 

Interest .......................................................... 83,000 42,000 52,000 58,000 60,000 

Transfers ........................................................ - - - - -

To tal receipts.................................................... 471,000 461,000 482,000 508,000 521,000 

Ex penses: 

Ex penses/outlays .................................................. 295,108 312,198 332,203 342,320 360,321 

Transfers ........................................................ 116,659 126,332 112,086 124,732 128,008 

To tal Expenses .................................................. 441,767 438,530 444,289 467,052 488,329 

Bal ance Sept. 30 .................................................... 605,626 628,096 665,807 706,755 739,426 

TA BLE TF-20.—Aquatic Resources Trust Fund, Boat Safety

Re sults of Oper a tions, Fiscal 2000 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 1999 ................................................................................................... .. $74,838,164 

Rev e nue: 

In vest ment reve nue: 

In ter est on invest ments.................................................................................................. 3,637,764 

Loss on sale of secu ri ties ................................................................................................ 

To tal invest ment revenue ................................................................................................ 3,636,881 

To tal reve nue................................................................................................... ..... 3,636,881 

Nonexpenditure transfers: 

U.S. Coast Guard ................................................................................................... ... 1,533,810 

To tal nonexpenditure transfers .......................................................................................... 1,533,810 

Bal ance Sept. 30, 2000 ................................................................................................... $76,941,234 

-883 
TRUST FUNDS 139 

TA BLE TF-20.—Aquatic Resources Trust Fund, Boat Safety

Ex pected Condi tion and Results of Oper a tions, Fiscal 2001-2005 

[In thousands of dollars. Source: Depart ment of Transpor ta tion] 

2001 2002 2003 2004 2005 

Bal ance Oct. 1 ........................... 76,941,234 81,374,499 85,374,499 89.874,499 94,874,499 

Re ceipts/Rev e nue: 

Taxes ................................ - - - - -

Interest ............................... 4,434,086 4,000,000 4,500,000 5,000,000 5,000,000 

Transfers .............................. - - - - -

To tal receipts ......................... 4,434,086 4,000,000 4,500,000 5,000,000 5,000,000 

Ex penses: 

Ex penses/outlays ....................... - - - - -

Trans fers .............................. 821 - - - -

To tal Expenses ....................... 821 - - - -

Bal ance Sept. 30 ......................... 81,374,499 85,374,499 89,874,499 94,974,499 99,874,499 

Note.—The transfer of fuel taxes from the Highway Trust Fund to the Aquatic Resources Trust These provi sions in statute must be reauthorized in calender year 2003, at which time major 

Fund, and autho ri za tion for expen di tures from the trust fund, are valid only through fiscal 2003.	 changes to the funding level for the Recre ational Boating Safety Program will be sought by orga­ ni za tions in the boating commu nity. 
140 

IN TRO DUC TION: Oil Spill Lia bil ity Trust Fund 

The Oil Spill Lia bil ity Trust Fund was estab lished on the 

books of the Treasury by section 8033 of the Omni bus Budget

Rec on cil i a tion Act of 1986 (Public Law 99-509). It was made

ef fec tive on Janu ary 1, 1990, by section 7811(m)(3) of the Omni bus Budget Recon cil i a tion Act of 1989 (Public Law 

101-239) and amended by section 9001of the Oil Pollu tion Act 

of 1990 (Public Law 101-380).

Cer tain amounts were transferred from other funds and 

were appro pri ated to the Oil Spill Lia bil ity Trust Fund as provided by 26 United States Code 9509(b). Certain paid penal ties 

and amounts recov ered for removal costs and damages are also 

ap pro pri ated to the fund. 

Amounts in the fund are available for oil spill cleanup 

costs and certain other related purposes as provided by appropri a tions acts or section 6002(b) of the Oil Pollu tion Act of 

1990 (Public Law 101-380). 

When the provi sions of 26 United States Code 9602(b) are 

met, amounts available in the fund exceed ing outlay requirements are invested in public debt secu ri ties. Inter est is credited 

to the fund. 

An nual reports to Congress, required by 26 United States 

Code 9602(a), are submit ted by the Secre tary of the Treasury. 

These reports are required to cover the finan cial condi tion and 

re sults of oper a tions of the fund during the past fiscal year and 

those expected during the next 5 fiscal years. 

TA BLE TF-21.—Oil Spill Lia bil ity Trust Fund 

Re sults of Oper a tions, Fiscal 2000 

[Source: Bureau of the Public Debt] 

Bal ance Oct. 1, 1999 ................................................................................................... .. $1,027,784,314 

Rev e nue: 

Tax on crude oil/petro leum products........................................................................................ 5,000 

Trans-Alaska Pipeline lia bil ity fund deposit................................................................................... 181,846,967 

Cost recov er ies ................................................................................................... ..... 6,645,108

Fi nes and penal ties................................................................................................... .. 33,461,537 

To tal reve nue before interest............................................................................................ 221,958,612 

In ter est on invest ment revenue............................................................................................ 62,131,373 

Re al ized loss................................................................................................... ....... -77,896 

To tal invest ment revenue .............................................................................................. 62,053,477 

To tal reve nue................................................................................................... ..... 284,012,089 

Expenditures:

Trea sury admin is tra tive expense - BPD ..................................................................................... 2,141 

Non-expenditure transfers: 

Trans fer to Denali commis sion ............................................................................................ 5,475,967 

Trans fer to Inte rior ................................................................................................... .. 6,118,000

Trans fer to EPA ................................................................................................... .... 14,974,400

Trans fer to DOT ................................................................................................... .... 5,479,000

Trans fer to U.S. Coast Guard ............................................................................................. 285,778,840

To tal Nonexpenditures transfers ......................................................................................... 317,826,207 

To tal expen di ture/non-expenditure transfers ................................................................................ 317,828,348 

Bal ance Sept. 30, 2000 ................................................................................................... $993,968,055 

TA BLE TF-21.—Oil Spill Lia bil ity Trust Fund
 

Ex pected Condi tion and Results of Oper a tions, Fiscal 2001-2005
 

[In millions of dollars. Source: Depart ment of Transportation] 

2001 2002 2003 2004 2005 

Bal ance, Oct. 1 ........................... 1,164 1,129 981 839 685 

Estimated receipts ........................ 131 100 102 93 85 

Es ti mated expenses ....................... 166 248 244 247 255 

Bal ance Sept. 30........................ 1,129 981 839 685 515 
TECH NI CAL PAPERS 141
 

Re search Paper Series 

Avail able through the Office of the Assis tant Secre tary 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. 

Copies may be obtained by writing to: 

Ann Bailey, Depart ment of the Treasury 

1500 Pennsyl va nia Ave., NW., Room 4422 

Wash ing ton, D.C. 20220 

Tele phone (202) 622-1519, or fax (202) 622-1294 or 622-2563. 
142
 

Glos sary
 

With Refer ences to Appli ca ble Sections and Tables 

Source: Finan cial Manage ment Service 

Ac crued discount (SBN-1, -2, -3)—In ter est that accu mu lates 

on savings bonds from the date of purchase until the date of redemp tion or final matu rity, whichever comes first. Series A, B, 

C, D, E, EE, F, I and J are discount or accrual type

bonds—mean ing princi pal and inter est are paid when bonds 

are redeemed. Series G, H, HH and K are current-income 

bonds, and the semian nual inter est paid to their holders is not 

in cluded in accrued discount. 

Amounts outstand ing and in circu la tion (USCC)—In­ cludes 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. 

Aver age discount rate (PDO-2, -3)—In Treasury bill auctions, purchas ers tender compet i tive bids on a discount rate basis. The aver age discount rate is the weighted, or adjusted,

av er age of all bids accepted in the auction. 

Bud get author ity (“Federal Fiscal Oper a tions”)—Congress passes laws giving budget author ity to Govern ment entities, which gives the agencies the power to spend Federal 

funds. Congress can stipu late vari ous crite ria for the spending 

of these funds. For exam ple, Congress can stipu late that a 

given agency must spend within a specific year, number of 

years, or any time in the future. 

The basic forms of budget author ity are appro pri a tions, au­ thor ity to borrow, con tract author ity, and author ity to obli gate 

and expend offset ting receipts and collec tions. The period of 

time during which Congress makes funds available may be

spec i fied as 1-year, multi ple-year or no-year. The available 

amount may be classi fied as either defi nite or indef i nite; a specific amount or an unspec i fied amount can be made available. 

Au thor ity also may be classi fied as current or perma nent. Perma nent author ity requires no current action by Congress. 

Bud get defi cit—The total, cumu la tive amount by which bud- get outlays (spending) exceed budget receipts (income). 

Cash manage ment bills (PDO-2)—Mar ket able Treasury 

bills of irreg u lar matu rity lengths, sold peri od i cally to fund 

short-term cash needs of Treasury. Their sale, having higher

min i mum and multi ple purchase require ments than those of 

other issues, is gener ally restricted to compet i tive bidders. 

Com pet i tive tenders (“Trea sury Financing Oper ations”)—A bid to purchase a stated amount of one issue of

Trea sury secu ri ties at a speci fied yield or discount. The bid is 

ac cepted if it is within the range accepted in the auction. (See

Non com pet i tive tenders.) 

Cou pon issue—The issue of bonds or notes (public debt). 

Cur rency no longer issued (USCC)—Old and new series 

gold and silver certif i cates, Federal Reserve notes, national 

bank notes and 1890 Series Treasury notes. 

Cur rent income bonds (“U.S. Savings Bonds and 

Notes”)—Bonds paying semian nual inter est to holders. Interest is not included in accrued discount. 

Debt outstand ing subject to limi ta tion (FD-6)—The debt 

in curred by the Treasury subject to the statu tory limit set by

Con gress. Until World War I, a specific amount of debt was 

au tho rized to each sepa rate secu rity issue. Begin ning with the 

Sec ond Liberty Loan Act of 1917, the nature of the limi ta tion 

was modi fied until, in 1941, it devel oped into an overall limit 

on the outstand ing Federal debt. As of September 2001, the 

debt limit was $5,950,000 million; the limit may change from 

year to year. 

The debt subject to limi ta tion includes most of Treasury’s 

pub lic debt except secu ri ties issued to the Federal Financing 

Bank, upon which there is a limi ta tion of $15 billion, and certain cate go ries of older debt (total ing approx i mately $595 million as of Febru ary 1991). 

Dis count—The inter est deducted in advance when purchasing notes or bonds. (See Accrued discount.) 

Dis count rate (PDO-2)—The differ ence between par value 

and the actual purchase price paid, annu al ized over a 360-day 

year. Be cause this rate is less than the actual yield (coupon-equivalent rate), the yield should be used in any compar i- son with coupon issue secu ri ties. 

Dol lar coins (USCC)—In clude standard silver and nonsilver 

coins. 

Do mes tic series (FD-2)—Non mar ket able, inter est and 

non-interest-bearing secu ri ties issued peri od i cally by Trea­ sury to the Reso lu tion Funding Corpo ra tion (RFC) for investment of funds autho rized under section 21B of the Federal 

Home Loan Bank Act (12 United States Code 1441b). 

Fed eral intrafund transac tions (“Federal Fiscal Oper ations”)—Intrabudgetary transac tions in which payments and 

re ceipts both occur within the same Federal fund group (Federal funds or trust funds). 

Fed eral Reserve notes (USCC)—Is sues by the U.S. Govern­ ment to the public through the Federal Reserve Banks and 

their member banks. They repre sent money owed by the Govern ment to the public. Currently, the item “Federal Reserve 

notes—amounts outstand ing” consists of new series issues. 

The Federal Reserve note is the only class of currency currently issued. 

For eign (“Foreign Currency Posi tions,” IFS-2, -3)—Lo cations other than those included under the defi ni tion of the 

United States. (See United States.) 

For eigner (“Capi tal Movements,” IFS-2)—All insti tu tions 

and indi vid u als living outside the United States, includ ing 

U.S. citi zens living abroad, and branches, subsid iar ies, and 

other affil i ates abroad of U.S. banks and business concerns;

cen tral govern ments, central banks, and other offi cial insti tu­ tions of countries other than the United States; and inter national and regional orga ni za tions, wherever located. Also 

re fers to persons in the United States to the extent that they are 

known by report ing insti tu tions to be acting for foreign ers. 

For eign offi cial insti tu tions (“Capi tal Movements”)—Includes central govern ments of foreign countries, includ ing all 
143
 

Glos sary
 

de part ments and agencies of national govern ments; central 

banks, exchange author i ties, and all fiscal agents of foreign

na tional govern ments that under take activ i ties simi lar to those 

of a treasury, central bank, or stabi li za tion fund; diplo matic 

and consular estab lish ments of foreign national govern ments; 

and any inter na tional or regional orga ni za tion, includ ing subor di nate and affil i ate agencies, created by treaty or conven tion

be tween sover eign states. 

For eign public borrower (“Capi tal Movements”)—Includes foreign offi cial insti tu tions, as defined above, the cor­ po ra tions and agencies of foreign central govern ments,

in clud ing devel op ment banks and insti tu tions, and other agencies that are major ity-owned by the central govern ment or its 

de part ments; and state provin cial and local govern ments of 

for eign countries and their depart ments and agencies. 

For eign-targeted issue (PDO-1, -3)—For eign-targeted is- sues were notes sold between Octo ber 1984 and Febru ary 

1986 to foreign insti tu tions, foreign branches of U.S. insti tutions, foreign central banks or mone tary author i ties, or to in­ ter na tional orga ni za tions in which the United States held 

mem ber ship. Sold as compan ion issues, they could be converted to domes tic (normal) Treasury notes with the same ma­ tu rity and inter est rates. Inter est was paid annu ally. 

Frac tional coins (USCC)—Coins minted in denom i na tions 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Gov ern ment account series (FD-2)—Cer tain trust fund statutes require the Secre tary of the Trea sury to apply monies held 

by these funds toward the issu ance of nonmar ket able special 

se cu ri ties. These secu ri ties are sold directly by Treasury to a 

spe cific Govern ment agency, trust fund or account. Their rate 

is based on an aver age of market yields on outstand ing Treasury obli ga tions, and they may be redeemed at the option of 

the holder. Roughly 80 percent of these are issued to five hold­ ers: the Federal Old-age and Survi vors Insur ance Trust Fund; 

the civil service retire ment and disabil ity fund; the Federal 

Hos pi tal Insur ance Trust Fund; the mili tary retire ment fund; 

and the Unem ploy ment Trust Fund. 

Interfund transac tions (“Federal Fiscal Oper ations”)—Trans ac tions in which payments are made from one 

fund group (either Federal funds or trust funds) to a receipt account in another group. 

In ter na tional Mone tary Fund (“Exchange Stabi li za tion 

Fund,” IFS-1)—(IMF) Estab lished by the United Nations, 

the IMF promotes inter na tional trade, stabil ity of exchange 

and mone tary coop er a tion. Members are allowed to draw from 

the fund. 

Intrabudgetary transac tions (“Federal Fiscal Oper ations”)—These occur when payment and receipt both occur 

within the budget, or when payment is made from off-budget

Fed eral enti ties whose budget author ity and outlays are ex­ cluded from the budget totals. 

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstand ing savings bonds and notes that have 

reached final matu rity and no longer earn inter est. Includes all 

Se ries A-D, F, G, I, J and K bonds. Series E bonds (issued be- tween May 1941 and Novem ber 1965), Series EE (issued 

since Janu ary 1980), Series H (issued from June 1952 through

De cem ber 1979), and savings notes issued between May 1967 

and Octo ber 1970 have a final matu rity of 30 years. Series HH 

bonds (issued since Janu ary 1980) mature after 20 years. 

Non com pet i tive tenders (“Trea sury Financing Oper ations”)—Of fers by an inves tor to purchase Treasury secu ri­ ties at the price equiva lent to the weighted aver age discount 

rate or yield of accepted compet i tive tenders in a Treasury auction. Noncom pet i tive tenders are always accepted in full. 

Off-budget Federal enti ties (“Federal Fiscal Oper ations”)—Fed erally owned and controlled enti ties whose 

trans ac tions are excluded from the budget totals under provi­ sions of law. Their receipts, outlays, and surplus or defi cit are 

not included in budget receipts, outlays or defi cits. Their budget author ity is not included in totals of the budget. 

Out lays (“Federal Fiscal Oper a tions”)—Pay ments on obliga tions in the form of cash, checks, the issu ance of bonds or 

notes, or the matur ing of inter est coupons. 

Own foreign offices (“Capi tal Movements”)—Re fers to 

U.S. report ing insti tu tions’ parent orga ni za tions, branches 

and/or major ity-owned subsid iar ies located outside the 

United States. 

Par value—The face value of bonds or notes, includ ing inter­ est. 

Quar terly financ ing (“Trea sury Financing Oper a­ tions”)—Trea sury has histor i cally offered packages of several “coupon” secu rity issues on the 15th of Febru ary, May,

Au gust and Novem ber, or on the next working day. These is- sues currently consist of a 3-year note, a 10-year note and a 

30-year bond. Treasury sometimes offers addi tional amounts 

of outstand ing long-term notes or bonds, rather than selling 

new secu rity issues. (See Reopening.) 

Re ceipts (“Federal Fiscal Oper a tions”)—Funds collected 

from selling land, capi tal or services, as well as collec tions 

from the public (budget receipts), such as taxes, fines, duties 

and fees. 

Re opening (PDO-3, -4)—The offer for sale of addi tional 

amounts of outstand ing issues, rather than an entirely new issue. A reopened issue will always have the same matu rity date, 

CUSIP-number and inter est rate as the origi nal issue. 

Spe cial drawing rights (“Exchange Stabi li za tion Fund,” 

IFS-1)—In ter na tional assets created by IMF that serve to in- crease inter na tional liquid ity and provide addi tional inter national reserves. SDRs may be purchased and sold among

el i gi ble holders through IMF. (See IMF.) 

SDR allo ca tions are the counter part to SDRs issued by IMF 

based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as lia bil i ties, 

they must be redeemed by ESF only in the event of liqui da tion 

of, or U.S. withdrawal from, the SDR depart ment of IMF or 

can cel la tion of SDRs. 

SDR certif i cates are issued to the Federal Reserve System 

against SDRs when SDRs are legal ized as money. Proceeds of 

mon e ti za tion are depos ited into an ESF account at the Federal 

Re serve Bank of New York. 

Spot (“Foreign Currency Posi tions”)—Due for receipt or 

de liv ery within 2 workdays. 

State and local govern ment series (FD-2)—(SLUGs) Special nonmar ket able certif i cates, notes and bonds offered to 
144
 

Glos sary
 

State and local govern ments as a means to invest proceeds 

from their own tax-exempt financ ing. Inter est rates and matu­ ri ties comply with IRS arbi trage provi sions. SLUGs are offered in both time deposit and demand deposit forms. Time 

de posit certif i cates have matu ri ties of up to 1 year. Notes ma­ ture in 1 to 10 years and bonds mature in more than 10 years.

De mand deposit secu ri ties are 1-day certif i cates rolled over 

with a rate adjust ment daily. 

Stat u tory debt limit (FD-6)—By Act of Congress there is a 

limit, either tempo rary or perma nent, on the amount of public 

debt that may be outstand ing. When this limit is reached, Treasury may not sell new debt issues until Congress increases or 

ex tends the limit. For a detailed listing of changes in the limit 

since 1941, see the Budget of the United States Govern ment. 

(See debt outstand ing subject to limi ta tion.) 

STRIPS (PDO-1, -3)—Sep a rate Trading of Regis tered Inter­ est and Princi pal Secu ri ties. Long-term notes and bonds may 

be divided into princi pal and inter est-paying compo nents, 

which may be transferred and sold in amounts as small as 

$1,000. STRIPS are sold at auction at a mini mum par amount,

vary ing for each issue. The amount is an arithme tic function of 

the issue’s inter est rate. 

Trea sury bills—The shortest term Federal secu rity (matu rity 

dates normally varying from 3 to 12 months), they are sold at a 

dis count. 

Trust fund transac tion (“Federal Fiscal Oper ations”)—An intrabudgetary transac tion in which both payments and receipts occur within the same trust fund group. 

United States—In cludes the 50 States, District of Colum bia,

Com mon wealth of Puerto Rico, Ameri can Samoa, Midway

Is land, Virgin Islands, Wake Island and all other terri to ries and 

pos ses sions. 

U.S. notes (USCC)—Le gal tender notes of five differ ent is- sues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 

notes).