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Profile of the Economy

Financial Operations

International Statistics

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JUNE 2010
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Releases on Federal Finances

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BULLETIN

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June 2010 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

PUBLIC DEBT OPERATIONS 

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

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

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 41 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins.............................................................................. 41 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 42
IV 

June 2010 

Contents 

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 45 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 45 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 46 

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

 Residents of Foreign Countries.............................................................................................................................. 47

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 48 

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

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 51 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 52 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 54 

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

 with Respect to Selected Countries...................................................................................................................... 56 

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

CM-II-1.—Total Claims by Type........................................................................................................................................ 57 

CM-II-2.—Total Claims by Country ................................................................................................................................... 58 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 60 

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

 with Respect to Selected Countries ...................................................................................................................... 62

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

 Enterprises in the United States 

CM-III-1.—Total Liabilities and Claims by Type............................................................................................................... 63 

CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 64 

CM-III-3.—Total Claims on Unaffiliated Foreigners by Country....................................................................................... 66 

CM-III-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 68 

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

CM-IV-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type ............................................ 70 

CM-IV-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type ............................................... 71 

CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country...................................... 72 

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

 and Country, during (first quarter)................................................................................................................... 74 

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

 and Country, during (calendar year) ................................................................................................................ 76 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 78 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 79 

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

 Businesses in the United States 

CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values by Type of Contract .................................. 80

CM-V-2.—Gross Total of Holdings with Negative Fair Values, by Country ..................................................................... 81 

CM-V-3.—Gross Total of Holdings with Positive Fair Values, by Country....................................................................... 82 

CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Type of Contract................... 83 

CM-V-5.—Net Cash Settlements Received by U.S. Residents from Foreign Residents, by Country ................................ 84
June 2010 

V

Contents 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 85 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund....................................................................................................................... 98 

ESF-1.—Balance Sheet ....................................................................................................................................................... 98 

ESF-2.—Income and Expense............................................................................................................................................. 99

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 103 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ...................................................................... 103

RESEARCH PAPER SERIES........................................................................................................................................... 104

GLOSSARY ...................................................................................................................................................................... 106

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

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

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
June 2010 

VI 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
June 2010 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of May 10, 2010

Introduction 

The economy grew for the third straight quarter in the 

first 3 months of 2010, following a year and a half of nearly 

steady contraction. Financial as well as economic conditions 

have improved, and as evidence of more broad-based 

activity, final sales have grown for four straight quarters. 

Labor market conditions improved as payroll jobs increased 

during the first quarter of this year for the first time since the 

final quarter of 2007. Although the labor market is 

stabilizing, the unemployment rate remains very high and 

recovery in employment this year is likely to be slow. 

Despite rising oil prices over the past several months, 

labor market slack and excess capacity in the economy 

continue to keep the headline and core (a measure excluding 

food and energy prices) rates of inflation in check. 

Conditions in housing are mixed but have been stabilizing, 

and financial markets have generally improved for more 

than a year. Stock market indexes posted double-digit gains 

last year, and have posted small gains on a year-to-date 

basis. Treasury bond yields have remained fairly steady for 

the past several months. Most economists predict moderate 

economic growth through 2010. The economy has been 

supported by a wide variety of measures implemented under 

the American Recovery and Reinvestment Act of 2009 

(ARRA, or the “Recovery Act”), as well as efforts to restore 

financial stability and improve conditions in housing 

markets. A few of these measures were temporarily 

extended. For example, the first-time homebuyer tax credit, 

which was instrumental in boosting home sales in the fall of 

2009, was extended earlier this year, but expired at the end 

of April. Most of the fiscal stimulus will have been 

implemented by the end of this year, and most recently, 

government policy has focused on restoring long-term fiscal 

balance. While the basic stance of monetary policy remains 

accommodative, all of the special monetary policy supports 

have been removed, with the exception of a portion of one 

facility for commercial mortgage-backed securities, which is 

scheduled to close at the end of June. 

Economic Growth 

Economic conditions continued to improve in the first 

quarter of 2010. According to the Advance estimate, real 

gross domestic product (GDP) rose by 3.2 percent at an 

annual rate, following a 5.6 percent gain in the fourth quarter 

of 2009 and 2.2 percent in the third quarter. The moderation 

in the pace of growth in the first quarter was due to a smaller 

change in inventory investment; although businesses started 

to build inventory for the first time in 2 years, the quarterly 

contribution to GDP growth was only 1.6 percentage points, 

Growth of Real GDP

1.2

3.23.6

2.1

-0.7

-5.4

-0.7

3.2 3.0

5.6

-2.7

1.4

2.2

-6.4

1.5

5.4

0.1

-8.0

-6.0

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

2006 2007 2008 2009 2010

(Quarterly percent change at annual rate)

compared with a 3.8 percentage point contribution in the 

fourth quarter of 2009. Final sales (considered a better 

measure of underlying demand because it subtracts out 

inventory movements) rose 1.6 percent in the first quarter, 

about the same pace as in the last two quarters of 2009. 

Consumer spending and exports each rose for the third 

straight quarter. Business investment grew, on balance: 

although business spending on structures fell, investment in 

equipment and software grew at a rapid pace for the second 

straight quarter. Residential investment fell sharply after two 

consecutive quarters of growth. Government spending fell 

for the second straight quarter, as state and local government 

spending fell and federal spending edged up after no change 

in the previous quarter. 

Consumer spending-which accounts for about 70 percent 

of GDP–surged 3.6 percent in the first quarter, the fastest 

pace since the first quarter of 2007. This surge followed 

growth of 1.6 percent in the fourth quarter and 1.0 percent 

over the four quarters of 2009. Consumer spending has 

expanded for three straight quarters, and in the first quarter 

of 2010 contributed 2.6 percentage points to real GDP 

growth. 

Residential investment–mostly residential homebuilding– 

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

sharply falling since early 2006. After several quarters of 

steep declines, residential investment surged 19 percent in 

the third quarter of 2009 and grew by almost 4 percent in the 

final quarter, but fell nearly 11 percent in the first quarter of 

2010. Monthly housing measures (starts, sales, inventories, 

and prices) remain weak, but signs of recovery are emerging. 

In March, single-family starts edged down 0.9 percent but 
4 PROFILE OF THE ECONOMY 

June 2010 

were nearly 50 percent higher than a year earlier. Sales of 

new single family homes surged almost 27 percent, up from 

a record low in March 2009 but still about 70 percent below 

the mid-2005 high. Inventories of unsold new and existing 

homes continued to shrink in March but remain very high 

relative to sales. The number of unsold new single-family 

homes is at a 39-year low. 

Higher levels of home sales and declining inventories 

have helped stabilize house prices, although the most recent 

monthly measures have been mixed. The Federal Housing 

Financing Authority (FHFA) purchase-only house price 

index has been relatively stable since November 2008 but 

fell 0.2 percent in February 2010 and was down 3.4 percent 

from a year earlier. The Standard & Poor’s (S&P)/CaseShiller composite home price indexes were down in 

February, but both rose on a year-over-year basis for the first 

time since December 2006: the 20-city index rose 0.6 

percent and the 10-city index rose 1.4 percent. 

After declining in the first three quarters of 2009, 

business investment spending picked up in the two most 

recent quarters. Nonresidential fixed investment–about 10 

percent of GDP–grew by 5.3 percent at an annual rate in the 

fourth quarter, and then by 4.1 percent in the first quarter of 

2010. Outlays for equipment and software grew for the 

second straight quarter, and most recently contributed 0.8 

percentage point to real GDP growth. Investment in 

structures continued to fall, extending a decline that began in 

mid-2008 and subtracting 0.4 percentage point from real 

GDP growth. Altogether, business fixed investment added 

0.1 percentage point to real GDP growth in the first quarter. 

Exports account for about 12 percent of GDP, while 

imports, which are subtracted from total domestic spending 

to calculate GDP, account for about 17 percent. Net exports 

have contributed roughly 1 percent to annual growth in each 

of the last 3 years, but in recent quarters the contribution has 

been mixed. In the first quarter of 2010, exports grew by 

nearly 6 percent and imports grew 9 percent; both had grown 

at double-digit rates in each of the two previous quarters. As 

a result, net exports subtracted 0.6 percentage point from 

real GDP growth in the first quarter. 

Although the U.S. trade balance in goods and services 

and the current account (which also includes investment 

income flows and unilateral transfers) remain in deficit, both 

deficits have narrowed appreciably in recent years as the 

U.S. economy has slowed. The merchandise trade deficit 

reached $840 billion in 2008, but declined to $517 billion in 

2009. The current account balance has been in deficit almost 

continuously since the early 1980s, and in 2006, reached a 

record $804 billion, equivalent to 6.0 percent of GDP. As of 

2009, the current account deficit had narrowed to about $420 

billion, equivalent to 3.0 percent of GDP. 

Public sector purchases–which account for roughly 20 

percent of GDP–declined 1.8 percent at an annual rate in the 

first quarter, adding 0.1 percentage point to GDP growth. 

Federal spending rose 1.4 percent, but was more than offset 

by a 3.8 percent decline in state and local government 

spending. The latter cut about 0.5 percentage point from real 

GDP growth in the latest quarter. 

Labor Markets 

Labor market conditions deteriorated through 2008 and 

worsened during the first part of 2009, but job losses 

moderated significantly in the second half of 2009 and jobs 

increased in the first 4 months of 2010. From the beginning 

of the recession in December 2007 through April 2010, 7.8 

million jobs have been lost, including roughly 4.7 million 

jobs in 2009 alone. However, job losses started to slow in 

the second quarter of 2009, and during the first quarter of 

2010, payrolls rose by an average of 94,000 per month; in 

the year through April, the economy has added a total of 

about 573,000 jobs. The unemployment rate generally 

trended higher during 2009, peaking at 10.1 percent in 

October–a 26-year high and 5.7 percentage points above the 

March 2007 low of 4.4 percent. Although unemployment 

declined to 9.7 percent during each of the first 3 months of 

this year, it edged back up to 9.9 percent in April, as the 

prospect of increasing job creation prompted more 

unemployed workers to re-enter the labor force as job 

seekers (thus increasing the number actually counted as 

unemployed). A measure of unemployment that includes 

workers who are underemployed and those who are only 

marginally attached to the labor force reached a record high 

of 17.4 percent in October 2009 (series dates from 1994)–

nearly double its level of 8.8 percent in December 2007. 

This broader measure edged down to 17.1 percent in April 

2010. And, roughly 44 percent of the unemployed have been 

out of work for 27 weeks or more–a new record. 

Job losses have been spread broadly across most sectors; 

from the start of the recession through April 2010, the 

manufacturing sector has lost 2.1 million jobs, and 

construction payrolls fell by 1.9 million. Over that same 

period, transportation payrolls fell by more than 425,000, 

and payrolls in the leisure/hospitality and finance/ 

insurance/real estate sectors each fell by more than 400,000. 

However, some of these same sectors have begun to add 

jobs. For example, payrolls in the manufacturing, retail 

trade, and leisure and hospitality industries have increased in 

each of the last 4 months, and construction employment has 

risen in each of the past 2 months. A variety of other sectors 

have also seen job creation: Federal government 

employment increased 59,000 in April, which was more than 

accounted for by temporary Census hires, and employment 

in private service-producing industries rose by 166,000 in 

April. A few sectors have seen job growth throughout the 

recession: since December 2007, the health care and 

education sectors have together added about 930,000 payroll 

jobs, including a net gain of about 614,000 jobs in health 

care. 
PROFILE OF THE ECONOMY 5 

June 2010 

Payroll Employment

-261

-90

94

-477

-753

-652

-334

-191

-31

95

179

99

-13

-900

-800

-700

-600

-500

-400

-300

-200

-100

0

100

200

300

400

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2007 2010 2008 2009

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

7.5

8.0

8.5

9.0

9.5

10.0

10.5

11.0

00 01 02 03 04 05 06 07 08 09 10

(Percent)

Apr. 2010

9.9%

-3

-2

-1

0

1

2

3

4

5

6

7

98 99 00 01 02 03 04 05 06 07 08 09 10

Excluding food and energy Total

Consumer Prices

(Percent change from a year earlier)

Food

Inflation 

Headline consumer inflation is higher than a year ago, 

mainly due to rising oil prices. Nonetheless, the high-level of 

unemployment, along with the low-level of capacity 

utilization, continue to restrain underlying inflationary 

pressures, and both headline and core rates of inflation are 

relatively low. Headline consumer prices rose 2.3 percent 

over the 12 months ending in March, higher than the 0.4 

percent decline in the year-earlier period. Energy prices rose 

18.3 percent in the year through March. Core inflation has 

decelerated, however: on a 12-month basis core consumer 

prices rose 1.1 percent through March, compared with an 

increase of 1.8 percent a year ago. For the most recent 3 

months, headline consumer prices rose at an annual rate of 

3.2 percent (with energy prices rising by just over 16 percent 

at an annual rate over the same period), and the rate of core 

price inflation was 1.9 percent. 

Oil prices have risen since late 2008, but are well-below 

the record highs reached in mid-summer 2008. The retail 

price of regular gasoline hit a record of $4.11 per gallon in 

early July 2008 then dropped to $1.61 in late December 

2008. As of end-April the price had risen to $2.90 per gallon, 

$1.22 higher than the December 2008 low and nearly 82 

cents higher from April 2009. The front-month futures price 

for West Texas Intermediate (WTI) crude oil rose to a record 

$147 per barrel in July 2008, then dropped to a recent low of 

about $34 per barrel in December 2008, and has since risen 

to an average $84 per barrel in April 2010–up $35 from a 

year ago. 

Food prices rose rapidly over much of 2007 and 2008, 

remaining above the overall inflation rate, but have since 

trended much lower. In the 12 months through March 2010, 

consumer food prices edged up 0.2 percent, contrasting 

sharply with the 4.4 percent rise of the previous year. 
6 PROFILE OF THE ECONOMY 

June 2010 

Federal Budget 

The federal budget deficit widened to $1.4 trillion in 

fiscal year 2009 (almost 10 percent of GDP), well above the 

$459 billion in fiscal year 2008 (3.2 percent of GDP). This 

deterioration followed 3 years of improvement that had 

trimmed the deficit to $162 billion (1.2 percent of GDP) in 

fiscal year 2007. 

The Federal budget is projected to show a deficit of $1.6 

trillion in fiscal year 2010 which is $143 billion higher than 

last year’s deficit of $1.4 trillion. The fiscal year 2010 deficit 

is projected to be 10.6 percent of GDP, the highest 

percentage since 1945 (when it was 22 percent). The latest 

projections show a shrinking of the deficit to 5.1 percent of 

GDP in fiscal year 2012 and a decline to 3.9 percent of GDP 

in fiscal year 2015. Over the long term (fiscal years 2015 to 

2020), the deficit is expected to average 3.9 percent of GDP. 

More than 80 percent of the overall deficit in the long term 

is due to interest payments; the primary deficit (receipts less 

spending excluding interest payments) is forecast to fall 

from 9.4 percent of GDP in the current fiscal year to 1.1 

percent of GDP in fiscal year 2014, and to average 0.7 

percent in the remaining years through fiscal year 2020. 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have kept the economy from contracting even 

further, and continue to boost the recovery in 2010 and 

beyond. Most recently, government policy has focused on 

setting and achieving goals related to long run fiscal 

sustainability. 

On the fiscal policy side, the ARRA authorizes the 

government to spend $787 billion towards stimulating 

domestic demand, including $288 billion in tax benefits, 

$275 billion in contracts, grants, and loans, and $224 billion 

in entitlements. As of late April 2010, a total of nearly $390 

billion in funds had been paid out. This spending will 

continue to provide an important boost to economic activity 

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

or save an estimated 3.5 million jobs in a range of industries 

from clean energy to health care. Late last year, the firsttime home buyer tax credit was extended and expanded 

temporarily (it expired on April 30), and a new Small 

Business Jobs and Wages Tax Credit was announced to help 

small businesses create jobs. 

The Administration’s fiscal year 2011 budget includes 

proposals to help cut the budget deficit in the medium term. 

These include freezing all non-security discretionary 

spending for 3 years, allowing the 2001 tax cuts to expire for 

high income households, instituting a bank responsibility 

fee, and winding down activities in Iraq. The Administration 

has also created a bipartisan National Commission on Fiscal 

Responsibility and Reform that has been charged with 

identifying policies to reduce the primary deficit to zero by 

the 2015 fiscal year and to reduce the overall budget deficit 

to a level consistent with a sustainable debt-to-GDP ratio 

(which includes policies that address the growth of federal 

spending). 

Partly in response to rising financial market stress, as 

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

Federal Reserve began easing monetary policy in August 

2007. It has since cut the rate dramatically to a target range 

of 0 percent to 0.25 percent at the December 2008 Federal 

Open Market Committee (FOMC) meeting, which brought 

the target to its lowest level in history. The target range was 

maintained at the FOMC’s most recent meeting in late April 

2010, when the Committee observed continued 

strengthening in economic activity, the beginnings of labor 

market improvement, supportive financial market 

conditions, and subdued inflation. The Federal Reserve 

responded to financial market stresses and the weakened 

economy by significantly expanding its tools to increase 

liquidity in credit markets and easing lending terms to 

sectors that needed a temporary injection, including a variety 

of facilities and funds directed at specific financial markets. 

All of these special facilities have expired, with the 

exception of the portion of the Term Asset-Backed Securities 

Loan Facility earmarked for commercial mortgage-backed 

securities, which is scheduled to close on June 30, 2010.

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, helped 

by a wide range of financial stability measures as well as the 

boost to growth from the ARRA. Credit flows began picking 

up early in 2009 and have since improved substantially, 

although bank lending has yet to pick up. Measures of risk 

tolerance and volatility have largely returned to pre-crisis 

levels although in the very recent past there has been some 

deterioration, owing to investors’ concerns about the 

resolution of Euro-area sovereign debt issues and possible 

spill-over effects in the U.S. 

The S&P 500 index rose 23.5 percent in 2009, 

rebounding from a 38.5 percent plunge in 2008, the sharpest 

loss since 1931 (when an earlier version of the index, 

containing only 90 stocks, dropped 47 percent). Measured 

from the S&P 500’s 12-year low in mid-March 2009, the 

index has surged 70 percent through mid-May 2010, and is 

about 3 percent higher year-to-date. The S&P stock market 

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

market uncertainty, surged to an all-time high of 80 percent 

in late October 2008, after hovering in a range of 20 to 30 

percent for most of 2008. The VIX retreated to roughly 15 

percent in early April, but has since partially retraced, 

reaching about 41 percent in early May, the highest level in 

a year. 
PROFILE OF THE ECONOMY 7 

June 2010 

Long-Term Interest Rate Spreads

-1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

2006 2007 2008 2009 2010

(Percent)

Corporate Baa to

Treasury Ten-Year Yield Spread

Treasury Two-Year

to Ten-Year Yield Spread

Short-Term Interest Rate Spreads

0.0

1.0

2.0

3.0

4.0

5.0

6.0

2006 2007 2008 2009 2010

(Percent)

TED Spread

Libor-OIS Spread

A variety of factors have buffeted long-term Treasury 

interest rates, including flight-to quality flows in response to 

multiple financial market pressures as well as supply 

concerns related to funding of the government’s debt. The 

yield on the 10-year note reached a low of 2.1 percent in late 

December 2008, but then moved higher, closing in early 

April 2010 above the 4 percent mark for the first time since 

October 2008. Since then, the yield has fluctuated between 

3.4 and 3.9 percent, reaching the lower end of the range in 

early May as uncertainty over Euro-area sovereign debt 

issues intensified. The 3-month Treasury bill yield, by 

contrast, generally trended lower throughout 2008 under the 

relatively steady influence of safe-haven demand for shortterm liquid assets. The yield fell to almost zero–reaching a 

record low–by the end of December 2008, then fluctuated in 

a range of 0.0 to 0.2 percent throughout 2009. This year, the 

yield has moved in a narrow range of 0.05 to 0.15 percent. 

The 2- to 10-year Treasury yield spread, one measure of the 

steepness of the yield curve, widened noticeably starting in 

mid-2007, when it was roughly 20 basis points, to 290 basis 

points in mid-January 2010, but has since narrowed to about 

265 basis points as of early May. In the current economic 

environment, a generally steepening yield curve may suggest 

a rising probability of economic recovery. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (the TED 

spread, a measure of inter-bank liquidity and credit risk) rose 

to an all-time high of nearly 460 basis points in early 

October 2008, but improvements in short-term credit 

availability led to a narrowing of this spread to 9 basis points 

in March 2010. Through early May, the spread has widened 

o 26 basis points. The spread between the Baa corporate 

bond yield and the 10-year Treasury yield peaked at nearly 

620 basis points in December 2008 and has since narrowed, 

reaching about 240 basis points as of early May 2010–still 

very high by historical standards. 

Rates for conforming mortgages have remained 

relatively stable over the past several months, and jumbo 

mortgage rates have trended lower. The interest rate for a 

30-year conforming fixed-rate mortgage rose to about 5.5 

percent at the end of 2009, but has since declined somewhat, 

reaching 5.15 percent as of early May. 

Foreign Exchange Rates 

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) has depreciated significantly from 

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

stabilize. Between February 2002 and January 2009, the 

exchange value of the dollar compared to an index of these 

currencies fell by about 16 percent. Between October 2007 

and October 2009, however, the dollar appreciated by 

roughly 4.0 percent against these currencies. Over the longer 

timeframe, the dollar depreciated by about 33 percent 

against the yen, and by 34 percent against the euro. Over the 

past 2 years, the dollar has depreciated by about 9 percent 

against the yen, but has appreciated by about 17 percent 

against the euro. The dollar has appreciated against an index 

of currencies of 19 other important trading partners 

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

2002 and January 2009, the dollar firmed by about 1 percent 

against this basket of currencies, and over the past 2 years, 

has appreciated by about 6 percent. 
June 2010 

8 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

June 2010 

9

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the second quarter of fiscal 

year 2010 supplements fiscal data reported in the 

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

of that issue’s release, not enough data were 

available to adequately analyze collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $185.8 billion for the second 

quarter of fiscal year 2010. This is an increase of $11.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $10.6 billion and non-withheld receipts 

decreased by $9.8 billion during this period. Refunds 

decreased by $10.6 billion over the comparable fiscal year 

2009 quarter. There was an increase of $7.0 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2009. 

Corporate income taxes—Net corporate income tax 

receipts were $20.0 billion for the second quarter of fiscal 

year 2010. This is an increase of $14.2 billion compared to 

the prior year second quarter. The $14.2 billion change is 

comprised of an increase of $17.7 billion in estimated and 

final payments, and an increase of $3.5 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2010 were $206.8 billion, a decrease of $17.4 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by -$11.0 billion, -$1.9 billion, and -$4.5 

billion respectively. There was a -$5.0 billion accounting 

adjustment for prior years employment tax liabilities made 

in the second quarter of fiscal year 2010, while there was a 

$2.0 billion adjustment in the second quarter of fiscal year 

2009. 

Unemployment insurance—Unemployment insurance 

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

2010 were $5.3 billion, an increase of $0.5 billion over the 

comparable quarter of fiscal year 2009. Net State taxes 

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

$4.1 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.2 billion. 
FEDERAL FISCAL OPERATIONS 

June 2010 

10 

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

second quarter of fiscal year 2010. This was a negligible 

change from the comparable quarter of fiscal year 2009. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2010 were $13.3 billion, a decrease of 

$1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $3.7 billion, an 

increase of $3.0 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.4 billion for the second quarter of fiscal year 2010. 

These receipts represent a decrease of $0.2 billion over the 

same quarter in fiscal year 2009. 

Customs duties—Customs duties net of refunds were 

$5.7 billion for the second quarter of fiscal year 2010. This 

is an increase of $0.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the second quarter of fiscal year 2010 were $22.9 billion, an 

increase of $15.9 billion over the comparable prior year 

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

Federal Reserve banks increasing by $16.2 billion. 

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

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

 Second quarter 

 Jan. - Mar. 

 Actual fiscal 

 year to date 2010 

Total on- and off-budget results: 

Total receipts ............................................................... 466,119 953,896

On-budget receipts .................................................. 303,680 648,716

Off-budget receipts .................................................. 162,439 305,179

Total outlays................................................................. 795,048 1,670,884

On-budget outlays.................................................... 662,483 1,401,782

Off-budget outlays.................................................... 132,567 269,105

Total surplus or deficit (-) ............................................. -328,930 -716,990

On-budget surplus or deficit (-)................................ -358,802 -753,064

Off-budget surplus or deficit (-)................................ 29,872 36,074

Means of financing: 

Borrowing from the public............................................ 477,740 739,469

Reduction of operating cash........................................ -24,907 56,763

Other means ................................................................ -123,903 -79,242

Total on- and off-budget financing........................... 328,930 716,990

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2010 

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

Source Jan. Feb. Mar. 

Individual income taxes...................................................... 103.5 22.8 59.5 

Corporate income taxes..................................................... 3.2 8.2 8.6 

Employment and general retirement.................................. 81.3 62.2 63.3 

Unemployment insurance .................................................. 1.3 3.4 0.7 

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

Excise taxes ....................................................................... 5.6 0.9 6.8 

Estate and gift taxes .......................................................... 1.5 1.1 2.8 

Customs duties .................................................................. 2.1 1.7 1.9 

Miscellaneous receipts....................................................... 6.5 7.0 9.4

Total budget receipts ..................................................... 205.2 107.5 153.4

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

June 2010 

11

CHART FFO-A.—

Monthly Receipts and Outlays, 2009-2010

(In billions of dollars) 

-50

0

50

100

150

200

250

300

350

MAM J J ASONDJ FM

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

100

200

300

400

500

Individual

income

taxes

Social

insurance

and

retirement

receipts

Corporate

income

taxes

Misc. 

receipts 

Excise

taxes

Custom

duties

Estate/gift

taxes

* Prior-year data are for the comparable year.

2010

2009 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2009-2010

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

June 2010 

12 

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from 

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2005 ............................ 2,153,121 1,575,646 577,475 2,471,418 2,069,208 402,210 -318,298 -493,562 175,265 551,329 

2006 ............................ 2,406,328 1,797,946 608,382 2,654,525 2,232,456 422,069 -248,197 -434,510 186,313 546,436 

2007 ............................ 2,567,447 1,932,359 635,088 2,728,970 2,275,334 453,636 -161,527 -342,978 181,452 499,976 

2008 ............................ 2,523,324 1,865,279 658,045 2,978,123 2,503,371 474,751 -454,798 -638,092 183,294 1,035,015 

2009 ............................ 2,104,365 1,450,355 654,010 3,520,088 3,003,070 517,018 -1,415,722 -1,552,714 136,992 1,889,727 

2010 - Est.................... 2,165,119 1,529,936 635,183 3,720,701 3,163,742 556,959 -1,555,582 -1,633,806 78,224 1,909,791 

2011 - Est.................... 2,567,181 1,893,113 674,068 3,833,860 3,255,667 578,193 -1,266,679 -1,362,554 95,875 1,356,654 

2009 - Mar................... 128,926 71,476 57,450 320,514 266,430 54,084 -191,589 -194,954 3,365 249,178 

Apr................... 266,206 195,823 70,383 287,113 237,808 49,305 -20,907 -41,985 21,078 114,465 

May.................. 117,217 64,074 53,143 306,868 250,778 56,090 -189,651 -186,703 -2,947 82,882 

June................. 215,340 155,450 59,890 309,671 308,442 1,230 -94,332 -152,992 58,660 221,645 

July .................. 151,480 101,796 49,685 332,160 282,211 49,950 -180,680 -180,415 -265 123,452 

Aug .................. 145,530 96,157 49,372 249,084 194,015 55,069 -103,555 -97,857 -5,697 142,701 

Sept................. 218,880 166,660 52,220 264,088 206,652 57,436 -45,207 -39,991 -5,216 97,913 

Oct................... 135,294 88,656 46,638 311,657 258,632 53,025 -176,363 -169,976 -6,387 -13,142 

Nov .................. 133,564 83,287 50,277 253,851 197,776 56,075 -120,287 -114,489 -5,798 219,012 

Dec .................. 218,919 173,093 45,825 310,328 282,891 27,439 -91,410 -109,797 18,387 197,876 

2010 - Jan ................... 205,240 142,048 63,193 247,874 227,489 20,386 -42,634 -85,441 42,807 -33,615 

Feb .................. 107,521 58,468 49,053 328,429 272,297 56,132 -220,909 -213,830 -7,079 160,619 

Mar .................. 153,358 103,165 50,193 218,745 162,696 56,049 -65,387 -59,531 -5,856 332,391 

Fiscal year 2010 to date ... 953,896 648,717 305,179 1,670,884 1,401,781 269,106 -716,990 -753,064 36,074 863,141 

 

Means of financing—net transactions, con. 

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the 

IMF (deduct)

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

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

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

2007 ...................................... -433 293,218 206,325 23,110 646 1,314 -2,157 -22,667 - 160,745 

2008 ...................................... 145 267,438 767,722 296,371 117 1,552 286 -15,356 - 454,040 

2009 ...................................... 99 146,766 1,743,060 -96,343 45,528 1,674 8,719 -368,200 - 1,415,282 

2010 - Est.............................. 973 157,818 1,752,946 -5,265 * * * -202,629 * 1,555,582 

2011 - Est.............................. 759 156,742 1,200,671 -200,000 * * * -133,992 * 1,266,679 

2009 - Mar............................. -196 -4,552 253,534 42,503 168 -661 584 -19,351 - 191,589 

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

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

June .......................... 12 67,607 154,050 100,720 25 75 71 41,159 - 94,318 

July............................ 212 -37,157 160,822 -22,982 7 -201 457 -2,861 - 180,680 

Aug............................ -151 -5,464 148,014 336 43,216 195 124 7,260 - 111,403 

Sept........................... 865 29,269 69,509 -19,951 2,285 1,251 774 -98,731 -190 44,767 

Oct............................. -43 47,496 -60,681 -238,549 202 160 129 -1,013 - 176,364 

Nov............................ 50 -4,981 224,044 79,481 1,233 -1,106 -2,523 -26,672 - 120,287 

Dec............................ 287 99,795 98,367 77,398 -1,567 -254 309 68,829 100 91,410 

2010 - Jan ............................. 46 18,355 -51,924 -102,085 -498 66 * -7,959 - 42,634 

Feb ............................ -105 -16,217 176,731 -49,722 -791 -349 155 -6,529 - 220,909 

Mar ............................ 146 -20,396 352,933 176,714 -529 494 57 -110,810 - 65,387 Fiscal year 2010 to date........... 381 124,052 739,470 -56,763 -1,950 -989 -1,873 -84,154 100 716,991 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

* Less than $500,000. 

- No Transactions 

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

June 2010 

13

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds

 (10) 

 Net 

 (11) 

 

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

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

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

2008 .................. 970,195 455,399 279,845 1,145,748 354,293 49,947 304,346 1,450,094 854,485 2,461 852,024 

2009 .................. 861,774 312,474 258,940 915,307 225,891 87,662 138,229 1,053,536 847,184 2,511 844,673 

 

2010 - Est.......... 935,771 - - 935,771 156,741 - 156,741 1,092,512 815,657 - 815,657 

2011 - Est.......... 1,121,296 - - 1,121,296 296,902 - 296,902 1,418,198 866,514 - 866,514 

 

2009 - Mar......... 83,889 8,792 51,455 41,227 22,315 18,923 3,392 44,619 72,657 - 72,657 

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

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

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

July ........ 67,013 4,774 6,928 64,859 8,034 5,457 2,577 67,436 63,610 - 63,610 

Aug ........ 62,305 3,927 3,742 62,489 4,135 -818 4,953 67,442 63,181 - 63,181 

Sept....... 61,881 41,039 483 102,437 36,996 8,203 28,793 131,230 70,392 2,511 67,881 

Oct......... 62,238 12,176 13,166 61,248 7,819 12,324 -4,505 56,743 61,207 - 61,207 

Nov ........ 60,415 3,509 16,066 47,858 4,275 6,374 -2,099 45,759 66,173 - 66,173 

Dec ........ 93,375 7,449 2,199 98,625 45,500 4,970 40,530 139,155 60,587 - 60,587 

2010 - Jan ......... 65,835 44,782 7,094 103,523 8,989 5,757 3,232 106,755 80,933 - 80,933 

Feb ........ 77,424 3,967 58,642 22,749 14,823 6,589 8,234 30,983 61,789 - 61,789 

Mar ........ 101,735 8,989 51,220 59,503 30,622 22,044 8,578 68,081 62,829 - 62,829 

 

Fiscal year 2010 

 to date................ 461,022 80,872 148,387 393,506 112,028 58,058 53,970 447,476 393,518 - 393,518 

 

Social insurance and retirement receipts, con. 

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement 

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

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

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

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

2008 ............................ 4,445 12 4,433 856,457 39,642 115 39,527 4,125 44 4,169 

2009 ............................ 4,214 1 4,213 848,886 37,996 107 37,889 4,104 38 4,142 

 

2010 - Est.................... 4,163 - 4,163 819,820 51,496 - 51,496 4,413 27 4,440 

2011 - Est.................... 4,180 - 4,180 870,694 60,146 - 60,146 4,250 26 4,276 

 

2009 - Mar................... 425 * 425 73,081 348 11 338 321 3 324 

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

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

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

July.................. 392 -1 393 64,003 3,286 51 3,235 334 3 338 

Aug.................. 387 -1 388 63,569 3,957 10 3,947 313 3 315 

Sept................. 330 * 330 68,212 467 9 458 325 3 329 

Oct................... 345 * 345 61,552 1,351 5 1,346 387 3 390 

Nov.................. 357 * 357 66,530 3,651 3 3,648 317 3 320 

 Dec. ................. 377 * 377 60,963 457 4 453 408 3 411 

2010 - Jan ................... 347 * 347 81,280 1,283 4 1,279 289 3 291 

Feb.................. 456 * 456 62,245 3,362 1 3,360 313 3 317 

Mar.................. 445 * 445 63,274 702 8 693 314 3 318 

 

Fiscal year 2010 to date.... 2,327 - 2,327 395,844 10,806 25 10,779 2,028 18 2,047 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2010 

14 

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

Deposits of 

earnings by 

Federal 

Reserve banks

(42) 

Universal 

service 

fund and all

other 

(43) 

Total 

(44) 

On-budget 

(45) 

Off-budget

(46) 

 

2005 ....................... 73,093 25,606 841 24,764 24,198 820 23,378 19,297 12,961 32,258 1,575,646 577,475 

2006 ....................... 73,962 28,688 811 27,877 25,701 891 24,810 29,945 14,092 44,037 1,797,946 608,382 

2007 ....................... 65,069 26,978 934 26,044 27,548 1,538 26,010 32,043 14,960 47,003 1,932,359 635,088 

2008 ....................... 67,334 29,824 980 28,844 28,537 969 27,568 33,598 15,732 49,330 1,865,279 658,045 

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010 

2010 - Est............... 73,204 17,011 - 17,011 23,787 - 23,787 77,083 5,766 82,849 1,529,936 635,183 

2011 - Est............... 74,288 25,035 - 25,035 27,445 - 27,445 79,341 7,758 87,099 1,893,113 674,068 

2009 - Mar.............. 4,994 2,048 130 1,919 1,636 114 1,522 652 1,477 2,129 71,476 57,450 

Apr.............. 5,642 4,060 84 3,976 1,960 82 1,878 4,005 1,127 5,132 195,823 70,383 

May ............ 5,427 1,549 92 1,457 1,459 76 1,383 1,959 1,323 3,282 64,074 53,143 

June ........... 6,735 1,051 68 983 1,614 116 1,498 1,992 1,361 3,353 155,450 59,890 

July............. 7,057 2,030 105 1,926 2,108 35 2,073 3,727 1,686 5,413 101,796 49,685 

Aug............. 1,944 1,494 98 1,396 1,649 195 1,455 4,140 1,321 5,461 96,157 49,372 

Sept............ 6,978 1,712 75 1,637 2,039 56 1,983 6,524 1,529 8,053 166,661 52,220 

Oct.............. 4,347 1,659 103 1,556 2,230 71 2,159 5,665 1,537 7,201 88,655 46,638 

Nov............. 6,104 1,159 110 1,049 2,030 118 1,912 6,467 1,775 8,242 83,288 50,277 

Dec............. 5,868 1,437 76 1,361 1,950 97 1,853 7,132 1,721 8,853 173,093 45,825 

2010 - Jan .............. 5,625 1,518 33 1,485 2,128 53 2,074 5,265 1,188 6,453 142,049 63,193 

Feb ............. 862 1,145 81 1,064 1,759 67 1,692 5,760 1,237 6,998 58,468 49,053 

Mar ............. 6,782 2,916 86 2,829 2,046 104 1,942 7,427 2,010 9,437 103,165 50,193 

Fiscal year 2010 

 to date....................... 29,588 9,834 489 9,344 12,143 510 11,632 37,716 9,468 47,184 648,718 305,179 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

* Less than $500,000. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Excise taxes 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Fiscal year 

or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

 

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

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

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

2008.............................. 900,154 12,048 56 11,992 653 - 653 37,441 1,057 36,385 19,742 1,438 18,304

2009.............................. 890,918 10,679 110 10,569 645 - 645 36,007 1,046 34,961 23,408 7,100 16,308 2010 - Est ..................... 875,756 11,798 - 11,798 638 - 638 36,237 - 36,237 24,531 - 24,531

2011 - Est ..................... 935,116 12,493 - 12,493 647 - 647 37,080 - 37,080 24,068 - 24,068 2009 - Mar .................... 73,743 854 - 854 48 - 48 2,736 - 2,736 1,504 148 1,356

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

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

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

July.................... 67,576 1,323 - 1,323 69 - 69 3,821 - 3,821 1,927 84 1,843

Aug.................... 67,831 694 21 673 58 - 58 2,754 256 2,498 3,140 4,425 -1,285

Sept................... 68,999 685 8 677 57 - 57 4,255 135 4,119 3,530 1,405 2,125

Oct .................... 63,288 178 - 178 10 - 10 597 - 597 3,639 77 3,562

Nov.................... 70,498 968 - 968 60 - 60 3,266 - 3,266 1,989 178 1,811

Dec.................... 61,828 886 - 886 55 - 55 2,988 - 2,988 2,147 207 1,940

2010 - Jan..................... 82,850 868 - 868 54 - 54 2,927 - 2,927 1,834 57 1,777

Feb.................... 65,922 722 4 718 47 - 47 2,749 342 2,407 781 3,093 -2,312

Mar.................... 64,284 790 - 789 50 - 50 2,639 - 2,639 3,518 215 3,303 Fiscal year 2010 to date.... 408,670 4,412 4 4,407 276 - 276 15,166 342 14,824 13,908 3,827 10,081 
FEDERAL FISCAL OPERATIONS 

June 2010 

15

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2005 ....................... 3,972 5,543 85,308 6,145 474,356 72,857 21,274 581,398 38,715 42,448 9,284 22,366 46,943

2006 ....................... 4,101 5,820 93,533 6,373 499,337 93,366 19,651 614,272 69,033 42,434 9,036 23,320 43,139

2007 ....................... 4,292 6,008 84,423 6,477 528,575 66,372 20,117 671,983 39,172 45,559 10,467 23,351 47,543

2008 ....................... 4,409 6,345 90,789 7,725 594,656 65,957 21,404 700,454 40,683 49,086 9,822 26,544 58,840

2009 ....................... 4,701 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

 

2010 - Est............... 5,423 7,159 142,016 16,714 692,031 106,944 38,278 868,762 52,903 62,518 12,042 30,333 209,265

2011 - Est............... 5,579 7,512 145,748 11,500 721,285 94,261 44,390 934,426 54,723 53,082 14,045 31,924 116,902 

2009 - Mar.............. 356 535 9,057 655 49,427 5,351 1,907 60,161 4,333 3,828 859 2,141 12,388

Apr.............. 361 527 7,884 1,035 51,702 5,653 1,909 72,702 3,989 3,507 1,084 1,774 13,000

May............. 355 639 8,026 978 50,489 8,689 2,217 67,699 3,525 3,811 901 2,466 12,194

June............ 436 564 8,881 1,124 53,691 -12,422 1,907 68,518 4,748 20,752 1,594 2,887 14,477

July ............. 364 599 7,270 809 58,036 6,639 2,078 88,970 4,161 3,791 1,026 2,454 14,688

Aug ............. 370 502 8,743 723 45,632 8,016 1,432 51,915 3,361 3,333 934 2,607 13,887

Sept ............ 370 572 9,160 772 60,349 3,012 3,181 66,698 4,376 3,035 1,006 2,474 14,681

Oct.............. 362 695 15,246 810 67,754 7,588 2,375 85,897 4,114 3,954 1,004 1,642 11,759

Nov ............. 518 542 10,421 1,007 45,602 7,729 2,102 52,485 3,920 3,983 1,160 3,885 13,506

Dec ............. 404 576 12,891 875 63,015 7,771 2,685 70,104 3,907 5,863 1,148 2,304 17,011

2010 - Jan .............. 344 520 11,229 671 48,623 9,657 1,889 68,204 3,173 2,360 1,088 2,310 15,682

Feb ............. 371 531 9,237 834 48,936 11,769 2,022 65,353 3,110 3,804 1,008 2,167 15,133

Mar ............. 399 588 13,117 1,250 61,430 9,001 2,478 75,628 4,042 4,947 1,013 2,373 17,103 

Fiscal year 2010 

 to date .................... 2,398 3,452 72,141 5,447 335,360 53,515 13,551 417,671 22,266 24,911 6,421 14,681 90,194

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, other

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

 

2005 ....................... 12,752 56,597 352,350 57,926 69,815 4,720 43,483 7,911 7,689 17 15,021 

2006 ....................... 12,949 60,141 405,872 58,865 69,778 6,946 44,434 8,322 5,378 22 13,920 

2007 ....................... 13,739 61,701 429,978 60,619 72,792 3,918 47,111 8,258 2,957 29 12,750 

2008 ....................... 17,493 64,945 451,154 97,658 84,746 5,077 45,783 7,938 1,172 342 11,362 

2009 ....................... 21,430 73,006 383,073 318,701 95,454 6,840 57,276 8,070 742 320 14,801 

2010 - Est............... 25,726 90,944 425,127 77,853 124,565 10,536 54,317 11,301 715 1,782 23,899 

2011 - Est............... 28,745 86,665 499,125 94,425 124,215 6,929 55,719 11,177 500 2,279 24,343 

 

2009 - Mar.............. 1,465 4,451 19,830 63,135 4,378 501 4,613 689 58 306 608 

Apr.............. 1,368 4,748 24,847 13,539 8,014 447 3,235 617 57 -8 3,122 

May ............ 1,329 5,382 20,600 21,968 8,825 538 4,599 634 65 -66 999 

June ........... 1,764 6,645 106,612 38,132 8,327 544 4,562 838 48 49 2,548 

July............. 1,879 7,502 19,813 23,564 11,443 707 4,668 639 78 81 526 

Aug............. 972 7,438 27,375 -585 4,388 566 3,429 695 82 -24 -238 

Sept............ 3,682 10,237 15,234 -14,153 8,327 597 4,902 691 56 5 1,124 

Oct.............. 1,535 7,577 22,832 2,678 13,263 661 3,489 806 51 78 2,366 

Nov............. 1,680 6,050 17,928 5,808 4,884 813 4,747 770 40 326 912 

Dec............. 2,892 7,642 104,632 18,687 12,472 995 4,736 443 48 -213 1,475 

2010 - Jan .............. 1,637 4,211 18,857 11,732 4,801 738 4,775 758 28 -192 4,131 

Feb............. 1,438 4,448 16,893 56,266 8,492 682 4,647 843 28 -45 770 

Mar............. 2,382 5,173 20,787 -85,750 9,856 746 4,671 1,040 99 176 543 

Fiscal year 2010 

 to date ..................... 11,564 35,101 201,929 9,421 53,768 4,635 27,065 4,660 294 130 10,197 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

June 2010 

16 

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

 Offbudget

 (36) 

 

2005 .................. 15,600 5,400 59,500 2,503 561,333 14,407 -58,919 -160,992 -6,144 -160 2,069,208 402,210 

2006 .................. 15,125 5,510 62,400 905 585,742 12,346 -60,856 -169,295 -7,282 -113 2,232,456 422,069 

2007 .................. 15,861 5,488 58,431 1,175 621,761 18,265 -61,774 -177,963 -6,762 -13,700 2,275,334 453,636 

2008 .................. 17,834 5,786 64,393 528 657,799 45,192 -66,178 -191,537 -18,285 -1,790 2,503,371 474,751 

2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018 

 

2010 - Est.......... 19,123 7,819 71,603 5,978 768,975 8,427 18,750 -191,396 - -79,731 3,163,742 556,959 

2011 - Est.......... 17,863 7,647 73,463 1,388 789,553 36,058 21,676 -192,811 - -90,476 3,255,667 578,193 

 

2009 - Mar......... 1,677 445 6,730 72 56,394 10,012 -4,569 -864 -414 - 266,430 54,084 

Apr......... 1,518 449 6,868 73 59,854 1,560 -4,346 -3,658 -317 - 237,808 49,305 

May ....... 1,631 443 5,627 86 73,473 5,952 -5,325 -667 -488 -724 250,778 56,090 

June ...... 1,750 557 5,459 89 64,869 -6,099 -4,903 -88,313 -963 * 308,442 1,230

July........ 1,570 589 6,632 96 64,625 2,894 -4,644 -940 -443 - 282,211 49,950 

Aug........ 1,584 667 6,320 94 56,982 5,920 -4,712 -2,896 -427 - 194,015 55,069 

Sept....... 2,190 531 5,226 114 61,236 -111 -5,124 175 -534 - 206,652 57,436 

Oct......... 1,071 528 6,346 96 65,202 3,598 -20,351 -3,202 -165 * 258,632 53,025 

Nov........ 1,582 527 6,034 122 57,495 3,434 -5,154 -290 -714 * 197,776 56,075 

Dec........ 1,998 480 5,931 121 95,398 -43,843 -5,104 -86,585 -362 -66 r 282,891 27,439 

2010 - Jan ......... 1,126 497 6,640 119 28,473 -1,001 -4,469 -767 30 - r 227,489 20,385 

Feb ........ 1,405 471 5,981 4,782 61,996 955 -5,128 -936 162 - 272,297 56,132 

Mar ........ 1,699 504 6,869 126 62,321 792 -5,306 -781 -438 -130 162,696 56,049 Fiscal year 2010 

to date................ 8,881 3,007 37,801 5,366 370,885 -36,065 -45,512 -92,561 -1,487 -196 1,401,781 269,105 

 

Note.—These estimates are based on the Fiscal Year 2011 Budget, released by the Office 

of Management and Budget on February 1, 2010. 

* Less than $500,000. 

- No transactions. 

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

June 2010 

17

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

March 2010 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 393,487 19 - 393,506 429,672 30 - 429,701

Corporation income taxes........................................... 53,967 - 2 53,969 56,236 - * 56,236

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 305,179 305,179 - - 319,317 319,317

Employment and general retirement (on-budget)... - - 90,665 90,665 - - 98,531 98,531

Unemployment insurance ....................................... - - 10,780 10,780 - - 10,059 10,059

Other retirement...................................................... - - 2,046 2,046 - - 2,077 2,077

Excise taxes ................................................................ 8,569 425 20,595 29,588 6,907 501 21,293 28,701

Estate and gift taxes ................................................... 9,344 - - 9,344 12,106 - - 12,106

Customs duties ........................................................... 7,152 3,876 604 11,632 7,476 4,029 681 12,185

Miscellaneous receipts................................................ 38,426 8,238 520 47,184 13,285 7,044 468 20,797

Total receipts....................................................... 510,945 12,558 430,392 953,896 525,682 11,603 452,427 989,712

(On-budget)..................................................... 510,945 12,558 125,213 648,716 525,682 11,603 133,110 670,394

(Off-budget)..................................................... - - 305,179 305,179 - - 319,317 319,317

 

Budget outlays: 

Legislative branch ....................................................... 2,339 68 -9 2,398 2,165 283 -4 2,445

Judicial branch ............................................................ 3,440 66 -55 3,451 2,841 374 26 3,241

Department of Agriculture ........................................... 57,449 14,197 496 72,142 46,781 17,154 537 64,472

Department of Commerce........................................... 5,329 117 * 5,446 3,986 1,293 * 5,280

Department of Defense-military .................................. 332,937 2,405 16 335,359 315,047 1,815 11 316,873

Department of Education ............................................ 54,159 -645 2 53,515 34,197 -403 6 33,800

Department of Energy................................................. 14,772 -1,220 - 13,552 11,924 -963 - 10,960

Department of Health and Human Services ............... 306,800 -143 111,016 417,673 272,091 -151 107,824 379,765

Department of Homeland Security.............................. 23,190 -1,056 132 22,266 25,399 1,979 182 27,560

Department of Housing and Urban Development....... 25,654 -737 -7 24,910 22,916 -127 * 22,789

Department of the Interior........................................... 5,860 340 222 6,422 5,057 -70 246 5,233

Department of Justice ................................................. 13,848 860 -26 14,682 12,210 889 -48 13,051

Department of Labor................................................... 54,967 -293 35,521 90,195 12,624 56 42,549 55,229

Department of State.................................................... 11,670 -370 263 11,563 10,023 67 346 10,436

Department of Transportation..................................... 11,143 -263 24,222 35,102 4,046 -258 27,266 31,054

Department of the Treasury: 

Interest on the public debt....................................... 201,929 - - 201,929 168,592 - - 168,592

Other ....................................................................... 9,683 -235 -28 9,420 235,396 891 -51 236,236

Department of Veterans Affairs .................................. 54,698 -1,434 502 53,767 46,895 -1,272 508 46,132

Corps of Engineers ..................................................... 4,055 165 415 4,635 3,227 141 75 3,442

Other defense civil programs...................................... 68,682 -8,273 -33,344 27,065 61,838 -3,723 -26,233 31,882

Environmental Protection Agency............................... 5,720 -105 -955 4,660 4,495 -67 -470 3,958

Executive Office of the President................................ 293 * * 293 356 * - 357

General Services Administration ................................ 76 53 1 130 83 199 * 283

International Assistance Program............................... 11,943 -429 -1,316 10,197 8,351 -440 -1,192 6,719

National Aeronautics and Space Administration ........ 8,884 -4 1 8,881 8,924 2 * 8,927

National Science Foundation...................................... 2,952 61 -7 3,005 2,672 47 5 2,723

Office of Personnel Management ............................... 4,741 -462 33,520 37,800 4,488 -595 32,277 36,170

Small Business Administration ................................... 5,372 -6 * 5,366 1,698 -3 * 1,695

Social Security Administration .................................... 35,139 -13 335,758 370,883 32,253 -10 314,267 346,510

Other independent agencies....................................... 6,918 -46,711 3,726 -36,067 5,302 20,953 13,986 40,240

Undistributed offsetting receipts: 

Interest .................................................................... - - -92,562 -92,562 - - -85,261 -85,261

Other ....................................................................... -1,237 -11,544 -34,414 -47,194 -1,873 -26,859 -30,958 -59,690

Total outlays........................................................ 1,343,406 -55,610 383,090 1,670,885 1,364,005 11,202 395,896 1,771,103

(On-budget)..................................................... 1,343,309 -54,985 113,456 1,401,780 1,363,896 12,267 147,001 1,523,165

(Off-budget)..................................................... 97 -626 269,634 269,105 109 -1,066 248,895 247,938

Surplus or deficit (-)............................................. -832,461 68,168 47,302 -716,990 -838,323 401 56,531 -781,391

(On-budget)..................................................... -832,363 67,540 11,757 -753,063 -838,214 -667 -13,891 -852,770

(Off-budget)..................................................... -97 626 35,546 36,074 -109 1,066 70,423 71,379

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2010 

18 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

 2009 - Mar....................................... 1,010,666 41,716 1,009,644 133,781 134,015 

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

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

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

July ...................................... 1,038,765 37,981 1,099,764 99,192 99,156 

Aug ...................................... 910,038 33,639 943,317 94,114 94,138 

Sept..................................... 808,315 42,353 870,664 118,991 118,946 

Oct....................................... 767,671 34,033 1,040,254 94,595 94,594 

Nov ...................................... 902,202 35,042 857,729 93,531 93,565 

Dec ...................................... 1,080,487 51,067 1,054,156 147,388 147,388 

2010 - Jan ....................................... 581,195 42,986 726,278 103,985 103,973 

Feb ...................................... 778,758 40,786 869,304 109,631 109,593 

Mar ...................................... 1,033,580 52,303 909,161 141,828 141,836 

 

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

June 2010 

19

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

and Tax and Loan Note Account Balances, con. 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note 

accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan

note 

accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan

note 

accounts 

(13) 

 

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

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

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

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

2009 ...................................... 108,324 1,996 136,672 79,897 3,987 284 52,381 4,161 

 

2009 - Mar............................. 67,151 1,742 114,510 2,114 23,502 1,206 62,945 1,917 

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

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

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

July ............................ 92,971 1,976 92,971 2,016 17,168 1,862 50,429 1,959 

Aug ............................ 93,333 1,951 93,333 2,021 8,802 1,915 39,934 1,978 

Sept........................... 108,324 1,996 108,324 2,168 4,500 284 35,050 1,894 

Oct............................. 19,721 1,997 89,598 2,010 15,570 1,805 45,107 1,954 

Nov ............................ 99,236 1,962 107,219 2,630 11,236 1,880 52,320 1,999 

Dec ............................ 186,632 1,962 186,632 2,026 18,152 1,715 82,660 1,959 

2010 - Jan ............................. 84,536 1,973 186,632 2,061 84,536 1,816 139,271 1,951 

Feb ............................ 14,779 2,012 149,909 2,014 12,922 1,876 57,078 1,961 

Mar ............................ 91,519 2,004 105,190 2,392 13,746 1,918 49,986 1,993 

 

 

1 This report does not include Supplementary Financing Program balances.

2

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

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 

1988. 
June 2010 

20 

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2010 

21

TABLE FD-1.—Summary of Federal Debt

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

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

 

2009 - Mar ..................... 11,149,495 11,126,941 22,554 4,290,609 4,290,603 6 6,858,886 6,836,338 22,548 

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

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

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

July..................... 11,691,765 11,669,276 22,489 4,331,562 4,331,561 1 7,360,203 7,337,715 22,488 

Aug..................... 11,835,208 11,812,870 22,338 4,326,507 4,326,506 1 7,508,701 7,486,364 22,337 

Sept.................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202 

Oct ..................... 11,916,251 11,893,090 23,160 4,401,771 4,401,769 2 7,514,480 7,491,321 23,158 

Nov..................... 12,136,257 12,113,047 23,210 4,397,288 4,397,286 2 7,738,969 7,715,761 23,208 

Dec..................... 12,334,846 12,311,349 23,497 4,496,990 4,496,990 2 7,837,857 7,814,359 23,494 

2010 - Jan...................... 12,302,178 12,278,636 23,543 4,515,255 4,515,252 3 7,786,923 7,763,383 23,540 

Feb..................... 12,463,506 12,440,068 23,438 4,499,337 4,499,335 3 7,964,169 7,940,733 23,435 

Mar..................... 12,796,707 12,773,123 23,584 4,478,875 4,478,872 3 8,317,832 8,294,251 23,581 

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

 

2009 - Mar...................... 11,149,495 59,682 11,089,813 4,290,609 27,741 4,262,868 6,858,886 31,941 6,826,945 

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

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

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

July..................... 11,691,765 59,573 11,632,192 4,331,562 25,542 4,306,020 7,360,203 34,031 7,326,172 

Aug..................... 11,835,208 60,466 11,774,742 4,326,507 25,951 4,300,556 7,508,701 34,515 7,474,185 

Sept.................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987 

Oct...................... 11,916,251 55,623 11,860,628 4,401,771 24,450 4,377,321 7,514,480 31,173 7,483,306 

Nov..................... 12,136,257 56,860 12,079,397 4,397,288 24,948 4,372,340 7,738,969 31,912 7,707,057 

Dec..................... 12,334,846 57,286 12,277,560 4,496,990 24,854 4,472,136 7,837,857 32,432 7,805,424 

2010 - Jan ...................... 12,302,178 58,187 12,243,991 4,515,255 24,765 4,490,491 7,786,923 33,422 7,753,500 

Feb ..................... 12,463,506 59,000 12,404,505 4,499,337 25,064 4,474,273 7,964,169 33,936 7,930,232 

Mar ..................... 12,796,707 59,665 12,737,042 4,478,875 24,998 4,453,877 8,317,832 34,667 8,283,165 

 
FEDERAL DEBT 

June 2010

22 

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

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

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

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

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

2009 ....................................... 192,452 - 4,886 118,636 216,488 29,995 1,466 

 

2009 - Mar.............................. 193,975 - 5,986 119,543 240,096 29,995 1,594 

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

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

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

July............................. 193,267 - 5,486 119,570 223,901 29,995 1,574 

Aug............................. 192,822 - 4,486 118,945 218,336 29,995 1,556 

Sept............................ 192,452 - 4,886 118,636 216,488 29,995 1,466 

Oct.............................. 192,172 - 4,386 119,127 215,785 29,995 1,492 

Nov............................. 191,799 - 4,386 119,919 212,891 29,995 1,501 

Dec............................. 191,298 - 4,386 119,932 214,138 29,995 1,411 

2010 - Jan .............................. 190,901 - 5,386 120,792 207,658 29,995 1,458 

Feb ............................. 190,661 - 5,386 122,135 204,133 29,995 1,181 

Mar ............................. 190,293 - 4,886 121,558 208,494 29,995 1,281 

 

TABLE FD-2.—Debt Held by the Public

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

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflation-protected 

securities 

(6) 

Nonmarketable 

Total 

(7) 

 

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

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

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

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

2009 .................................. 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

 

2009 - Mar......................... 6,833,543 6,242,353 2,027,691 3,084,283 617,628 512,751 591,190 

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

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

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

July........................ 7,335,598 6,761,806 2,014,176 3,546,950 653,069 547,611 573,793 

Aug........................ 7,484,145 6,918,004 2,062,265 3,638,049 665,744 551,947 566,141 

Sept....................... 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 563,924 

Oct......................... 7,487,887 6,924,930 1,852,331 3,816,792 689,021 566,786 562,957 

Nov........................ 7,712,387 7,151,894 1,844,698 4,038,278 701,634 567,285 560,493 

Dec........................ 7,811,009 7,249,848 1,787,913 4,179,412 714,672 567,851 561,161 

2010 - Jan ......................... 7,759,490 7,203,299 1,683,757 4,227,723 727,749 564,070 556,191 

Feb ........................ 7,936,671 7,383,179 1,731,093 4,335,457 745,400 571,228 553,492 

Mar ........................ 8,290,069 7,733,561 1,838,020 4,563,766 758,781 572,994 556,508 
FEDERAL DEBT 

June 2010 

23

End of fiscal 

year or month 

Federal 

Savings and 

Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance Trust 

Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life

Insurance 

Fund 

(14) 

Postal 

Service Fund

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

Unemployment Trust 

Fund 

(18) 

Other 

(19) 

 

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

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

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

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

2009 ..................... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 

2009 - Mar............ 3,327 63,639 9,738 9,020 1,200 525 - 38,252 683,460 

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

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

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

 July........... 3,317 56,833 7,207 8,910 1,009 600 - 22,744 683,601 

 Aug........... 3,318 61,516 12,160 8,828 1,009 410 - 22,762 684,875 

 Sept.......... 3,313 61,764 11,484 8,735 4,239 405 - 19,628 683,808 

 Oct............ 3,311 55,813 8,001 8,652 1,000 467 - 17,476 762,719 

 Nov........... 3,331 61,254 8,501 8,580 1,000 355 - 17,298 661,011 

 Dec........... 3,330 75,946 7,559 8,727 1,000 577 - 16,235 761,521 

2010 - Jan ............ 3,330 63,554 7,952 8,648 748 511 - 14,843 760,366 

 Feb ........... 3,330 66,578 7,626 8,574 750 458 - 15,107 761,102 

 Mar ........... 3,329 67,638 7,991 8,470 950 395 - 13,794 758,921 

 

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

TABLE FD-3.—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

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

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

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

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

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 

2009 - Mar ........ 4,388,682 7,186 23,739 35,294 15,004 212,929 727,303 314,082 19,741 2,224,243 

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

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

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

 July........ 4,431,781 8,068 20,144 35,822 15,106 212,878 733,688 310,462 10,027 2,301,365 

 Aug........ 4,425,942 8,108 13,099 36,116 15,359 210,285 729,854 309,906 10,245 2,298,092 

 Sept....... 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668 2,296,316 

 Oct......... 4,501,135 7,804 15,661 36,235 18,816 205,094 754,133 300,242 10,726 2,294,985 

 Nov........ 4,497,408 7,457 14,205 36,661 19,241 302,653 750,372 302,653 10,979 2,291,857 

 Dec........ 4,597,132 6,710 59,460 36,726 19,241 199,760 765,793 304,612 11,155 2,318,780 

2010 - Jan ......... 4,616,193 6,740 58,424 36,792 19,235 203,545 761,891 306,817 11,350 2,351,447 

 Feb ........ 4,601,837 6,324 56,756 36,964 19,235 200,678 758,231 301,576 11,692 2,346,856 

 Mar ........ 4,580,640 6,145 57,065 36,931 20,434 197,399 754,452 292,491 11,839 2,342,396 

 
FEDERAL DEBT 

June 2010

24 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Federal 

Communications 

Commission 

(6) 

 

2005 ............................ 23,637 146 160 23,097 235 1 

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

2007 ............................ 22,959 85 152 22,506 215 -1 

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

2009 ............................ 23,203 33 144 22,834 193 * 

 

2009 - Mar................... 22,554 33 146 22,177 199 * 

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

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

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

July.................. 22,489 33 150 22,107 199 * 

Aug.................. 22,338 33 143 21,970 193 * 

Sept................. 23,203 33 144 22,834 193 * 

Oct................... 23,160 33 145 22,790 193 * 

Nov.................. 23,210 33 146 22,839 193 * 

Dec.................. 23,497 33 147 23,125 193 * 

2010 - Jan ................... 23,543 33 148 23,170 193 * 

Feb .................. 23,438 33 140 23,079 186 * 

Mar .................. 23,584 33 141 23,224 186 * 

 

 

Note.—Detail may not add to totals due to rounding. Less than $500,000. 
FEDERAL DEBT 

June 2010 

25

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

Interest-Bearing Public Debt Held by Private Investors

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

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 

(7) 

 

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

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

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

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

2009 ............................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

 

2009 - Mar...................... 5,759,709 2,601,162 1,790,274 833,981 357,716 176,575 3 yrs. 11 mos. 

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

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

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

July ..................... 6,065,512 2,636,005 1,964,000 916,972 360,698 187,837 4 yrs. 0 mos. 

Aug ..................... 6,179,984 2,669,428 2,014,501 951,363 352,756 191,935 4 yrs. 0 mos. 

Sept.................... 6,228,565 2,604,676 2,074,723 994,689 350,550 203,928 4 yrs. 1 mo. 

Oct...................... 6,138,150 2,481,258 2,073,374 1,019,112 349,067 215,339 4 yrs. 3 mos. 

Nov ..................... 6,386,026 2,462,190 2,259,073 1,084,264 349,156 231,343 4 yrs. 3 mos. 

Dec ..................... 6,483,901 2,415,461 2,337,392 1,137,420 349,280 244,348 4 yrs. 4 mos. 

2010 - Jan ...................... 6,412,950 2,324,876 2,334,181 1,147,167 349,373 257,353 4 yrs. 6 mos. 

Feb ..................... 6,591,769 2,372,965 2,420,971 1,173,496 342,995 281,343 4 yrs. 6 mos. 

Mar ..................... 6,968,331 2,492,450 2,579,109 1,258,977 343,413 294,382 4 yrs. 6 mos. 

 

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

June 2010

26 

TABLE FD-6.—Debt Subject to Statutory Limit

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

Debt subject to limit Securities outstanding 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

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

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

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

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

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

 

2009 - Mar....................................... 12,104,000 11,066,217 11,066,203 14 11,126,941 14 60,738 

Apr....................................... 12,104,000 11,178,827 11,178,813 14 11,238,592 14 59,779 

May...................................... 12,104,000 11,260,445 11,260,430 14 11,321,600 14 61,170 

June..................................... 12,104,000 11,487,470 11,487,456 14 11,545,275 14 57,819 

July ...................................... 12,104,000 11,611,178 11,611,163 14 11,669,277 14 58,113 

Aug ...................................... 12,104,000 11,755,205 11,755,191 14 11,812,870 14 57,678 

Sept..................................... 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

Oct....................................... 12,104,000 11,836,629 11,836,615 14 11,893,091 14 56,475 

Nov ...................................... 12,104,000 12,057,363 12,057,348 14 12,113,048 14 55,699 

Dec ...................................... 12,394,000 12,254,530 12,254,506 24 12,311,350 24 56,843 

2010 - Jan ....................................... 12,394,000 12,222,507 12,222,470 37 12,278,636 37 56,165 

Feb ...................................... 14,294,000 12,383,717 12,383,680 37 12,440,068 37 56,387 

Mar ...................................... 14,294,000 12,716,511 12,716,474 37 12,773,123 37 56,649 

 

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

June 2010 

27

TABLE FD-7.—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

 Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

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

2008 ................................................ 252,783 9,691 24,789 14,780 479 1,456 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778 

 

2009 - Mar....................................... 479,064 13,567 26,761 15,533 497 1,456 

Apr....................................... 691,504 11,393 27,145 15,685 499 1,461 

May ..................................... 706,075 11,625 27,584 15,834 502 1,461 

June .................................... 748,498 11,023 26,084 16,599 497 1,461 

July...................................... 774,408 10,581 26,084 16,599 497 1,461 

Aug...................................... 789,194 10,360 25,912 17,026 477 730 

Sept..................................... 747,566 11,617 26,074 16,675 481 778 

Oct....................................... 817,593 17,361 26,255 16,872 485 778 

Nov...................................... 845,306 18,619 26,388 17,088 488 778 

Dec...................................... 876,706 22,264 26,536 17,491 495 778 

2010 - Jan ....................................... 890,894 23,858 26,832 17,618 497 778 

Feb ...................................... 876,949 10,792 26,958 17,770 501 778 

Mar ...................................... 915,813 11,263 27,033 17,881 501 778 

 

 Department 

 of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

 Bonneville Power 

 Administration 

 (8) 

 Federal Housing 

 Administration 

 (9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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

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

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

2008 ................................................ 128,331 2,186 4,832 - 21,957 

2009 ................................................ 234,918 2,130 4,420 - 47,107 

 

2009 - Mar ...................................... 174,838 2,161 4,832 - 40,926 

Apr ...................................... 178,690 2,221 4,932 - 39,815 

 May ..................................... 188,280 2,111 5,107 - 41,481 

 June .................................... 209,413 2,151 5,107 - 41,884 

 July...................................... 214,585 2,042 5,107 - 41,651 

 Aug...................................... 224,647 2,042 5,107 - 41,703 

Sept..................................... 234,918 2,130 4,420 - 47,107 

Oct ...................................... 253,449 2,240 4,420 - 46,207 

Nov...................................... 257,758 2,262 4,420 - 46,789 

Dec...................................... 265,070 2,314 4,420 - 46,364 

2010 - Jan....................................... 279,735 2,219 4,420 - 41,748 

Feb...................................... 280,349 2,264 4,420 - 39,089 

Mar...................................... 291,824 2,279 4,420 - 38,488 

 
FEDERAL DEBT 

June 2010

28 

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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

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

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

2008 ...................................... 2,929 3,096 9,463 28,793 

2009 ...................................... 3,805 3,359 10,873 385,328 

 

2009 - Mar............................. 3,309 4,857 8,902 181,425 

Apr............................. 3,479 5,160 8,902 392,121 

May ........................... 3,943 5,463 9,632 393,053 

June .......................... 4,028 2,400 10,124 417,727 

July............................ 4,355 2,734 10,124 438,587 

Aug............................ 3,664 3,029 10,656 443,841 

Sept........................... 3,805 3,359 10,873 385,328 

Oct............................. 4,003 3,693 10,873 430,956 

Nov............................ 4,021 3,998 11,554 451,142 

Dec............................ 4,701 4,337 11,554 470,382 

2010 - Jan ............................. 4,731 4,680 12,094 471,683 

Feb ............................ 5,337 4,953 12,218 471,521 

Mar ............................ 5,337 5,269 11,543 499,196 

 

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

June 2010 

29

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

Table PDO-1 presents the results of weekly auctions of 

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

Thursday. Issues of 4- and 13-week bills are reopenings of 26-

week bills. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million for bills and $5 million for notes and bonds in each 

auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: Cash management bills identified below are issued 

as part of the Supplementary Financing Program (SFP). For 

more details about the SFP, visit www.treasury.gov/ 

press/releases/hp1144.htm or call 202-622-2960. 

Note: On February 4, 2009, Treasury announced the 

reintroduction of the 7-year note. The first auction of this 

security took place on February 26, 2009. 

TREASURY FINANCING: JANUARY-MARCH 

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

J A N U A R Y 

52-Week Bills 

On January 7, 2010, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

January 14, and will mature January 13, 2011. The issue was 

to refund $110,008 million of all maturing bills and pay down 

approximately $25,008 million. Treasury auctioned the bills 

on January 12. Tenders totaled $94,458 million; Treasury 

accepted $26,000 million, which included $180 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.335 percent. 

Auction of 3-Year Notes 

On January 7, 2010, Treasury announced it would auction 

$40,000 million of 3-year notes. The issue was to refund 

$26,295 million of securities maturing January 15 and to raise 

new cash of approximately $57,705 million. 

The 3-year notes of Series U-2013 were dated and issued 

January 15. They are due January 15, 2013, with interest 

payable on July 15 and January 15 until maturity. Treasury set 

an interest rate of 1-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on January 12. Tenders 

totaled $119,016 million; Treasury accepted $40,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.490 percent with the 

equivalent price of $99.663820. Treasury accepted in full all 

competitive tenders at yields lower than 1.490 percent. 

Tenders at the high yield were allotted 79.20 percent. The 

median yield was 1.452 percent, and the low yield was 1.388 

percent. Noncompetitive tenders totaled $82 million. 

Competitive tenders accepted from private investors totaled 

$39,918 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $1,553 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series U-2013 is $100. 

 

Auction of 9-Year 10-Month 3-3/8 Percent Notes 

On January 7, 2010, Treasury announced it would auction 

$21,000 million of 9-year 10-month 3-3/8 percent notes. The 

issue was to refund $26,295 million of securities maturing 

January 15 and to raise new cash of approximately $57,705 

million. 

The 3-year notes of Series F-2019 were dated November 

15, 2009, and issued January 15, 2010. They are due 

November 15, 2019, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 13. Tenders totaled $62,919 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

30 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.754 percent with an 

equivalent price of $96.900805. Treasury accepted in full all 

competitive tenders at yields lower than 3.754 percent. 

Tenders at the high yield were allotted 49.95 percent. The 

median yield was 3.700 percent, and the low yield was 3.618 

percent. Noncompetitive tenders totaled $67 million. 

Competitive tenders accepted from private investors totaled 

$20,834 million. Accrued interest of $5.68715 per $1,000 

must be paid for the period from November 15 to January 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $815 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2019 is $100. 

Auction of 10-Year Treasury Inflation-Protected 

Security (TIPS) 

On January 7, 2010, Treasury announced it would auction 

$10,000 million of 10-year TIPS. The issue was to refund 

$26,295 million of securities maturing January 15 and to raise 

new cash of approximately $57,705 million. 

The 10-year TIPS of Series A-2020 were dated and 

issued January 15. They are due January 15, 2020, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 11. Tenders totaled $26,459 

million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.430 percent with an 

equivalent adjusted price of $99.489212. Treasury accepted in 

full all competitive tenders at yields lower than 1.430. Tenders 

at the high yield were allotted 95.63 percent. The median yield 

was 1.300 percent, and the low yield was 1.230 percent. 

Noncompetitive tenders totaled $273 million. Competitive 

tenders accepted from private investors totaled $9,727 million. 

The unadjusted price of $99.489212 was adjusted by an index 

ratio of 1.00000. 

In addition to the $10,000 million of tenders accepted in 

the auction process, Treasury accepted $388 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2020 is $100. 

Auction of 29-Year 10-Month 4-3/8 Percent Bonds 

On January 7, 2010, Treasury announced it would auction 

$13,000 million of 29-year 10-month 4-3/8 percent bonds of 

November 2039. The issue was to refund $26,295 million of 

securities maturing January 15 and to raise new cash of 

approximately $57,705 million. 

 The 29-year 10-month bonds of November 2039 were 

dated November 15, 2009, and issued January 15, 2010. They 

are due November 15, 2039, with interest payable on May 15 

and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on January 14. Tenders totaled 

$34,894 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.640 percent with an 

equivalent price of $95.731167. Treasury accepted in full all 

competitive tenders at yields lower than 4.640 percent. 

Tenders at the high yield were allotted 27.21 percent. The 

median yield was 4.607 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$12,983 million. Accrued interest of $7.37224 per $1,000 

must be paid for the period from November 15 to January 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $505 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of November 2039 is $100. 

F E B R U A R Y 

Cash Management Bills 

On February 1, 2010, Treasury announced it would 

auction $5,000 million of 21-day bills. They were issued 

February 4 and matured February 25. The issue was part of 

the Supplementary Financing Program (SFP). Treasury 

auctioned the bills on February 3. Tenders totaled $29,720 

million; Treasury accepted $5,000 million. The high bank 

discount rate was 0.020 percent. 

On February 23, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued February 25 

and will mature April 22. The issue was part of the SFP. 

Treasury auctioned the bills on February 24. Tenders totaled 

$98,291 million; Treasury accepted $25,001 million. The high 

bank discount rate was 0.100 percent. 

Auction of 2-Year Notes 

On January 21, 2010, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was to 

refund $24,997 million of securities maturing January 31 and 

to raise new cash of approximately $93,003 million. 

The 2-year notes of Series AG-2012 were dated January 

31 and issued February 1. They are due January 31, 2012, 

with interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 0-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

31

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 26. Tenders totaled $137,545 

million; Treasury accepted $44,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.880 percent with an 

equivalent price of $99.990112. Treasury accepted in full all 

competitive tenders at yields lower than 0.880 percent. 

Tenders at the high yield were allotted 88.79 percent. The 

median yield was 0.838 percent, and the low yield was 0.738 

percent. Noncompetitive tenders totaled $456 million. 

Competitive tenders accepted from private investors totaled 

$43,494 million. Accrued interest of $0.02417 per $1,000 

must be paid for the period from January 31 to February 1. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $717 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AG-2012 is $100. 

Auction of 5-Year Notes 

On January 21, 2010, Treasury announced it would 

auction $42,000 million of 5-year notes. The issue was to 

refund $24,997 million of securities maturing January 31 and 

to raise new cash of approximately $93,003 million. 

The 5-year notes of Series G-2015 were dated January 31 

and issued February 1. They are due January 31, 2015, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 27. Tenders totaled $117,757 

million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.370 percent with an 

equivalent price of $99.437540. Treasury accepted in full all 

competitive tenders at yields lower than 2.370 percent. 

Tenders at the high yield were allotted 45.09 percent. The 

median yield was 2.320 percent, and the low yield was 2.250 

percent. Noncompetitive tenders totaled $104 million. 

Competitive tenders accepted from private investors totaled 

$41,896 million. Accrued interest of $0.06215 per $1,000 

must be paid for the period from January 31 to February 1. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $684 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2015 is $100. 

Auction of 7-Year Notes 

On January 21, 2010, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was to 

refund $24,997 million of securities maturing January 31 and 

to raise new cash of approximately $93,003 million. 

The 7-year notes of Series G-2017 were dated January 31 

and issued February 1. They are due January 31, 2017, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 3-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 28. Tenders totaled $91,340 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.127 percent with an 

equivalent price of $99.987385. Treasury accepted in full all 

competitive tenders at yields lower than 3.127 percent. 

Tenders at the high yield were allotted 36.66 percent. The 

median yield was 3.090 percent, and the low yield was 2.970 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$31,976 million. Accrued interest of $0.08633 per $1,000 

must be paid for the period from January 31 to February 1. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $521 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2017 is $100. 

52-Week Bills 

On February 4, 2010, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. They were 

issued February 11, and will mature February 10, 2011. The 

issue was to refund $94,004 million of all maturing bills and 

to raise new cash of approximately $6,996 million. Treasury 

auctioned the bills on February 9. Tenders totaled $95,002 

million; Treasury accepted $26,000 million, which included 

$204 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.320 percent. 

February Quarterly Financing 

On February 3, 2010, Treasury announced it would 

auction $40,000 million of 3-year notes, $25,000 million of 

10-year notes and $16,000 million of 30-year bonds to refund 

$48,344 million of Treasury securities maturing on February 

15 and to raise new cash of approximately $32,656 million. 

The 3-year notes of Series V-2013 were dated February 

15 and issued February 16. They are due February 15, 2013, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 1-3/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 9. Tenders totaled $113,216 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.377 percent with an 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

32 

equivalent price of $99.994122. Treasury accepted in full all 

competitive tenders at yields lower than 1.377. Tenders at the 

high yield were allotted 26.75 percent. The median yield was 

1.307 percent, and the low yield was 1.200 percent. 

Noncompetitive tenders totaled $157 million. Competitive 

tenders accepted from private investors totaled $39,793 

million. Accrued interest of $0.03798 per $1,000 must be paid 

for the period from February 15 to February 16. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $4,492 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series V-2013 is $100. 

The 10-year notes of Series B-2020 were dated February 

15 and issued February 16. They are due February 15, 2020, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 3-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 10. Tenders totaled $66,838 

million; Treasury accepted $25,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.692 percent with an 

equivalent price of $99.443944. Treasury accepted, in full, all 

competitive tenders at yields lower than 3.692. Tenders at the 

high yield were allotted 95.17 percent. The median yield was 

3.640 percent, and the low yield was 3.537 percent. 

Noncompetitive tenders totaled $120 million. Competitive 

tenders accepted from private investors totaled $24,755 

million. Accrued interest of $0.10014 per $1,000 must be paid 

for the period from February 15 to February 16. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $2,807 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Series B-2020 is $100. 

The 30-year bonds of February 2040 were dated February 

15 and issued February 16. They are due February 15, 2040, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 4-5/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on February 11. Tenders totaled 

$37,758 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.720 percent with an 

equivalent price of $98.483611. Treasury accepted in full all 

competitive tenders at yields lower than 4.720. Tenders at the 

high yield were allotted 61.57 percent. The median yield was 

4.640 percent, and the low yield was 4.536 percent. 

Noncompetitive tenders totaled $20 million. Competitive 

tenders accepted from private investors totaled $15,980 

million. Accrued interest of $0.12776 per $1,000 must be paid 

for the period from February 15 to February 16. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $1,797 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2040 is $100. 

Auction of 30-Year Treasury Inflation Protected 

Security (TIPS) 

On February 18, 2010, Treasury announced it would 

auction $8,000 million of 30-year TIPS. The issue was to raise 

new cash of approximately $8,000 million. 

The 30-year TIPS of February 2040 were dated February 

15 and issued February 26. They are due February 15, 2040, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 22. Tenders totaled $19,620 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.229 percent with an 

equivalent adjusted price of $97.667212. Treasury accepted in 

full all competitive tenders at yields lower than 2.229 percent. 

Tenders at the high yield were allotted 66.57 percent. The 

median yield was 2.145 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $86 million. 

Competitive tenders accepted from private investors totaled 

$7,914 million. Adjusted accrued interest of $0.64527 per 

$1,000 must be paid for the period from February 15 to 

February 26. Both the unadjusted price of $97.734649 and the 

unadjusted accrued interest of $0.64572 were adjusted by an 

index ratio of 0.99931, for the period from February 15 to 

February 26. The minimum par amount required for STRIPS 

of TIPS of February 2040 is $100. 

M A R C H 

Cash Management Bills 

On March 1, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued March 4 

and will mature April 29. The issue was part of the SFP. 

Treasury auctioned the bills on March 3. Tenders totaled 

$107,278 million; Treasury accepted $25,000 million. The 

high bank discount rate was 0.125 percent. 

On March 8, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued March 11 

and will mature May 6. The issue was part of the SFP. 

Treasury auctioned the bills on March 10. Tenders totaled 

$113,575 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.145 percent. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

33

On March 15, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued March 18 

and will mature May 13. The issue was part of the SFP. 

Treasury auctioned the bills on March 17. Tenders totaled 

$117,712 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.145 percent. 

On March 22, Treasury announced it would auction 

$25,000 million of 56-day bills. They were issued March 25 

and will mature May 20. The issue was part of the SFP. 

Treasury auctioned the bills on March 24. Tenders totaled 

$110,127 million; Treasury accepted $25,001 million. The 

high bank discount rate was 0.130 percent. 

Auction of 2-Year Notes 

On February 18, 2010, Treasury announced it would 

auction $44,000 million of 2-year notes. The issue was to 

refund $26,000 million of securities maturing February 28 and 

to raise new cash of approximately $92,000 million. 

The 2-year notes of Series AH-2012 were dated February 

28 and issued March 1. They are due February 29, 2012, with 

interest payable on the last calendar day of August and 

February until maturity. Treasury set an interest rate of 0-7/8 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 23. Tenders totaled $146,571 

million; Treasury accepted $44,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.895 percent with an 

equivalent price of $99.960486. Treasury accepted in full all 

competitive tenders at yields lower than 0.895 percent.

Tenders at the high yield were allotted 14.79 percent. The 

median yield was 0.865 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $391 million. 

Competitive tenders accepted from private investors totaled 

$43,559 million. Accrued interest of $0.02378 per $1,000 

must be paid for the period from February 28 to March 1. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $1,081 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AH-2012 is $100. 

Auction of 5-Year Notes 

On February 18, 2010, Treasury announced it would 

auction $42,000 million of 5-year notes. The issue was to 

refund $26,000 million of securities maturing February 28 and 

to raise new cash of approximately $92,000 million. 

The 5-year notes of Series H-2015 were dated February 

28 and issued March 1. They are due February 28, 2015, with 

interest payable on the last calendar day of August and 

February until maturity. Treasury set an interest rate of 2-3/8 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 24. Tenders totaled $115,390 

million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.395 percent with an 

equivalent price of $99.906254. Treasury accepted in full all 

competitive tenders at yields lower than 2.395 percent. 

Tenders at the high yield were allotted 32.83 percent. The 

median yield was 2.348 percent, and the low yield was 2.280 

percent. Noncompetitive tenders totaled $127 million. 

Competitive tenders accepted from private investors totaled 

$41,823 million. Accrued interest of $0.06454 per $1,000 

must be paid for the period from February 28 to March 1. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,032 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2015 is $100. 

Auction of 7-Year Notes 

On February 18, 2010, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was to 

refund $26,000 million of securities maturing February 28 and 

to raise new cash of approximately $92,000 million. 

The 7-year notes of Series H-2017 were dated February 

28 and issued March 1. They are due February 28, 2017, with 

interest payable on the last calendar day of August and 

February until maturity. Treasury set an interest rate of 3 

percent after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 25. Tenders totaled $95,420 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.078 percent with an 

equivalent price of $99.512216. Treasury accepted in full all 

competitive tenders at yields lower than 3.078 percent. 

Tenders at the high yield were allotted 9.60 percent. The 

median yield was 3.050 percent, and the low yield was 2.900 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors totaled 

$31,965 million. Accrued interest of $0.08152 per $1,000 

must be paid for the period from February 28 to March 1. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $786 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2017 is $100. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

34 

52-Week Bills 

On March 4, 2010, Treasury announced it would auction 

$26,000 million of 364-day Treasury bills. They were issued 

March 11, and will mature March 10, 2011. The issue was to 

refund $106,998 million of all maturing bills and to raise new 

cash of approximately $29,002 million. Treasury auctioned 

the bills on March 9. Tenders totaled $103,884 million; 

Treasury accepted $26,000 million, which included $166 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.375 percent. 

Auction of 3-Year Notes 

On March 4, 2010, Treasury announced it would auction 

$40,000 million of 3-year. The issue was to refund $14,129 

million of securities maturing March 15 and to raise new cash 

of approximately $59,871 million. 

The 3-year notes of Series W-2013 were dated and issued 

March 15. They are due March 15, 2013, with interest payable 

on September 15 and March 15 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 9. Tenders totaled $125,069 

million; Treasury accepted $40,000 million. All

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.437 percent with the 

equivalent price of $99.818589. Treasury accepted in full all 

competitive tenders at yields lower than 1.437 percent. 

Tenders at the high yield were allotted 15.66 percent. The 

median yield was 1.403 percent, and the low yield was 1.340 

percent. Noncompetitive tenders totaled $70 million. 

Competitive tenders accepted from private investors totaled 

$39,830 million. 

In addition to the $40,000 million of tenders accepted in 

the auction process, Treasury accepted $473 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2013 is $100. 

Auction of 9-Year 11-month 3-5/8 percent Notes 

On March 4, 2010, Treasury announced it would auction 

$21,000 million of 9-year 11-month 3-5/8 percent notes. The 

issue was to refund $14,129 million of securities maturing 

March 15 and to raise new cash of approximately $59,871 

million. 

The 9-year 11-month notes of Series B-2020 were dated 

February 15 and issued March 15. They are due February 15, 

2020, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 10. Tenders totaled $72,466 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.735 percent with an 

equivalent price of $99.090493. Treasury accepted in full all 

competitive tenders at yields lower than 3.735 percent. 

Tenders at the high yield were allotted 70.94 percent. The 

median yield was 3.700 percent, and the low yield was 3.636 

percent. Noncompetitive tenders totaled $71 million. 

Competitive tenders accepted from private investors totaled 

$20,830 million. Accrued interest of $2.80387 per $1,000 

must be paid for the period from February 15 to March 15. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $248 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2020 is $100.

Auction of 29-Year 11-Month 4-5/8 percent Bonds 

On March 4, 2010, Treasury announced it would auction 

$13,000 million of 29-year 11-month 4-5/8 percent bonds. 

The issue was to refund $14,129 million of securities 

maturing March 15 and to raise new cash of approximately 

$59,871 million. 

The 29-year 11-month bonds of February 2040 were 

dated February 15 and issued March 15. They are due 

February 15, 2040, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 

noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. 

for competitive tenders on March 11. Tenders totaled $37,617 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.679 percent with an 

equivalent price of $99.128159. Treasury accepted in full all 

competitive tenders at yields lower than 4.679 percent. 

Tenders at the high yield were allotted 82.80 percent. The 

median yield was 4.645 percent, and the low yield was 4.580 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors totaled 

$12,979 million. Accrued interest of $3.57735 per $1,000 

must be paid for the period from February 15 to March 15. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $154 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of February 2040 is $100. 

Auction of 2-Year Notes 

On March 18, 2010, Treasury announced it would auction 

$44,000 million of 2-year notes. The issue was to refund 

$28,000 million of securities maturing March 31 and to raise 

new cash of approximately $90,000 million. 

The 2-year notes of Series AJ-2012 were dated and 

issued March 31. They are due March 31, 2012, with interest 

payable on September 30 and March 31 until maturity. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, con. 

June 2010 

35

Treasury set an interest rate of 1 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 23. Tenders totaled $132,127 

million; Treasury accepted $44,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.000 percent with an 

equivalent price of $100.000000. Treasury accepted in full all 

competitive tenders at yields lower than 1.000 percent. 

Tenders at the high yield were allotted 56.32 percent. The 

median yield was 0.960 percent, and the low yield was 0.891 

percent. Noncompetitive tenders totaled $458 million. 

Competitive tenders accepted from private investors totaled 

$43,517 million. 

In addition to the $44,000 million of tenders accepted in 

the auction process, Treasury accepted $1,488 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2012 is $100. 

Auction of 5-Year Notes 

On March 18, 2010, Treasury announced it would auction 

$42,000 million of 5-year notes. The issue was to refund 

$28,000 million of securities maturing March 31 and to raise 

new cash of approximately $90,000 million. 

The 5-year notes of Series J-2015 were dated and issued 

March 31. They are due March 31, 2015, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 24. Tenders totaled $107,225 

million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.605 percent with an 

equivalent price of $99.510730. Treasury accepted in full all 

competitive tenders at yields lower than 2.605 percent. 

Tenders at the high yield were allotted 29.97 percent. The 

median yield was 2.539 percent, and the low yield was 2.450 

percent. Noncompetitive tenders totaled $121 million. 

Competitive tenders accepted from private investors totaled 

$41,854 million. 

In addition to the $42,000 million of tenders accepted in 

the auction process, Treasury accepted $1,421 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2015 is $100. 

Auction of 7-Year Notes 

On March 18, 2010, Treasury announced it would auction 

$32,000 million of 7-year notes. The issue was to refund 

$28,000 million of securities maturing March 31 and to raise 

new cash of approximately $90,000 million. 

The 7-year notes of Series J-2017 were dated and issued 

March 31. They are due March 31, 2017, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 3-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 25. Tenders totaled $83,369 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.374 percent with an 

equivalent price of $99.232610. Treasury accepted in full all 

competitive tenders at yields lower than 3.374 percent. 

Tenders at the high yield were allotted 83.04 percent. The 

median yield was 3.289 percent, and the low yield was 3.229 

percent. Noncompetitive tenders totaled $46 million. 

Competitive tenders accepted from private investors totaled 

$31,954 million. 

In addition to the $32,000 million of tenders accepted in 

the auction process, Treasury accepted $1,082 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2017 is $100.
PUBLIC DEBT OPERATIONS 

June 2010

36 

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

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

Issue date 

Maturity date 

(1) 

Number 

of days to 

 maturity 1

(2) 

Amount

of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

On

 competitive

 basis 

 (5) 

On non-

 competitive

 basis 3 

 (6) 

High 

price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate

(percent) 4

 (9) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 2010 - Jan. 07 ................ 2010 - Feb. 04 28 90,496.3 18,418.4 15,749.8 250.6 99.998056 0.025 0.025

 Apr. 08 91 108,382.0 25,000.2 23,736.5 1,213.7 99.979778 0.080 0.081

 July 08 182 109,231.0 26,000.4 24,951.1 824.9 99.909000 0.180 0.183

Jan. 14................. Feb. 11 28 72,247.9 15,938.1 9,760.8 239.3 100.000000 0.000 0.000

 Apr. 15 91 98,057.6 24,000.3 22,549.6 1,200.7 99.989889 0.040 0.041

 July 15 182 102,863.5 25,000.6 23,576.0 924.5 99.934278 0.130 0.132

Jan. 21................. Feb. 18 28 60,642.8 13,781.7 9,797.5 202.6 99.999611 0.005 0.005

 Apr. 22 91 103,872.0 23,000.7 21,420.9 1,279.8 99.984833 0.060 0.061

 July 22 182 102,841.0 25,000.4 23,584.0 1,016.3 99.926694 0.145 0.147

Jan. 28................. Feb. 25 28 61,826.2 16,285.5 8,788.5 211.9 100.000000 0.000 0.000

 Apr. 29 91 99,289.4 23,000.2 20,734.2 1,266.1 99.986097 0.055 0.056

 July 29 182 102,904.0 25,000.5 23,072.0 944.2 99.931750 0.135 0.137

Feb. 04 ................ Mar. 04 28 87,046.9 19,418.2 16,755.8 244.4 99.996889 0.040 0.041

 May 06 91 93,452.5 23,000.0 21,529.6 1,245.4 99.975986 0.095 0.096

 Aug. 05 182 100,762.7 26,000.1 24,837.6 949.9 99.916583 0.165 0.167

Feb. 11 ................ Mar. 11 28 112,450.0 29,938.4 23,741.4 259.0 99.995722 0.055 0.056

 May 13 91 107,075.3 24,000.2 22,681.6 1,318.6 99.972194 0.110 0.112

 Aug. 12 182 103,368.8 27,000.1 25,470.3 912.3 99.914056 0.170 0.173

Feb. 18 ................ Mar. 18 28 130,893.5 35,781.8 31,789.7 210.6 99.995333 0.060 0.061

 May 20 91 101,365.1 25,000.7 23,468.0 1,367.6 99.974722 0.100 0.101

 Aug. 19 182 107,407.1 28,000.7 26,544.7 1,003.6 99.906472 0.185 0.188

Feb. 25 ................ Mar. 25 28 124,711.6 37,285.9 30,079.1 247.5 99.995722 0.055 0.056

 May 27 91 105,016.4 26,001.0 23,901.0 1,166.0 99.974722 0.100 0.101

 Aug. 26 182 120,242.8 28,000.6 26,327.8 739.2 99.903944 0.190 0.193

Mar. 04 ................ Apr. 01 28 136,967.2 33,418.1 30,761.1 238.9 99.993778 0.080 0.081

 June 03 91 114,903.5 26,000.5 24,384.9 1,115.5 99.968403 0.125 0.127

 Sept. 02 182 124,446.5 28,000.4 26,595.0 880.4 99.906472 0.185 0.188

Mar. 11 ................ Apr. 08 28 126,891.0 36,938.6 30,696.8 303.8 99.991444 0.110 0.112

 June 10 91 111,002.1 26,000.3 24,637.4 1,112.8 99.962083 0.150 0.152

 Sept. 09 182 106,690.8 28,000.6 26,670.6 779.9 99.896361 0.205 0.208

Mar. 18 ................ Apr. 15 28 121,336.9 34,781.8 30,778.4 221.9 99.989500 0.135 0.137

 June 17 91 113,060.9 27,000.3 25,753.4 1,196.9 99.958292 0.165 0.167

 Sept. 16 182 106,478.5 29,000.1 27,565.4 934.7 99.878667 0.240 0.244

Mar. 25 ................ Apr. 22 28 139,365.4 37,285.2 30,644.4 255.7 99.991833 0.105 0.106

 June 24 91 119,662.3 28,000.2 26,103.1 1,121.3 99.960819 0.155 0.157

 Sept. 23 182 121,673.0 29,000.6 27,233.6 830.0 99.878667 0.240 0.244

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

June 2010 

37

TABLE PDO-2.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and

equivalent price 

for notes and 

bonds 

(6) 

 

01/12/10 01/14/10 0.335% bill—01/13/11 364d 94,458 26,000 

01/11/10 01/15/10 1-3/8% TIPS—01/15/20-A 10y 26,848 10,388 1.430 - 99.489212 

01/12/10 01/15/10 1-3/8% note—01/15/13-U 3y 120,569 41,553 1.490 - 99.663820 

01/13/10 01/15/10 3-3/8% note—11/15/19-F 9y 10m 63,735 21,815 3.754 - 96.900805 

01/14/10 01/15/10 4-3/8% bond—11/15/39 29y 10m 35,399 13,505 4.640 - 95.731167 

01/26/10 02/01/10 0-7/8% note—01/31/12-AG 2y 138,262 44,717 0.880 - 99.990112 

01/27/10 02/01/10 2-1/4% note—01/31/15-G 5y 118,441 42,684 2.370 - 99.437540 

01/28/10 02/01/10 3-1/8% note—01/31/17-G 7y 91,861 32,521 3.127 - 99.987385 

02/03/10 02/04/10 0.020% bill—02/25/10 21d 29,720 5,000 

02/09/10 02/11/10 0.320% bill—02/10/11 364d 95,002 26,000 

02/09/10 02/16/10 1-3/8% note—02/15/13-V 3y 117,707 44,492 1.377 - 99.994122 

02/10/10 02/16/10 3-5/8% note—02/15/20-B 10y 69,646 27,807 3.692 - 99.443944 

02/11/10 02/16/10 4-5/8% bond—02/15/40 30y 39,555 17,797 4.720 - 98.483611 

02/24/10 02/25/10 0.100% bill—04/22/10 56d 98,291 25,001 

02/22/10 02/26/10 2-1/8% TIPS—02/15/40 30y 19,620 8,000 2.229 - 97.667212 

02/23/10 03/01/10 0-7/8% note—02/29/12-AH 2y 147,653 45,081 0.895 - 99.960486 

02/24/10 03/01/10 2-3/8% note—02/28/15-H 5y 116,422 43,032 2.395 - 99.906254 

02/25/10 03/01/10 3% note—02/28/17-H 7y 96,207 32,786 3.078 - 99.512216 

03/03/10 03/04/10 0.125% bill—04/29/10 56d 107,278 25,000 

03/10/10 03/11/10 0.145% bill—05/06/10 56d 113,575 25,001 

03/09/10 03/11/10 0.375% bill—03/10/11 364d 103,884 26,000 

03/09/10 03/15/10 1-3/8% note—03/15/13-W 3y 125,542 40,473 1.437 - 99.818589 

03/10/10 03/15/10 3-5/8% note—02/15/20-B 9y 11m 72,715 21,248 3.735 - 99.090493 

03/11/10 03/15/10 4-5/8% bond—02/15/40 29y 11m 37,771 13,154 4.679 - 99.128159 

03/17/10 03/18/10 0.145% bill—05/13/10 56d 117,712 25,001 

03/24/10 03/25/10 0.130% bill—05/20/10 56d 110,127 25,001 

03/23/10 03/31/10 1% note—03/31/12-AJ 2y 133,616 45,489 1.000 - 100.000000 

03/24/10 03/31/10 2-1/2% note—03/31/15-J 5y 108,645 43,421 2.605 - 99.510730 

03/25/10 03/31/10 3-1/4% note—03/31/17-J 7y 84,451 33,082 3.374 - 99.232610 

 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
June 2010 

38 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

June 2010 

39

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

 Total 

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

Public issues 

held by Federal

Reserve banks

(6) 

 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

2006 ................................................ 8,530,366 8,506,974 3,663,773 1 3,663,772 764,828 

2007 ................................................ 9,030,612 9,007,653 3,958,417 1 3,958,416 774,913 

2008 ................................................ 10,047,828 10,024,725 4,210,491 - 4,210,491 484,486 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

 

2009 - Mar....................................... 11,149,495 11,126,941 4,290,609 - 4,290,609 538,647 

Apr....................................... 11,261,000 11,238,592 4,305,333 - 4,305,333 612,614 

May...................................... 11,343,863 11,321,599 4,301,352 - 4,301,352 681,000 

June..................................... 11,567,551 11,545,275 4,368,813 - 4,368,813 748,064 

July ...................................... 11,691,765 11,669,276 4,331,562 - 4,331,562 805,843 

Aug ...................................... 11,835,208 11,812,870 4,326,507 - 4,326,507 860,823 

Sept..................................... 11,933,031 11,909,828 4,355,292 - 4,355,292 894,655 

Oct....................................... 11,916,251 11,893,090 4,401,771 - 4,401,771 917,673 

Nov ...................................... 12,136,257 12,113,047 4,397,288 - 4,397,288 925,780 

Dec ...................................... 12,334,846 12,311,350 4,496,990 - 4,496,990 930,593 

2010 - Jan ....................................... 12,302,178 12,278,636 4,515,255 - 4,515,255 934,745 

Feb ...................................... 12,463,506 12,440,068 4,499,337 - 4,499,337 938,583 

Mar ...................................... 12,796,707 12,773,123 4,478,875 - 4,478,875 940,059 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable

(8) 

 Nonmarketable 

 (9) 

 Total 

 outstanding 

 (10) 

 Held by 

 private 

 investors 

 (11) 

 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

2006 .................................................................... 4,078,373 3,538,210 540,163 23,392 23,392 

2007 .................................................................... 4,274,323 3,673,220 601,103 22,959 22,959 

2008 .................................................................... 5,329,748 4,751,490 578,258 23,104 23,104 

2009 .................................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

 

2009 - Mar........................................................... 6,297,685 5,727,474 570,212 22,554 22,554 

Apr........................................................... 6,320,645 5,750,777 569,868 22,409 22,409 

May.......................................................... 6,339,248 5,773,270 565,978 22,264 22,264 

June......................................................... 6,428,398 5,864,046 564,352 22,276 22,276 

July .......................................................... 6,531,871 5,976,937 554,933 22,489 22,489 

Aug .......................................................... 6,625,541 6,078,417 547,124 22,338 22,338 

Sept......................................................... 6,659,882 6,115,078 544,804 23,203 23,203 

Oct........................................................... 6,573,647 6,029,960 543,687 23,160 23,160 

Nov .......................................................... 6,789,980 6,248,793 541,187 23,210 23,210 

Dec .......................................................... 6,883,767 6,341,903 541,863 23,496 23,496 

2010 - Jan ........................................................... 6,828,636 6,291,806 536,830 23,543 23,543 

Feb .......................................................... 7,002,148 6,467,798 534,350 23,438 23,438 

Mar .......................................................... 7,354,189 6,816,982 537,207 23,584 23,584 

 
OWNERSHIP OF FEDERAL SECURITIES 

June 2010 

40 

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

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

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Intragovernmental 

Holdings 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

 Other 

 investors 9

 (12) 

 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 306.3 1,085.0 679.1 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 309.3 1,060.7 544.8 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 307.9 1,038.8 529.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.0 1,015.2 509.0 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 316.9 1,012.5 525.5 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 148.5 183.1 108.1 221.0 324.8 983.3 380.3 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.9 166.8 106.8 234.1 321.2 992.2 433.1 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 145.8 155.1 105.7 261.9 328.4 1,040.1 410.7 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 152.7 163.3 114.0 266.1 327.6 1,057.2 388.8 

 June ....... 6,126.5 3,276.7 2,849.8 204.7 192.7 152.1 153.9 122.0 253.8 333.6 1,123.1 313.8 

 Sept........ 6,228.2 3,303.5 2,924.8 209.3 193.3 154.5 156.3 130.4 256.8 338.6 1,188.6 297.0 

 Dec......... 6,405.7 3,387.2 3,018.5 222.6 194.9 153.8 158.9 139.7 281.0 354.7 1,235.6 277.4 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.4 196.9 165.8 162.1 139.5 296.6 350.0 1,275.2 330.4 

 June ....... 6,670.1 3,505.4 3,164.7 145.1 199.1 170.2 161.3 138.7 302.3 347.9 1,371.9 328.2 

 Sept........ 6,783.2 3,515.3 3,268.0 146.8 201.5 167.7 155.5 137.4 287.1 357.7 1,443.3 371.1 

 Dec......... 6,998.0 3,620.1 3,377.9 153.1 203.8 172.1 148.6 136.5 280.8 364.2 1,523.1 395.6 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.8 204.4 169.8 143.6 141.0 280.8 374.1 1,670.0 356.3 

 June ....... 7,274.3 3,742.8 3,531.5 158.6 204.6 173.3 134.9 144.1 258.7 381.2 1,735.4 340.6 

 Sept........ 7,379.1 3,772.0 3,607.0 138.5 204.1 174.0 140.8 147.4 255.0 381.7 1,794.5 371.0 

 Dec......... 7,596.1 3,905.6 3,690.6 125.0 204.4 173.7 151.0 149.7 254.1 389.1 1,849.3 394.3 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 141.8 204.2 177.3 158.0 152.4 261.1 412.0 1,952.2 396.4 

 June ....... 7,836.5 4,033.5 3,803.0 126.9 204.2 181.0 171.3 155.0 248.7 444.0 1,877.5 394.5 

 Sept........ 7,932.7 4,067.8 3,864.9 125.3 203.6 184.2 164.8 159.0 244.7 467.6 1,929.6 386.0 

 Dec......... 8,170.4 4,199.8 3,970.6 117.1 205.1 184.9 153.8 160.4 251.3 481.4 2,033.9 382.6 

2006 - Mar......... 8,371.2 4,257.2 4,114.0 115.3 205.9 186.7 153.0 161.3 248.7 486.1 2,082.1 475.0 

 June ....... 8,420.0 4,389.2 4,030.8 117.1 205.2 192.1 150.9 161.2 244.2 499.4 1,977.8 482.8 

 Sept........ 8,507.0 4,432.8 4,074.2 113.5 203.6 201.9 155.6 160.6 235.7 502.1 2,025.3 475.8 

 Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 207.5 157.1 159.0 250.7 516.9 2,103.1 410.6 

2007 - Mar......... 8,849.7 4,576.6 4,273.1 119.7 200.3 221.7 159.2 150.8 264.5 535.0 2,194.8 427.1 

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 232.5 160.2 142.1 267.7 580.3 2,192.0 268.7 

 Sept........ 9,007.7 4,738.0 4,269.7 119.6 197.1 246.7 165.6 133.4 306.3 541.4 2,235.3 324.1 

 Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.4 257.6 168.8 123.3 362.9 531.5 2,353.2 272.1 

2008 - Mar......... 9,437.6 4,694.7 4,742.9 125.3 195.3 270.5 169.4 129.4 484.4 521.6 2,505.8 341.1 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 194.9 276.7 169.1 135.5 477.2 513.4 2,587.2 339.4 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.2 292.5 171.6 140.6 656.1 500.5 2,799.5 447.0 

 Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.0 297.2 174.6 160.5 768.8 491.9 3,075.9 625.6 

2009 - Mar......... 11,126.9 4,785.2 6,341.7 129.1 193.9 305.9 173.2 191.0 716.0 504.1 3,264.6 864.0 

 June ....... 11,545.3 5,026.8 6,518.5 140.7 193.5 311.2 172.7 209.7 695.0 517.8 3,460.3 817.5 

 Sept........ 11,909.8 5,127.1 6,782.7 199.3 192.4 328.3 172.0 233.0 644.9 520.0 3,575.3 917.6 

 Dec......... 12,311.4 5,276.9 7,034.5 206.6 191.3 338.4 174.7 235.7 663.9 531.3 3,691.5 1,001.1 

2010 - Mar......... 12,773.1 5,259.8 7,513.3 n.a. 190.2 n.a. n.a. n.a. n.a. n.a. 3,884.0 n.a. 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information see: 

http://www.treas.gov/tic/ticsec2.shtml. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2010 

41

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, March 31, 2010 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,120,322,678,114 $1,078,062,331,815 $1,077,577,653,838 $240,845,166 $243,832,811

Less amounts held by: 

The Treasury....................................... 202,817,048 10,961,654 10,924,233 7,505 29,916

FRBs ................................................... 185,514,919,024 183,431,783,001 183,431,756,368 - 26,633

Amounts in circulation............................. $934,604,942,042 $894,619,587,160 $894,134,973,237 $240,837,661 $243,776,262

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $42,260,346,299 $5,497,217,008 $36,763,129,291 

Less amounts held by: 

The Treasury....................................... 191,855,394 144,573,546 47,281,848 

FRBs ................................................... 2,083,136,023 955,290,081 1,127,845,942 

Amounts in circulation............................. $39,985,354,882 $4,397,353,381 $35,588,001,501 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2010

42 

TABLE USCC-2.—Amounts Outstanding and in Circulation, March 31, 2010 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $9,439,374,171 $9,296,906,533 $143,503 $142,324,135 

$2 ................................................................................ 1,739,590,054 1,607,517,214 132,060,218 12,622 

$5 ................................................................................ 10,933,528,025 10,798,579,390 108,612,710 26,335,925 

$10 .............................................................................. 15,775,561,700 15,754,720,720 6,300 20,834,680 

$20 .............................................................................. 125,858,101,060 125,837,989,980 3,840 20,107,240 

$50 .............................................................................. 64,763,337,850 64,751,835,400 500 11,501,950 

$100 ............................................................................ 665,796,962,200 665,774,962,000 - 5 22,000,200 

$500 ............................................................................ 142,244,500 142,041,000 5,500 198,000 

$1,000 ......................................................................... 165,597,000 165,351,000 5,000 241,000 

$5,000 ......................................................................... 1,780,000 1,710,000 - 70,000 

$10,000 ....................................................................... 3,510,000 3,360,000 - 150,000 

Fractional notes 4 ........................................................ 600 - 90 510 

Total currency ......................................................... $894,619,587,160 $894,134,973,237 $240,837,661 $243,776,262 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

 

Mar. 31, 2010 ....................................................................................... 934,605 $3,023 

Feb. 28, 2010 ....................................................................................... 917,660 2,971 

Jan. 31, 2010 ....................................................................................... 928,228 3,008 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

June 30, 1960 ...................................................................................... 32,064 177 

June 30, 1955 ...................................................................................... 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

5

 Represents current FRB adjustment. 

6

 Based on Bureau of the Census’ estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
June 2010 

45

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary

Fund 1, 5

(5) 

 

2005 ................................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 ................................................................................... 65,895 11,041 8,870 40,943 5,040 

2007 ................................................................................... 70,565 11,041 9,476 45,804 4,244 

2008 ................................................................................... 77,648 11,041 9,340 49,584 7,683 

 

2009 - Apr .......................................................................... 75,115 11,041 9,098 46,725 8,250 

May......................................................................... 81,738 11,041 9,412 49,247 12,037 

June........................................................................ 81,489 11,041 9,437 48,897 12,113 

July ......................................................................... 82,931 11,041 9,444 49,876 12,571 

Aug ......................................................................... 126,846 11,041 52,660 50,453 12,692 

Sept........................................................................ 134,296 11,041 57,945 51,840 13,470 

Oct.......................................................................... 134,690 11,041 58,147 51,903 13,599 

Nov ......................................................................... 135,020 11,041 59,381 53,525 11,073 

Dec ......................................................................... 130,760 11,041 57,814 50,520 11,385 

2010 - Jan .......................................................................... 129,960 11,041 57,316 50,217 11,386 

Feb ......................................................................... 129,293 11,041 56,525 50,185 11,541 

Mar ......................................................................... 127,521 11,041 55,996 48,885 11,598 

Apr.......................................................................... 126,481 11,041 55,733 48,270 11,437 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. Recent allocations are as follows: August 2009—$43,069 million and 

September 2009—$4,529 million. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. Excludes 

outstanding reciprocal currency swaps with foreign central banks. As of end-February 

2010, there were no swaps outstanding. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to totals due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2010 

46 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable

U.S. 

Treasury

bonds 

and 

notes 2, 6

(10) 

Liabilities

to nonmonetary

international and 

regional 

organizations 7

(11) 

 2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break........... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 ........ 5,071,533 1,821,338 493,704 1,030,763 911 295,960 1,791,611 1,424,082 776,836 647,246 34,502 

Series Break .......... 5,066,404 1,957,191 493,704 1,077,953 911 384,623 1,791,611 1,272,697 776,836 495,861 44,905 

2005 ....................... 5,371,689 2,012,633 498,510 1,102,333 948 410,842 1,895,920 1,415,705 769,564 646,141 47,431 

2006 - June 8 ......... 6,067,606 2,070,222 493,689 1,112,617 986 462,930 2,189,215 1,747,236 1,041,237 705,999 60,933 

Series Break .......... 6,056,316 2,275,684 493,689 1,211,819 986 569,190 2,189,215 1,536,930 1,041,237 495,693 54,487 

2006 ....................... 6,500,815 2,372,146 461,656 1,271,174 1,026 638,290 2,415,205 1,663,272 1,102,362 560,910 50,192 

2007 - June 8.......... 7,095,223 2,515,167 495,176 1,281,070 1,067 737,854 2,607,127 1,922,800 1,257,884 664,916 50,129 

Series Break .......... 7,206,880 2,795,998 495,176 1,450,593 1,067 849,161 2,607,127 1,756,192 1,257,884 498,308 47,563 

2007 ....................... 7,676,097 2,960,682 596,660 1,443,691 1,111 919,220 2,769,850 1,901,789 1,311,466 590,323 43,776 

2008 - June ............ 7,983,481 3,098,974 573,913 1,523,888 1,155 1,000,017 2,581,158 2,260,912 1,544,903 716,009 42,437 

Series Break .......... 8,009,073 3,330,189 573,913 1,683,160 1,155 1,071,960 2,581,158 2,053,862 1,544,903 508,959 43,864 

2008 ....................... 8,121,742 3,383,265 707,875 1,679,583 1,203 994,604 2,773,274 1,911,514 1,289,382 622,132 53,689 

2009 - June ............ 8,033,684 3,474,051 779,888 1,722,570 1,251 970,342 2,560,863 1,962,105 1,174,513 787,592 36,664 

Series Break .......... 8,041,513 3,734,842 779,888 2,052,329 1,251 901,375 2,560,863 1,698,580 1,174,513 524,067 47,228 

 

2009 - July r .............. 8,075,824 3,769,758 807,478 2,068,050 1,259 892,971 2,545,764 1,715,148 1,176,227 538,921 45,154 

Aug. r............. 8,150,558 3,767,678 793,942 2,081,233 1,268 891,236 2,614,164 1,724,446 1,170,019 554,427 44,270 

Sept. r............ 8,252,938 3,756,436 772,061 2,100,199 1,276 882,900 2,670,030 1,783,111 1,203,564 579,547 43,361 

Oct. r.............. 8,231,166 3,783,086 784,632 2,115,242 1,285 881,928 2,644,386 1,760,798 1,157,506 603,292 42,896 

Nov ................ 8,318,758 3,789,222 757,433 2,146,426 1,293 884,071 2,630,805 1,855,395 1,165,465 689,930 43,336 

Dec ................ 8,317,499 3,772,627 720,172 2,170,748 1,302 880,406 2,622,181 1,879,032 1,143,387 735,645 43,659 

2010 - Jan ................. 8,326,319 3,745,174 695,716 2,171,306 1,311 876,842 2,616,611 1,921,202 1,124,878 796,324 43,332 

Feb. p ............ 8,384,399 3,728,317 680,364 2,172,434 1,319 874,201 2,627,544 1,983,631 1,140,329 843,302 44,907 

Mar. p ............ 8,588,599 3,758,321 678,031 2,200,669 1,328 878,294 2,694,337 2,089,807 1,167,160 922,647 46,134 

 

 1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue (Note: this bond was paid 

off in full in January 2004); Venezuela, beginning December 1990, 30-year maturity issue; 

Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies, 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-June 2002, end-June 2003, end-June 2004, end-June 2005, end-June 2006, 

end-June 2007, end-June 2008, and end-June 2009 respectively, and are comparable to 

those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

June 2010 

47

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Venezuela 2

(4) 

 

2005 .............................................................................. 948 948 77 871 

2006 .............................................................................. 1,026 1,026 82 944 

2007 .............................................................................. 1,111 1,111 88 1,022 

2008 .............................................................................. 1,203 1,203 95 1,108 

 

2009 - Mar..................................................................... 1,227 1,227 97 1,130 

Apr ..................................................................... 1,234 1,234 97 1,137 

May .................................................................... 1,243 1,243 98 1,145 

June................................................................... 1,251 1,251 98 1,152 

July .................................................................... 1,259 1,259 99 1,160 

Aug .................................................................... 1,268 1,268 100 1,168 

Sept ................................................................... 1,276 1,276 100 1,176 

Oct ..................................................................... 1,285 1,285 101 1,184 

Nov .................................................................... 1,293 1,293 101 1,192 

Dec .................................................................... 1,302 1,302 102 1,200 

2010 - Jan ..................................................................... 1,311 1,311 103 1,208 

Feb..................................................................... 1,319 1,319 103 1,215 

Mar..................................................................... 1,328 1,328 104 1,224 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

June 2010 

48 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly and quarterly reports are filed with 

district Federal Reserve banks by commercial banks, 

securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data is 

strictly limited to specific staff of Treasury and the Federal 

Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the 

cooperation of other Government agencies and the Federal 

Reserve System and in consultation with representatives of 

banks, securities firms, and nonbanking enterprises. 

Requests for public comments on proposed changes are 

published in the Federal Register, and any further 

modifications are based on the comments received. The most 

recent revisions to selected reporting forms and instructions 

were effective June 30, 2006. The reporting forms and 

instructions may be downloaded from the TIC website. 

Copies of the reporting forms and instructions also may be 

obtained from the Global Economics Group, Office of the 

Assistant Secretary for International Affairs, Treasury, 

Washington, D.C. 20220; the International Finance Division, 

Board of Governors of the Federal Reserve System, 

Washington, D.C. 20551; or district Federal Reserve banks. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including: U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. Effective beginning with 

data for June 2006, information pertaining to the Bank for 

International Settlements is now included with data for 

international organizations, and information for the European 

Central Bank is distributed across the individual euro-area 

countries. For prior dates, information for these organizations 

is included in “Other Europe”. 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. 
CAPITAL MOVEMENTS 

June 2010 

49

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to and dollar claims on foreigners in a number of 

countries. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

TIC Form D is filed quarterly by all U.S. resident banks, 

securities dealers, and other firms with worldwide holding of 

derivatives in their own and in their customers’ accounts 

exceeding $100 billion in notional value. Data from this 

information collection was first released on May 15, 2007, 

with data on holdings beginning from end-December 2005, 

and data on net settlements beginning from the first quarter 

of 2006. 

Quarterly reports are also filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with unaffiliated foreigners. 

Separate reports are filed for financial balances and for 

commercial balances. Effective for reports filed as of March 

31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

Effective with the reports filed for June 2006, the country 

coverage of the monthly TIC forms was expanded 

significantly and the semiannual reports, which covered the 

smaller market economies, were discontinued. Country 

coverage was also expanded for the quarterly banking forms, 

the Form S, the Form D, and the Forms CQ-1 and CQ-2, 

effective with reports filed for June 2006. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Effective with the December 2009 Treasury Bulletin, a 

number of data reporters were reclassified in the TIC system 

as bank holding companies, beginning with the reports as of 

the fourth quarter of 2008. These data reporters are now 

included in the monthly bank-reported statistics and are no 

longer reporting as nonbanks. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in four sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. The 

expansion of the country coverage on the standard report 

forms allows for publication of additional country detail for 

data beginning as of June 2006. As a result, the former 

Capital Movements Section III, which listed bank-reported 

claims and liabilities of selected countries from the 

semiannual reports, has been discontinued. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported 

by banks, other depository institutions, and securities 

brokers and dealers in the United States. BHCs/FHCs also 

report for their domestic nonbank and non-securities firm 

affiliates, other than their insurance affiliates, which report 
CAPITAL MOVEMENTS 

June 2010 

50 

separately on the C-series forms. Data on respondents’ own 

dollar claims are collected monthly on Form BC. 

Information on claims held for domestic customers as well 

as on claims denominated in foreign currencies is collected 

on a quarterly basis only on Forms BQ-1 and BQ-2, 

respectively. Effective with reports filed as of February 28, 

2003, reporting coverage was expanded as outlined in 

Section I. Additionally, columns were added for separate 

reporting of issued by foreigners. Further, the foreigner 

category, negotiable CDs and other short-term negotiable 

instruments issued by foreigners. Further, the foreigner 

category, “foreign official institutions,” replaced the former, 

broader category, “foreign public borrowers,” for 

consistency with the liabilities reporting on this sector. 

• Section III (formerly reported as Section IV) 

shows the liabilities to, and claims on, unaffiliated foreigners 

of exporters, importers, industrial and commercial concerns, 

financial institutions (other than banks, other depository 

institutions, and securities brokers and dealers), and other 

nonbanking enterprises in the United States. Data exclude 

claims on foreigners held by banks in the United States. 

Historically, the TIC reports CQ-1 and CQ-2 exclude 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. Such accounts with foreign 

affiliates are reported by business enterprises to Commerce 

on its direct investment forms. There was an exception when 

reporting of foreign affiliate positions of insurance 

underwriting subsidiaries and financial intermediaries was 

included in Section B of Form CQ-1 for reports between 

end-March 2003 and end-March 2006. That reporting 

requirement was discontinued with the reports beginning as 

of June 2006. 

• Section IV (formerly Section V) contains 

information on transactions with foreigners in long-term 

domestic and foreign securities as reported by banks, 

securities brokers and dealers, and other entities in the 

United States. The data cover transactions executed in the 

United States for the accounts of foreigners and transactions 

executed abroad for the accounts of reporting institutions 

and their domestic customers. This includes transactions in 

newly-issued securities as well as transactions in, and 

redemptions of, outstanding issues. However, the data do not 

include nonmarketable Treasury bonds and notes shown in 

Table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

• Section V presents quarterly data on holdings and 

net cash settlements of cross-border derivatives contracts 

reported by banks, securities brokers, dealers, and 

nonfinancial companies in the U.S. with sizable holdings of 

derivatives contracts. Total holdings are divided between 

those contracts with positive fair values and those contracts 

with negative fair values from the perspective of the 

reporter. The fair (market) value is generally defined as the 

amount for which a derivative contract could be exchanged 

in a current transaction between willing parties, other than in 

a forced or liquidation sale. 

The data on U.S. net settlements with foreign residents 

include all cash receipts and payments made during the 

quarter for the acquisition, sale, or final closeout of 

derivatives, including all settlement payments under the 

terms of derivatives contracts such as the periodic settlement 

under a swap agreement and the daily settlement of an 

exchange-traded contract. In calculating net settlements, 

U.S. receipts of cash from foreign persons are positive 

amounts (+), and U.S. payments of cash to foreign persons 

are negative amounts (-). Items excluded from net 

settlements are: (a) collateral including initial and 

maintenance margins, whether or not in the form of cash; 

and (b) purchases of underlying commodities, securities, or 

other noncash assets. (e.g., the purchase/sale by foreigners of 

a long-term security is reported on TIC Form S). 

The gross fair (market) values and net settlement 

payments on derivatives are reported by type of derivative 

and by country based on the residence of the direct foreign 

counterparty. Positions of foreign customers on U.S. 

exchanges are reported opposite the country in which the 

foreign counterparty resides. In the case of U.S. residents’ 

futures contracts on foreign exchanges, the country of the 

exchange is reported as the country of the foreign 

counterparty. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities on the 

gross foreign liabilities and claims reported by banks and 

nonbanks in the United States and on derivatives contracts 

with foreigners are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

June 2010 

51

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2009 2010 

Type of Liability 

 Calendar 

 Year 

 2008 r Sept. r Oct. r Nov. r Dec. Jan. Feb. Mar. p 

Total liabilities to all foreigners............................... 4,807,794 4,662,037 4,602,319 4,569,880 4,502,333 4,453,346 4,465,959 4,557,583 

Payable in dollars............................................... 4,533,384 4,444,263 4,384,545 4,352,106 4,303,940 4,254,953 4,267,566 4,359,190 

Foreign official institutions ............................. 707,875 772,061 784,632 757,433 720,172 695,716 680,364 678,031 

Deposits, excluding negotiable CDs.......... 60,834 45,016 58,390 54,799 50,721 59,615 58,301 49,234 

U.S. Treasury bills and certificates ............ 457,876 597,722 597,987 586,612 534,295 508,463 502,777 506,775 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 62,665 22,558 20,175 24,783 24,629 23,361 22,594 25,497 

Other liabilities............................................ 126,500 106,765 108,080 91,239 110,527 104,277 96,692 96,525 

Foreign banks (including own foreign 

offices) and other foreigners .................... 3,789,279 3,656,849 3,585,147 3,579,525 3,568,124 3,544,045 3,570,429 3,664,053 

Deposits, excluding negotiable CDs.......... 1,710,767 1,590,181 1,615,903 1,598,639 1,655,595 1,648,250 1,684,123 1,721,809 

U.S. Treasury bills and certificates ............ 282,482 265,635 226,936 219,853 219,309 200,792 200,925 220,901 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 533,462 472,294 471,697 459,271 444,930 459,634 429,645 416,506 

Other liabilities............................................ 1,262,568 1,328,739 1,270,611 1,301,762 1,248,290 1,235,369 1,255,736 1,304,837 

International and regional organizations 1 ..... 36,230 15,353 14,766 15,148 15,644 15,192 16,773 17,106 

Deposits, excluding negotiable CDs.......... 9,075 8,307 7,820 8,361 7,901 7,983 8,842 9,642 

U.S. Treasury bills and certificates ............ 16,196 3,965 4,083 3,589 3,176 3,199 4,268 4,213 

Other short-term negotiable securities, 

negotiable CDs, and other custody 

liabilities................................................... 5,939 1,386 1,494 1,618 1,412 1,365 1,194 1,352 

Other liabilities............................................ 5,020 1,695 1,369 1,580 3,155 2,645 2,469 1,899 

Payable in foreign currencies 2 .......................... 274,410 217,774 217,774 217,774 198,393 198,393 198,393 198,393 

Sector: 

Banks and other foreigners........................ 273,377 216,745 216,745 216,745 197,444 197,444 197,444 197,444 

International and regional organizations 1 ...... 1,033 1,029 1,029 1,029 949 949 949 949 

Major currencies: 

Canadian dollars ........................................ 9,813 11,994 11,994 11,994 15,929 15,929 15,929 15,929 

Euro............................................................ 126,649 110,964 110,964 110,964 90,197 90,197 90,197 90,197 

United Kingdom pounds sterling................ 17,148 12,662 12,662 12,662 9,085 9,085 9,085 9,085 

Japanese yen............................................. 80,017 47,882 47,882 47,882 47,103 47,103 47,103 47,103 

Memoranda: 

Respondents’ own liabilities payable in 

dollars........................................................ 3,174,764 3,080,703 3,062,173 3,056,380 3,076,189 3,058,139 3,106,163 3,183,946 

Liabilities to own foreign offices..................... 2,123,824 2,105,570 2,091,869 2,090,464 2,095,799 2,093,777 2,136,448 2,214,499 

Liabilities collaterized by repurchase 

agreements ............................................ 584,397 614,893 601,783 617,594 582,773 576,725 613,914 630,569 

Foreign official institutions ..................... 116,275 89,143 91,394 75,706 96,592 91,412 85,686 84,983 

Foreign banks and other foreigners....... 464,946 524,708 509,385 540,847 484,126 483,558 526,801 544,425 

International and regional organizations 1..... 3,176 1,042 1,004 1,041 2,055 1,755 1,427 1,161 

Reported by IBFs ....................................... 608,884 505,588 506,082 504,086 563,771 495,155 513,904 591,569 

Respondents’ own liabilities payable in 

 foreign currencies 2 ..................................... 264,202 211,779 211,779 211,779 192,116 192,116 192,116 192,116 

Reported by IBFs ....................................... 62,009 44,013 44,013 44,013 49,194 49,194 49,194 49,194 

Liabilities held in custody for domestic 

customers and selected other liabilities 3 .... 1,368,828 1,369,555 1,328,367 1,301,721 1,234,028 1,203,091 1,167,680 1,181,521 

Payable in dollars....................................... 1,358,620 1,363,560 1,322,372 1,295,726 1,227,751 1,196,814 1,161,403 1,175,244 

of which: other short-term negotiable 

securities and negotiable CDs............ 340,510 245,004 239,713 231,603 228,141 241,446 218,511 211,291 

 of which: short-term U.S. Government 

agency securities ................................ 102,088 63,259 60,709 55,201 53,342 53,364 50,576 44,953 

 of which: negotiable CDs ...................... 87,853 65,364 70,184 69,360 65,434 67,061 60,663 58,416 

Payable in foreign currencies 2 .................. 10,208 5,995 5,995 5,995 6,277 6,277 6,277 6,277 

 

 1

 Principally the Bank for International Settlements, the International Bank for 

Reconstruction and Development (World Bank), and the Inter-American Development 

Bank. 

2

 Data may be as of preceding quarter-end for most recent month shown in table. 

3

 Selected other liabilities are primarily the liabilities of the customers of banks to U.S. 

managed foreign offices and other foreign institutions. 
CAPITAL MOVEMENTS 

June 2010 

52 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2006 2007 2008 r Nov. r Dec. Jan. Feb. Mar. p 

Europe: 

Austria ............................................... 3,934 3,575 2,716 3,106 1,952 2,142 2,077 2,080

Belgium ............................................ 15,595 22,437 16,255 17,149 14,697 17,293 13,951 14,868

Bulgaria ............................................. 88 148 125 140 151 155 137 153

Cyprus 1 ............................................ 634 1,068 783 769 1,780 709 683 894

Czech Republic................................. 1,353 1,433 681 898 881 861 870 967

Denmark............................................ 969 791 4,503 2,984 3,333 3,053 3,071 3,026

Finland............................................... 3,362 1,456 1,606 1,586 1,656 1,683 4,163 1,586

France ............................................... 83,606 73,355 59,315 62,638 60,595 58,907 61,521 65,114

Germany............................................ 92,815 145,955 158,358 132,542 111,772 115,953 120,043 115,478

Greece............................................... 1,488 1,357 2,004 1,170 1,068 1,300 1,228 1,269

Hungary............................................. 820 1,219 781 626 575 718 430 649

Iceland 1 ............................................ 431 667 1,096 820 810 752 914 862

Ireland ............................................... 84,414 123,913 177,971 130,743 146,940 137,031 129,245 136,588

Italy.................................................... 9,301 10,421 8,585 8,651 8,698 7,799 9,953 8,278

Kazakhstan 1 ..................................... 6,145 5,945 13,762 9,648 10,426 10,612 9,627 8,918

Luxembourg ..................................... 73,989 108,463 118,175 97,663 101,674 96,699 88,008 94,204

Monaco 1 .......................................... 380 206 314 156 177 155 184 156

Netherlands....................................... 26,781 26,125 36,154 23,649 17,544 18,407 24,551 20,032

Norway .............................................. 42,401 48,309 17,941 2,947 2,428 2,136 2,278 2,559

Poland ............................................... 7,475 19,651 4,731 6,753 4,790 8,291 8,963 8,749

Portugal............................................. 2,720 2,999 2,166 2,160 1,789 1,513 1,564 1,664

Romania............................................ 492 581 647 726 594 678 1,394 3,744

Russia .............................................. 62,736 104,741 73,139 83,383 74,683 56,971 51,970 52,471

Serbia and Montenegro .................... 295 532 182 192 300 193 258 258

Spain ................................................. 9,805 13,022 17,408 14,263 14,344 15,851 14,524 13,193

Sweden ............................................. 3,890 7,723 3,926 5,622 5,830 6,619 6,634 8,035

Switzerland........................................ 63,546 58,468 57,506 61,273 57,103 51,029 47,870 47,734

Turkey ............................................... 10,457 12,139 20,281 22,776 22,382 21,132 20,584 21,634

Ukraine 1 ............................................ 919 1,392 4,071 3,766 3,169 2,801 2,903 3,001

United Kingdom................................. 926,069 1,051,764 751,008 781,726 793,832 775,547 822,551 913,077

Channel Islands ............................... 33,857 25,391 11,939 15,775 14,834 13,213 12,417 11,075

All other Europe 1 .............................. 3,852 4,897 7,961 7,842 9,174 8,979 9,963 10,539

Total Europe.................................. 1,574,620 1,880,143 1,576,091 1,504,142 1,489,982 1,439,182 1,474,530 1,572,852

Memo: Euro Area 2 .......................................... 407,811 533,078 601,827 496,578 484,991 475,946 472,356 475,933

Memo: European Union 3 ................ 1,349,799 1,619,013 1,369,157 1,296,540 1,295,790 1,272,593 1,317,931 1,415,371

Canada.................................................. 49,396 68,274 77,981 81,057 92,902 101,847 106,918 104,806

Latin America: 

Argentina........................................... 10,628 12,090 12,895 12,752 12,645 12,498 12,598 12,974

Belize 4 .............................................. 484 307 299 330 323 321 324 333

Bolivia 4 ............................................ 2,123 2,559 4,544 3,198 2,949 2,926 2,871 2,745

Brazil ................................................. 16,271 24,887 17,757 62,999 62,537 59,993 63,751 56,818

Chile .................................................. 16,926 15,731 15,871 10,947 11,702 12,330 12,392 10,663

Colombia ........................................... 11,702 11,038 10,385 17,519 17,657 17,408 17,751 17,892

Costa Rica 4 ..................................... 2,967 2,502 2,005 1,958 1,960 1,672 1,820 2,019

Ecuador............................................. 3,431 3,296 3,600 3,825 3,896 3,794 3,861 3,918

El Salvador 4 ..................................... 1,964 2,352 2,944 2,593 2,842 2,473 2,542 2,321

Guatemala......................................... 1,444 1,851 1,873 2,132 2,149 2,199 1,997 2,000

Guyana 4 .......................................... 98 141 276 369 208 211 190 189

Honduras 4 ....................................... 2,594 2,162 1,570 1,457 1,415 1,456 1,565 1,599

Mexico............................................... 45,846 53,234 71,023 54,556 51,707 53,350 54,005 53,262

Nicaragua 4 ....................................... 238 215 301 476 491 568 610 658

Panama............................................. 7,183 7,062 10,868 10,167 9,759 9,176 9,039 8,536

Paraguay 4 ........................................ 672 693 667 735 716 634 640 710

Peru................................................... 4,281 5,286 4,710 5,256 4,913 5,038 5,325 5,253

Suriname 4 ........................................ 128 128 157 302 279 278 249 297

Uruguay............................................. 6,139 6,503 7,505 8,230 8,767 8,724 9,532 9,925

Venezuela ......................................... 22,883 23,588 26,815 26,280 25,182 25,088 25,128 22,685

All other Latin America 4.................... 8 15 48 58 59 59 56 53

Total Latin America ....................... 158,010 175,640 196,113 226,139 222,156 220,196 226,246 214,850

Caribbean: 

Anguilla 5 .......................................... 3,149 13,065 10,914 10,018 11,384 10,388 12,755 10,821

Antigua and Barbuda 5 ..................... 186 217 115 111 114 111 112 119

Aruba 5............................................... 408 265 737 565 577 651 616 607

Bahamas ........................................... 257,200 286,669 336,492 276,660 289,423 259,565 249,655 256,043

Barbados 5 ........................................ 18,680 21,602 17,056 12,122 10,406 10,125 10,043 9,182

Bermuda............................................ 55,502 49,865 54,348 42,307 39,623 40,839 41,756 40,960

British Virgin Islands 5 ...................... 22,082 35,092 44,473 36,318 33,683 33,260 34,677 36,493

Cayman Islands ............................... 1,316,517 1,488,182 1,515,287 1,518,111 1,490,392 1,517,900 1,516,084 1,515,140

Cuba.................................................. 82 80 89 92 92 92 89 95

Dominican Republic 5 ....................... 3,895 3,813 3,089 2,982 3,236 3,059 2,925 2,956

French West Indies 5 ........................ 19 35 26 29 34 32 35 34

Haiti 5 ................................................. 495 555 540 539 687 834 898 1,008

Jamaica............................................. 1,056 1,358 1,023 959 903 813 1,245 1,230

Netherlands Antilles .......................... 8,503 10,131 8,531 8,181 6,910 8,894 8,507 11,514

See footnotes at end of table.
CAPITAL MOVEMENTS 

June 2010 

53

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2009 2010 

Country 2006 2007 2008 r Nov. r Dec. Jan. Feb. Mar. p

 

Caribbean, con. 

St. Kitts and Nevis 5 ....................... 90 122 138 138 141 173 162 165

Trinidad and Tobago...................... 3,354 3,389 3,955 3,879 3,995 4,010 3,913 3,699

Turks and Caicos Islands 5 ............ 165 213 227 120 107 121 136 119

All other Caribbean 5 ...................... 157 189 170 114 130 137 189 247

Total Caribbean.......................... 1,691,540 1,914,842 1,997,210 1,913,245 1,891,837 1,891,004 1,883,797 1,890,432

Asia: 

Bangladesh 6 .................................. 824 889 3,479 5,655 4,510 3,538 3,623 3,123

China, Mainland ............................ 44,474 94,369 226,162 133,536 105,922 100,933 80,618 75,555

Hong Kong ..................................... 44,639 47,133 54,550 128,112 129,941 126,096 126,764 130,867

India................................................ 18,813 18,257 28,834 30,192 26,601 27,204 16,391 18,108

Indonesia........................................ 4,386 5,223 10,005 20,057 21,673 23,044 23,162 23,134

Israel............................................... 7,327 7,812 20,859 18,429 16,826 21,148 21,634 21,890

Japan.............................................. 141,655 190,122 247,104 189,634 179,599 176,753 175,205 171,476

Jordan 6 ......................................... 2,146 1,179 2,247 2,658 2,528 2,849 2,462 2,372

Korea, South .................................. 28,099 35,215 16,076 14,146 12,508 14,907 12,752 11,428

Laos 6 ............................................ 120 380 66 67 74 68 60 89

Lebanon ......................................... 1,168 1,032 1,434 1,560 1,422 1,311 1,590 1,364

Malaysia ......................................... 3,847 2,852 2,226 2,986 2,299 2,491 2,747 2,425

Pakistan.......................................... 1,282 1,464 4,186 2,639 3,821 2,498 2,611 2,432

Philippines...................................... 3,857 4,927 9,561 5,071 5,385 4,451 4,238 5,008

Singapore....................................... 30,831 38,704 45,171 32,337 28,380 28,686 29,704 31,776

Syria ............................................... 25 24 65 38 34 39 40 39

Taiwan............................................ 22,952 25,952 30,705 32,182 29,772 28,594 26,991 28,119

Thailand.......................................... 8,319 14,189 18,749 15,453 17,044 16,785 24,014 25,643

Yemen 6 ......................................... 179 202 212 412 336 394 461 392

Oil exporting countries 7 ................. 70,314 80,593 118,692 110,482 111,951 117,772 118,035 119,786

All other Asia 6 ............................... 5,893 5,052 7,133 6,233 7,557 7,725 7,179 6,174

Total Asia ................................... 441,150 575,570 847,516 751,879 708,183 707,286 680,281 681,200

Africa: 

Botswana 8 .................................... 236 925 376 309 307 348 332 445

Egypt .............................................. 2,252 3,683 9,401 17,413 17,484 17,474 19,754 18,751

Ghana............................................. 389 346 316 394 289 304 284 428

Kenya 8 .......................................... 234 612 342 552 477 541 537 475

Liberia............................................. 469 422 453 791 621 650 654 566

Mauritius 8 ...................................... 641 6,436 1,050 1,581 1,633 1,420 1,341 1,504

Morocco.......................................... 198 180 379 647 341 311 305 266

Mozambique 8 ............................... 87 126 141 87 232 112 74 84

South Africa.................................... 1,565 1,649 3,088 2,655 3,014 2,124 2,357 2,247

Tanzania 8 ..................................... 363 407 682 454 483 449 452 445

Uganda 8 ....................................... 926 1,233 329 385 433 431 477 368

Zambia 8 ........................................ 143 190 141 210 236 174 200 264

Zimbabwe 8 ................................... 78 105 88 270 277 245 123 331

Oil exporting countries 9 ................ 4,457 6,131 4,380 5,773 7,117 5,528 5,424 5,566

All other Africa 8 ............................. 2,981 3,443 6,605 10,229 8,254 7,665 8,977 7,504

Total Africa ................................. 15,019 25,888 27,771 41,750 41,198 37,776 41,291 39,244

Other countries: 

Australia ......................................... 26,178 14,891 33,024 23,740 26,764 27,867 23,316 23,426

New Zealand ................................. 4,543 3,190 3,838 4,703 5,464 4,866 4,683 5,417

French Polynesia 10 ....................... 63 83 143 172 163 166 164 208

All other 10 ...................................... 18,704 19,455 10,844 6,876 7,091 7,015 7,011 7,093

Total other ................................. 49,488 37,619 47,849 35,491 39,482 39,914 35,174 36,144

All countries........................................ 3,979,223 4,677,976 4,770,531 4,553,703 4,485,740 4,437,205 4,448,237 4,539,528

International and regional orgs: 

International organizations............ 26,862 24,236 32,571 12,639 13,453 13,065 14,310 13,894

Regional organizations 11 ............. 4,274 4,098 4,692 3,538 3,140 3,076 3,412 4,161

Total international and 

 regional organizations............. 31,136 28,334 37,263 16,177 16,593 16,141 17,722 18,055

Grand total ............................. 4,010,359 4,706,310 4,807,794 4,569,880 4,502,333 4,453,346 4,465,959 4,557,583

 

1

 Before June 2006, data for Cyprus, Iceland, Kazakhstan, Monaco, and Ukraine are included 

in “All other Europe.” 

2

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

3 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech Republic, 

Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden, and 

the United Kingdom. Data available beginning June 2006. As of January 2007, also includes 

Bulgaria and Romania. 

4

Before June 2006, data for the Belize, Bolivia, Costa Rica, El Salvador, Guyana, Honduras, 

Nicaragua, Paraguay, and Suriname are included in “All other Latin America.” 

5

 Before June 2006, data for Anguilla, Antigua and Barbuda, Aruba, Barbados, the British 

Virgin Islands, the Dominican Republic, the French West Indies (primarily Guadeloupe and 

Martinique), Haiti, St. Kitts and Nevis, and the Turks and Caicos Islands are included in “All 

other Caribbean.” 

6

 Before June 2006, data for Bangladesh, Jordan, Laos, and Yemen are included in “All other Asia.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Before June 2006, data for Botswana, Kenya, Mauritius, Mozambique, Tanzania, Uganda, 

Zambia, and Zimbabwe are included in “All other Africa.” 

9

 Includes Algeria, Gabon, Libya, and Nigeria. 

10 Before June 2006, data for French Polynesia are included in “All other.” 11 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2010 

54 

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2010, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

liabilities 2 

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Europe: 

Austria .............................. 2,080 2,074 1,221 853 578 329 614 50 5 422 76 6

Belgium............................. 14,868 14,714 6,406 8,308 5,129 539 3,034 1,491 3,783 645 93 154

Cyprus .............................. 894 892 857 35 202 508 35 - - 4 143 2

Czech Republic................. 967 965 213 752 119 63 751 1 - 30 1 2

Denmark........................... 3,026 2,956 862 2,094 173 147 1,891 97 16 620 12 70

Finland.............................. 1,586 1,483 338 1,146 104 78 313 222 611 91 64 103

France .............................. 65,114 55,767 47,216 8,550 15,909 2,055 7,918 191 316 13,719 15,659 9,347

Germany........................... 115,478 84,562 73,785 10,777 29,971 2,371 6,737 2,025 569 42,476 413 30,916

Greece.............................. 1,269 1,267 1,016 251 151 739 235 7 9 113 13 2

Hungary............................ 649 598 415 183 269 86 150 20 5 62 6 51

Ireland............................... 136,588 134,057 36,260 97,797 8,845 3,232 21,488 52,502 20,660 10,777 16,553 2,531

Italy................................... 8,278 7,520 5,021 2,499 2,302 1,056 2,303 2 17 1,784 56 758

Kazakhstan....................... 8,918 8,906 2,278 6,628 2,237 19 6,628 - - 1 21 12

Luxembourg...................... 94,204 93,337 23,546 69,791 5,057 2,519 34,403 18,316 15,690 456 16,896 867

Monaco............................. 156 155 75 80 18 57 79 - 1 - - 1

Netherlands ...................... 20,032 19,694 13,099 6,595 4,635 4,125 4,453 970 153 4,124 1,234 338

Norway ............................. 2,559 2,506 1,173 1,333 325 422 1,311 2 20 387 39 53

Poland .............................. 8,749 8,735 1,942 6,793 639 165 5,790 1,001 2 1,138 - 14

Portugal ............................ 1,664 1,623 1,413 210 582 223 208 - 2 606 2 41

Romania ........................... 3,744 3,743 619 3,124 43 59 3,124 - - 508 9 1

Russia............................... 52,471 52,044 10,985 41,059 7,606 678 40,863 194 2 1,406 1,295 427

Spain ................................ 13,193 12,511 7,546 4,965 3,489 2,431 4,837 41 55 1,591 67 682

Sweden............................. 8,035 7,699 2,987 4,712 184 231 2,853 788 639 2,005 999 336

Switzerland ....................... 47,734 45,808 24,123 21,685 8,935 3,069 17,784 3,749 147 10,856 1,268 1,926

Turkey............................... 21,634 21,572 2,362 19,210 1,371 282 19,177 26 3 707 6 62

Ukraine ............................. 3,001 2,987 2,968 19 2,350 83 19 - - 524 11 14

United Kingdom ................ 913,077 857,980 835,946 22,034 339,531 20,720 15,825 1,078 1,795 230,794 248,237 55,097

Channel Islands................ 11,075 10,894 8,750 2,144 3,882 2,382 1,543 267 241 77 2,502 181

All other Europe.................. 11,812 11,797 9,909 1,889 2,158 728 1,726 144 12 6,960 70 14

Total Europe .................. 1,572,852 1,468,844 1,123,330 345,514 446,795 49,396 206,090 83,184 44,753 332,881 305,745 104,008

Memo: Euro Area 4 ........ 475,933 430,183 218,124 212,059 77,172 20,342 86,739 75,935 41,873 76,850 51,272 45,750

Canada ................................... 104,806 98,303 87,787 10,516 10,018 8,907 6,294 2,211 989 59,363 10,521 6,503

Latin America: 

Argentina............................ 12,974 12,777 11,754 1,023 668 10,683 737 69 216 226 178 197

Belize.................................. 333 331 284 47 74 164 4 4 39 45 1 2

Bolivia................................. 2,745 2,718 1,388 1,330 129 1,251 802 255 273 6 2 27

Brazil................................... 56,818 56,535 16,918 39,617 6,539 5,821 38,348 423 804 2,980 1,620 283

Chile ................................... 10,663 10,504 7,564 2,940 3,150 3,627 2,157 732 45 756 37 159

Colombia ............................ 17,892 17,801 6,110 11,691 1,031 4,677 11,330 229 124 371 39 91

Costa Rica.......................... 2,019 2,008 1,253 755 614 499 478 242 34 136 5 11

Ecuador.............................. 3,918 3,878 3,515 363 1,013 2,380 147 130 61 66 81 40

El Salvador......................... 2,321 2,310 1,461 849 313 622 131 139 579 510 16 11

Guatemala.......................... 2,000 1,953 1,627 326 289 1,096 216 85 25 227 15 47

Honduras............................ 1,599 1,589 1,493 96 751 677 32 4 58 67 - 10

Mexico................................ 53,262 50,025 43,924 6,101 14,482 24,954 3,830 1,724 540 3,339 1,156 3,237

Panama.............................. 8,536 8,361 6,723 1,638 3,023 3,319 1,313 182 143 282 99 175

Paraguay............................ 710 708 682 26 170 487 3 15 8 16 9 2

Peru.................................... 5,253 5,237 4,111 1,126 2,127 1,383 352 751 20 596 8 16

Uruguay.............................. 9,925 9,838 7,721 2,117 1,511 3,812 1,509 317 288 1,777 624 87

Venezuela .......................... 22,685 22,372 20,988 1,384 3,305 16,966 129 857 397 512 206 313

All other Latin America....... 1,197 1,197 1,166 31 539 470 1 12 18 153 4 -

Total Latin America........ 214,850 210,142 138,682 71,460 39,728 82,888 61,519 6,170 3,672 12,065 4,100 4,708

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2010 

55

TABLE CM-I-3.—Total Liabilities by Type and Country, March 31, 2010, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Non-negotiable 

 deposits and 

brokerage balances 1

Negotiable CDs and short-term 

securities 

Other 

Miscellaneous 

 liabilities 2

Country 

Total 

liabilities 

payable in 

dollars and 

foreign 

currency 

(1) 

Total 

liabilities 

payable in 

dollars 

(2) 

Total own 

liabilities 

payable in 

dollars 

(3) 

Total 

custody 

liabilities 

payable in 

dollars 

(4) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(5) 

Held by all 

other 

foreigners

(6) 

Of which: 

short-term 

U.S. 

Treasury 

obligations 

(7) 

Of which: 

other shortterm 

negotiable 

securities

(excl. CDs)

(8) 

Of which: 

negotiable 

CDs 

(9) 

Held by 

foreign 

official 

institutions 

and foreign 

banks 

(10) 

Held by all 

other 

foreigners 

(11) 

 Total 

liabilities 

payable in 

foreign 

currency 3

(12) 

Caribbean: 

Aruba........................................ 607 606 547 59 104 365 10 15 34 1 77 1

Bahamas.................................. 256,043 255,798 253,682 2,116 212,421 5,826 1,338 318 145 28,499 7,251 245

Barbados.................................. 9,182 9,165 1,679 7,486 1,154 458 3,172 2,076 2,229 40 36 17

Bermuda .................................. 40,960 38,903 12,834 26,069 838 10,255 14,636 10,367 918 191 1,698 2,057

British Virgin Islands ................ 36,493 35,707 20,724 14,983 43 18,622 12,195 1,826 587 - 2,434 786

Cayman Islands....................... 1,515,140 1,494,901 1,211,596 283,305 544,315 144,153 50,608 16,085 1,340 620,169 118,231 20,239

Dominican Republic................. 2,956 2,939 2,872 67 565 2,107 27 21 19 191 9 17

Haiti 7........................................ 1,008 1,007 967 40 444 284 20 5 15 236 3 1

Jamaica.................................... 1,230 1,117 1,082 35 425 452 18 15 2 196 9 113

Netherlands Antilles................. 11,514 11,506 9,407 2,099 2,072 3,264 1,652 421 26 309 3,762 8

Trinidad and Tobago................ 3,699 3,511 2,455 1,056 1,291 745 1,018 27 5 412 13 188

All other Caribbean.................. 11,600 10,472 10,300 172 157 8,546 129 8 35 7 1,590 1,128

Total Caribbean.................. 1,890,432 1,865,632 1,528,145 337,487 763,829 195,077 84,823 31,184 5,355 650,251 135,113 24,800

Asia: China, Mainland....................... 75,555 75,484 33,762 41,722 16,997 2,949 40,758 467 131 14,103 79 71

Hong Kong............................... 130,867 128,938 27,757 101,181 12,513 5,759 88,196 12,530 341 9,101 498 1,929

India ......................................... 18,108 18,037 8,448 9,589 2,580 1,945 7,506 1,962 8 3,744 292 71

Indonesia ................................. 23,134 23,129 5,639 17,490 3,630 313 16,118 1,362 10 1,622 74 5

Israel ........................................ 21,890 21,863 7,403 14,460 1,157 2,063 14,189 154 107 4,166 27 27

Japan ....................................... 171,476 129,179 61,126 68,053 28,745 7,837 63,291 3,149 271 24,272 1,614 42,297

Jordan ...................................... 2,372 2,372 1,133 1,239 767 57 1,130 - 109 305 4 -

Korea, South............................ 11,428 11,162 6,312 4,850 2,446 672 1,066 2,384 545 3,879 170 266

Malaysia................................... 2,425 2,422 2,057 365 1,390 195 343 18 2 461 13 3

Pakistan ................................... 2,432 2,432 1,722 710 922 204 646 28 2 591 39 -

Philippines................................ 5,008 4,976 3,322 1,654 2,021 569 1,622 2 30 393 339 32

Singapore................................. 31,776 31,106 24,421 6,685 20,316 2,178 5,990 601 70 1,807 144 670

Taiwan...................................... 28,119 28,034 24,717 3,317 5,458 6,722 2,910 91 300 12,271 282 85

Thailand ................................... 25,643 25,637 2,387 23,250 999 364 23,188 45 7 1,023 11 6

All other Asia............................ 130,967 130,935 46,799 84,136 13,387 2,133 77,914 5,755 448 31,110 188 32

Total Asia............................. 681,200 635,706 257,005 378,701 113,328 33,960 344,867 28,548 2,381 108,848 3,774 45,494

Africa: Egypt........................................ 18,751 18,750 2,937 15,813 1,380 171 15,767 1 45 1,385 1 1

Ghana ...................................... 428 428 428 - 134 53 - - - 241 - -

Kenya....................................... 475 475 409 66 279 116 64 - 2 13 1 -

Liberia ...................................... 566 562 317 245 12 219 224 4 16 86 1 4

Morocco ................................... 266 266 250 16 177 42 6 4 2 31 4 -

South Africa ............................. 2,247 2,190 2,049 141 906 518 138 - 3 532 93 57

All other Africa.......................... 16,511 16,232 13,593 2,639 9,070 1,680 2,611 27 1 2,646 197 279

Total Africa........................... 39,244 38,903 19,983 18,920 11,958 2,799 18,810 36 69 4,934 297 341

Other countries: Australia ................................... 23,426 18,305 14,060 4,245 9,591 1,523 2,503 1,120 201 2,266 1,101 5,121

New Zealand............................ 5,417 5,261 2,455 2,806 361 240 2,766 34 6 1,777 77 156

All other.................................... 7,301 988 958 30 306 339 4 2 24 299 14 6,313

Total other........................... 36,144 24,554 17,473 7,081 10,258 2,102 5,273 1,156 231 4,342 1,192 11,590

All countries.................................. 4,539,528 4,342,084 3,172,405 1,169,679 1,395,914 375,129 727,676 152,489 57,450 1,172,684 460,742 197,444

International and regional orgs: International organizations....... 13,894 12,971 8,776 4,195 - 7,564 3,317 141 737 - 1,212 923

Regional organizations 5.......... 4,161 4,135 2,765 1,370 - 2,078 896 245 229 - 687 26

Total International and 

 regional organizations ........ 18,055 17,106 11,541 5,565 - 9,642 4,213 386 966 - 1,899 949

Grand total ...................... 4,557,583 4,359,190 3,183,946 1,175,244 1,395,914 384,771 731,889 152,875 58,416 1,172,684 462,641 198,393

1

 Excludes negotiable certificates of deposit. 

2

 Includes both banks' own liabilities and banks' customer liabilities to foreigners primarily in 

the form of loans, including loans associated with repurchase agreements, and nonnegotiable short-term securities. 

3

 Foreign currency data are as of the previous quarter-end. 

4

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia.

5 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations.
CAPITAL MOVEMENTS 

June 2010 

56 

0

500

1000

1500

2000

2500

2006 2007 2008 2009 Mar. 2010

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009 Mar. 2010 

 

United Kingdom.............................. 926,069 1,051,764 751,008 793,832 913,077

All other Europe ............................. 648,551 828,379 825,083 696,150 659,775

Caribbean banking centers 1 ........... 1,666,987 1,877,001 1,969,999 1,869,790 1,868,686

Japan.............................................. 141,655 190,122 247,104 179,599 171,476

All other Asia .................................. 299,495 385,448 600,412 528,584 509,724

Subtotal ........................................ 3,682,757 4,332,714 4,393,606 4,067,955 4,122,738

All other countries .......................... 327,602 373,596 414,188 434,378 434,845

Grand total.................................... 4,010,359 4,706,310 4,807,794 4,502,333 4,557,583

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

U.S. liabilities to foreigners reported 

by U.S. banks were recorded at $4.6 

trillion in March 2010, an increase 

of $55 billion from yearend 2009. 

U.S. banking liabilities include 

foreign holdings of U.S. short-term 

securities but exclude foreign 

holdings of U.S. long-term 

securities. U.S. banking liabilities 

decreased about $305 billion in 

2009 but increased about $101 

billion in 2008 and about $696 

billion in 2007. However, the 2008 

increase is primarily attributed to the 

addition of several new bank 

holding companies to the reporter 

panel. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on this 

page show that over 60 percent of 

U.S. banking liabilities is currently 

recorded against the United 

Kingdom and banking centers in the 

Caribbean. These financial centers 

recorded most of the growth in 

banking liabilities in the years just 

before the financial crisis and also 

most of the decline from 2007 

through 2009. The United Kingdom, 

in particular, saw a sharp fall in 

recorded banking liabilities in 2008. 

However, the crisis affected other 

areas as well; U.S. banking 

liabilities to all other Europe and to 

Asia, including Japan, also declined 

during 2009. A slight downward 

trend in U.S. liabilities to foreigners 

persisted through the first quarter of 

2010 for most countries except the 

United Kingdom, which 

experienced growth in its banking 

liabilities of nearly $120 billion 

since yearend 2009. 
 CAPITAL MOVEMENTS 

June 2010 

57

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

TABLE CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Type of Claim 

Calendar 

Year 

2007 Dec. r Mar. r June r Sept. Dec. p 

 

Total claims.............................................................. 3,811,848 3,628,522 3,688,238 3,812,353 4,112,765 4,149,799 

Payable in dollars.................................................. 3,567,042 3,298,483 3,405,133 3,518,188 3,809,758 3,842,348 

Own claims on foreigners................................... 2,795,389 2,537,936 2,656,770 2,745,852 2,891,087 2,844,889 

Foreign official institutions............................... 110,093 47,272 32,061 34,961 44,374 48,318 

Foreign banks, including own foreign 

offices........................................................... 2,068,427 2,004,533 2,096,712 2,116,029 2,207,102 2,196,999 

All other foreigners .......................................... 616,869 486,131 527,997 594,862 639,611 599,572 

Claims of domestic customers.............................. 771,653 760,547 748,363 772,336 918,671 997,459 

Payable in foreign currencies .................................. 244,806 330,039 283,105 294,165 303,007 307,451 

Own claims on foreigners ..................................... 170,113 287,320 246,642 247,998 257,006 259,024 

of which: 

Canadian dollars.............................................. 32,718 22,877 25,473 29,159 40,459 37,695 

Euros................................................................ 75,137 160,622 125,718 109,799 120,830 119,521 

United Kingdom pounds sterling...................... 15,804 19,018 26,792 31,626 27,611 26,424 

Japanese yen................................................... 23,911 51,796 41,089 40,037 28,790 33,763 

Claims of domestic customers.............................. 74,693 42,719 36,463 46,167 46,001 48,427 

of which: 

Canadian dollars.............................................. 3,008 4,597 4,653 5,367 7,129 6,797 

Euros................................................................ 60,501 31,132 25,172 31,934 29,407 28,281 

United Kingdom pounds sterling...................... 3,160 1,137 1,882 3,186 4,244 3,715 

Japanese yen................................................... 2,817 2,655 1,785 2,050 2,400 4,061 

Memoranda: 

Total own claims on foreigners ............................. 2,965,502 2,825,256 2,903,412 2,993,850 3,148,093 3,103,913 

Non-negotiable deposits .................................... 1,059,631 1,214,800 1,322,158 1,384,874 1,421,910 1,454,710 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 48,082 15,256 15,170 14,929 18,659 12,773 

Resale agreements ............................................ 770,703 474,689 555,964 579,357 632,699 552,420 

Other................................................................... 1,087,086 1,120,511 1,010,120 1,014,690 1,074,825 1,084,010 

Claims on own foreign offices............................... 1,929,030 1,761,286 1,855,084 1,919,239 2,005,614 2,105,550 

Claims reported by IBFs ....................................... 686,623 514,225 572,126 552,977 591,699 661,557 

Payable in dollars............................................... 644,202 468,962 530,703 516,337 554,610 619,323 

Payable in foreign currencies............................. 42,421 45,263 41,423 36,640 37,089 42,234 

Total claims held for domestic customers ............ 846,346 803,266 784,826 818,503 964,672 1,045,886 

Non-negotiable deposits .................................... 457,828 486,473 419,690 374,491 382,965 368,043 

Short-term negotiable instruments 

 (payable in dollars) ........................................ 340,734 286,752 339,838 406,765 536,495 634,989 

Other ..................................................................... 47,784 30,041 25,298 37,247 45,212 42,854 

 

 
CAPITAL MOVEMENTS 

June 2010 

58 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Country 

 Calendar 

 year 

 2007 June Sept. Dec. r Mar. r June r Sept. Dec. p

 

Europe: 

Austria .................................................... 8,083 9,377 8,684 5,133 4,800 5,761 4,464 3,299

Belgium................................................... 26,646 36,454 24,424 16,730 20,450 14,460 20,323 15,050

Bulgaria .................................................. 30 56 55 43 18 29 17 23

Czech Republic ...................................... 4,049 2,276 273 226 107 156 143 513

Denmark................................................. 10,314 10,789 8,461 9,775 9,753 12,361 11,147 5,984

Finland.................................................... 30,533 32,299 29,104 25,139 26,234 23,917 25,460 49,224

France .................................................... 204,433 227,520 208,995 185,181 188,264 198,908 227,274 247,442

Germany................................................. 81,120 98,472 88,380 77,223 99,492 127,341 125,038 98,133

Greece.................................................... 1,658 1,837 1,469 1,230 959 1,202 1,012 972

Hungary.................................................. 378 241 336 413 268 302 1,281 1,324

Ireland..................................................... 80,906 107,731 92,845 87,222 68,791 61,018 75,023 86,479

Italy ......................................................... 51,856 63,965 61,599 52,086 52,181 55,827 58,916 52,153

Kazakhstan ............................................ 688 665 544 544 504 420 400 370

Luxembourg ........................................... 27,017 22,512 20,891 18,497 23,248 25,780 31,384 30,570

Netherlands ............................................ 63,711 75,681 67,911 73,053 81,165 85,087 84,830 70,918

Norway ................................................... 29,105 25,063 31,117 18,769 14,614 15,470 18,405 21,511

Poland .................................................... 8,242 17,276 11,678 1,712 1,543 2,246 709 495

Portugal .................................................. 3,113 2,988 2,392 1,881 4,206 4,017 2,163 2,755

Romania ................................................. 195 204 160 155 150 127 138 183

Russia..................................................... 1,869 2,437 2,776 2,212 1,901 1,691 1,874 1,732

Spain ...................................................... 32,753 62,338 55,674 59,303 49,887 52,080 52,966 49,089

Sweden................................................... 34,964 36,430 30,472 17,229 17,828 23,101 27,610 30,894

Switzerland............................................. 201,003 133,985 123,180 112,018 118,074 96,343 97,151 86,505

Turkey..................................................... 3,735 4,055 4,159 3,695 3,870 4,368 4,195 4,140

United Kingdom...................................... 1,111,135 1,080,469 1,141,194 980,656 1,035,967 1,111,690 1,214,112 1,205,672

Channel Islands...................................... 35,468 18,367 16,167 19,461 18,601 20,174 21,387 19,323

All other Europe ..................................... 3,632 3,185 3,216 2,860 3,362 3,100 3,881 5,152

Total Europe ........................................ 2,056,636 2,076,671 2,036,157 1,772,446 1,846,236 1,946,976 2,111,301 2,089,905

Memo: Euro Area 1 .............................. 611,829 742,487 663,429 603,320 620,644 656,704 711,062 709,933

Memo: European Union 2 .................... 1,782,800 1,890,251 1,856,149 1,613,619 1,686,289 1,806,725 1,966,236 1,955,033

Canada...................................................... 140,166 141,640 147,164 154,384 145,097 149,753 177,490 194,524

Latin America: 

Argentina ................................................ 4,251 4,550 5,087 4,227 3,899 6,506 3,950 4,037

Bolivia .................................................... 169 166 190 141 139 148 197 516

Brazil....................................................... 31,500 38,986 32,071 33,818 28,957 31,160 35,484 32,540

Chile ....................................................... 9,829 11,379 11,884 10,177 9,971 11,222 11,888 14,446

Colombia ................................................ 4,972 4,781 4,658 4,241 3,423 3,115 2,889 3,286

Costa Rica ............................................. 1,028 1,304 1,234 1,306 1,226 1,069 1,055 1,018

Ecuador.................................................. 993 812 852 806 716 627 573 492

El Salvador ............................................ 831 772 801 903 855 772 634 558

Guatemala.............................................. 1,348 1,433 1,411 1,273 1,320 1,163 1,098 1,068

Honduras ............................................... 494 484 506 533 561 465 412 388

Mexico .................................................... 24,582 26,011 27,060 27,581 27,403 25,967 24,174 24,632

Nicaragua ............................................... 83 131 112 134 112 92 72 73

Panama .................................................. 4,118 5,301 5,210 4,820 3,751 3,285 3,692 3,150

Paraguay ............................................... 108 158 174 153 121 114 89 136

Peru ........................................................ 3,092 4,978 4,964 4,590 3,687 3,337 2,947 3,119

Uruguay.................................................. 415 396 419 413 382 1,685 1,063 712

Venezuela .............................................. 2,580 2,109 2,082 1,635 1,558 1,520 1,627 1,745

All other Latin America .......................... 70 52 70 92 103 75 72 35

Total Latin America.............................. 90,463 103,803 98,785 96,843 88,184 92,322 91,916 91,951

Caribbean: 

Anguilla .................................................. 6,493 8,248 13,151 10,375 7,785 8,631 8,800 10,465

Bahamas ................................................ 238,924 212,868 219,149 286,370 244,836 199,072 239,149 266,759

Barbados ............................................... 445 595 696 1,324 903 799 775 468

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2010 

59

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2008 2009 

Country 

Calendar 

year 

2007 June Sept. Dec. r Mar. r June r Sept. Dec. p

 

Caribbean, con. 

Bermuda...................................... 12,378 18,220 17,426 15,765 16,073 10,642 11,010 10,982

British Virgin Islands.................... 4,857 16,675 18,814 6,744 8,065 8,067 7,802 6,819

Cayman Islands........................... 972,317 1,074,223 999,004 1,054,095 1,064,810 1,078,171 1,100,081 1,054,573

Dominican Republic .................... 686 796 763 787 782 774 691 735

Haiti ............................................. 46 76 76 92 58 53 69 48

Jamaica ....................................... 687 850 832 805 471 451 438 443

Netherlands Antilles .................... 4,624 6,594 6,468 5,980 8,127 7,568 4,621 6,729

Trinidad and Tobago ................... 673 810 607 730 534 683 510 535

All other Caribbean...................... 770 676 555 455 501 466 640 791

Total Caribbean........................ 1,242,900 1,340,631 1,277,541 1,383,522 1,352,945 1,315,377 1,374,586 1,359,347

Asia: 

China, Mainland. ......................... 19,359 21,230 11,162 3,370 3,128 7,103 4,469 4,256

Hong Kong .................................. 10,263 10,040 14,755 12,962 7,685 7,454 13,306 21,463

India............................................. 4,588 5,984 6,182 6,211 6,474 6,904 7,631 7,619

Indonesia..................................... 1,030 1,243 1,168 1,120 1,098 1,000 956 844

Israel............................................ 5,031 4,907 3,595 2,621 2,151 1,831 3,735 3,377

Japan........................................... 97,856 98,861 91,210 99,491 134,676 171,915 202,398 194,656

Jordan ......................................... 54 25 30 23 32 24 36 17

Korea, South ............................... 28,247 22,063 16,459 13,606 12,326 12,840 12,815 15,686

Lebanon....................................... 51 48 66 56 68 62 60 69

Malaysia ...................................... 1,989 1,586 1,235 734 641 471 508 319

Pakistan....................................... 164 115 195 76 51 45 20 23

Philippines ................................... 1,271 1,517 930 1,083 767 820 1,245 947

Singapore .................................... 6,662 7,758 7,306 9,625 8,563 9,787 8,831 16,174

Taiwan......................................... 1,641 2,992 3,032 1,373 1,459 2,073 1,403 3,021

Thailand....................................... 5,978 1,194 203 181 143 283 232 237

Asian oil exporters 3 .................... 23,932 13,998 11,437 10,738 11,446 11,981 17,000 21,751

All other Asia ............................... 799 937 954 729 2,481 690 626 598

Total Asia.................................. 208,915 194,498 169,919 163,999 193,189 235,283 275,271 291,057

Africa: 

Cameroon.................................... 11 10 10 33 33 9 7 8

Egypt ........................................... 1,488 1,940 2,014 1,288 852 1,044 1,043 636

Ghana.......................................... 30 53 62 18 60 82 98 187

Liberia.......................................... 331 270 328 355 380 394 405 417

Morocco....................................... 50 55 30 33 9 21 7 13

South Africa................................. 730 525 1,022 721 775 677 1,079 1,718

African oil exporters 4 .................. 453 834 1,123 923 363 392 331 314

All other Africa ............................. 6,570 16,915 1,443 3,123 3,009 6,403 5,253 5,146

Total Africa ............................... 9,663 20,602 6,032 6,494 5,481 9,022 8,223 8,439

Other countries: 

Australia....................................... 43,465 44,099 40,826 36,071 41,359 51,512 55,880 87,821

New Zealand ............................... 4,541 6,104 6,170 5,984 6,688 6,409 8,132 10,609

All other ....................................... 316 425 526 598 593 550 563 573

Total other countries................. 48,322 50,628 47,522 42,653 48,640 58,471 64,575 99,003

Total foreign countries ........... 3,797,065 3,928,473 3,783,120 3,620,341 3,679,772 3,807,204 4,103,362 4,134,226

International and regional orgs: 

International organizations.......... 13,581 7,592 7,227 5,016 6,107 4,350 7,403 13,656

Regional organizations 5 ............. 1,202 722 2,215 3,165 2,359 799 2,000 1,917

Total international 

 and regional organizations ......... 14,783 8,314 9,442 8,181 8,466 5,149 9,403 15,573

 Grand total ............................ 3,811,848 3,936,787 3,792,562 3,628,522 3,688,238 3,812,353 4,112,765 4,149,799

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, 

Slovenia, Spain, Sweden, and the United Kingdom. Data available beginning June 2006. 

As of January 2007, also includes Bulgaria and Romania. 

3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Emirates 

 (Trucial States).

4 Includes Algeria, Gabon, Libya, and Nigeria. 

5

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2010 

60 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2009 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners 

(5) 

Payable in 

foreign 

currencies 

(6) 

Total 

customer 

claims 

(7) 

Payable 

in 

dollars 

(8) 

Payable in

foreign

currencies

(9) 

Europe: 

Austria ............................................... 3,299 2,456 2,439 543 1,896 17 843 374 469

Belgium.............................................. 15,050 12,132 11,538 10,626 912 594 2,918 2,036 882

Czech Republic ................................. 513 509 105 105 - 404 4 1 3

Denmark............................................ 5,984 1,189 392 181 211 797 4,795 4,651 144

Finland............................................... 49,224 38,025 37,930 37,793 137 95 11,199 10,879 320

France ............................................... 247,442 156,260 142,145 122,994 19,151 14,115 91,182 84,856 6,326

Germany............................................ 98,133 59,521 46,417 28,810 17,607 13,104 38,612 28,945 9,667

Greece............................................... 972 497 106 8 98 391 475 - 475

Hungary............................................. 1,324 1,302 1,264 251 1,013 38 22 - 22

Ireland................................................ 86,479 56,620 54,027 41,414 12,613 2,593 29,859 29,019 840

Italy .................................................... 52,153 44,319 42,369 42,081 288 1,950 7,834 4,791 3,043

Kazakhstan........................................ 370 369 369 244 125 - 1 - 1

Luxembourg ...................................... 30,570 24,071 21,740 6,422 15,318 2,331 6,499 5,955 544

Netherlands ....................................... 70,918 41,734 37,977 12,306 25,671 3,757 29,184 27,517 1,667

Norway .............................................. 21,511 9,359 9,245 7,787 1,458 114 12,152 11,716 436

Poland ............................................... 495 494 449 203 246 45 1 1 -

Portugal ............................................. 2,755 1,896 1,894 1,501 393 2 859 436 423

Romania ............................................ 183 183 113 - 113 70 - - -

Russia................................................ 1,732 1,662 1,214 989 225 448 70 70 -

Spain ................................................. 49,089 39,332 37,058 36,622 436 2,274 9,757 7,719 2,038

Sweden.............................................. 30,894 6,020 4,360 2,533 1,827 1,660 24,874 24,537 337

Switzerland........................................ 86,505 76,385 66,978 59,067 7,911 9,407 10,120 10,060 60

Turkey................................................ 4,140 4,108 3,132 2,517 615 976 32 5 27

United Kingdom................................. 1,205,672 969,318 854,606 637,078 217,528 114,712 236,354 229,787 6,567

Channel Islands .................................. 19,323 8,995 8,743 2,468 6,275 252 10,328 9,853 475

All other Europe ................................ 5,175 1,738 1,418 683 735 320 3,438 3,133 304

Total Europe ................................... 2,089,905 1,558,494 1,388,028 1,055,226 332,802 170,466 531,411 496,341 35,070

Memo: Euro Area 1 ............................... 709,933 477,467 436,073 341,382 94,691 41,394 232,466 205,477 26,989

Canada................................................. 194,524 132,354 100,588 79,071 21,517 31,766 62,170 55,180 6,990

Latin America: 

Argentina ........................................... 4,037 4,001 3,423 1,097 2,326 578 36 22 14

Bolivia................................................ 516 516 501 7 494 15 - - -

Brazil.................................................. 32,540 32,302 30,330 16,770 13,560 1,972 238 171 67

Chile .................................................. 14,446 14,429 14,063 8,065 5,998 366 17 16 1

Colombia ........................................... 3,286 3,286 3,278 1,443 1,835 8 - - -

Costa Rica ........................................ 1,018 1,018 989 449 540 29 - - -

Ecuador............................................. 492 491 491 70 421 - 1 1 -

El Salvador ....................................... 558 558 532 300 232 26 - - -

Guatemala......................................... 1,068 1,068 1,023 499 524 45 - - -

Honduras .......................................... 388 388 387 257 130 1 - - -

Mexico ............................................... 24,632 24,499 23,660 1,797 21,863 839 133 18 115

Panama ............................................. 3,150 3,096 3,019 1,782 1,237 77 54 54 -

Peru ................................................... 3,119 3,106 3,092 1,270 1,822 14 13 10 3

Uruguay............................................. 712 712 703 26 677 9 - - -

Venezuela ......................................... 1,745 1,566 1,409 292 1,117 157 179 179 -

All other Latin America ..................... 244 244 244 108 136 - - - -

Total Latin America......................... 91,951 91,280 87,144 34,232 52,912 4,136 671 471 200

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2010 

61

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, December 31, 2009, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Claims of domestic customers 

Country 

Total 

claims 

(1) 

Total 

own 

claims 

(2) 

Total own 

claims 

payable in 

dollars 

(3) 

Foreign 

official 

institutions

and foreign

banks 

(4) 

Claims 

on all 

other 

foreigners

(5) 

Payable in

foreign 

currencies

(6) 

Total 

customer

claims 

(7) 

Payable

in 

dollars

(8) 

Payable in 

foreign 

currencies 

(9) 

Caribbean: 

Bahamas ........................................... 266,759 181,532 181,176 172,897 8,279 356 85,227 85,199 28 

Bermuda............................................ 10,982 10,982 8,719 54 8,665 2,263 - - - 

British Virgin Islands ......................... 6,819 6,743 5,293 171 5,122 1,450 76 76 - 

Cayman Islands................................. 1,054,573 787,993 764,359 659,862 104,497 23,634 266,580 265,064 1,516 

Dominican Republic ......................... 735 735 715 246 469 20 - - - 

Jamaica ............................................. 443 443 424 211 213 19 - - - 

Netherlands Antilles .......................... 6,729 6,727 6,503 322 6,181 224 2 2 - 

Trinidad and Tobago ......................... 535 535 523 123 400 12 - - - 

All other Caribbean ........................... 11,772 11,771 9,571 245 9,326 2,200 1 1 - 

Total Caribbean.............................. 1,359,347 1,007,461 977,283 834,131 143,152 30,178 351,886 350,342 1,544 

Asia: 

China, Mainland ................................ 4,256 4,107 3,489 2,827 662 618 149 115 34 

Hong Kong ........................................ 21,463 21,352 20,529 18,680 1,849 823 111 28 83 

India................................................... 7,619 7,366 7,242 5,424 1,818 124 253 225 28 

Indonesia........................................... 844 770 709 577 132 61 74 32 42 

Israel.................................................. 3,377 2,954 2,904 2,629 275 50 423 261 162 

Japan................................................. 194,656 168,784 153,960 133,562 20,398 14,824 25,872 23,172 2,700 

Korea, South ..................................... 15,686 15,455 14,430 13,302 1,128 1,025 231 202 29 

Malaysia ............................................ 319 296 245 54 191 51 23 2 21 

Pakistan............................................. 23 21 18 15 3 3 2 1 1 

Philippines ......................................... 947 924 871 780 91 53 23 2 21 

Singapore .......................................... 16,174 15,726 15,004 13,107 1,897 722 448 328 120 

Taiwan............................................... 3,021 2,894 2,615 2,341 274 279 127 6 121 

Thailand............................................. 237 225 192 164 28 33 12 6 6 

All other Asia ..................................... 22,435 22,317 22,026 18,591 3,435 291 118 108 10 

Total Asia........................................ 291,057 263,191 244,234 212,053 32,181 18,957 27,866 24,488 3,378 

Africa: 

Egypt ................................................. 636 336 333 118 215 3 300 1 299 

Ghana................................................ 187 184 184 148 36 - 3 3 - 

Liberia................................................ 417 417 417 1 416 - - - - 

Morocco............................................. 13 13 8 7 1 5 - - - 

South Africa....................................... 1,718 1,477 1,367 1,328 39 110 241 - 241 

All other Africa ................................... 5,468 5,357 5,091 330 4,761 266 111 95 16 

Total Africa ..................................... 8,439 7,784 7,400 1,932 5,468 384 655 99 556 

Other countries: 

Australia............................................. 87,821 33,068 31,586 27,971 3,615 1,482 54,753 54,087 666 

New Zealand ..................................... 10,609 2,505 850 701 149 1,655 8,104 8,081 23 

All other ............................................. 573 573 573 - 573 - - - - 

Total other countries....................... 99,003 36,146 33,009 28,672 4,337 3,137 62,857 62,168 689 

Total foreign countries ................. 4,134,226 3,096,710 2,837,686 2,245,317 592,369 259,024 1,037,516 989,089 48,427 

International and regional orgs: 

International organizations................ 13,656 6,674 6,674 - 6,674 - 6,982 6,982 - 

Regional organizations 2.................... 1,917 529 529 - 529 - 1,388 1,388 - 

Total international and regional 

 organizations ................................ 15,573 7,203 7,203 - 7,203 - 8,370 8,370 - 

 Grand total .................................. 4,149,799 3,103,913 2,844,889 2,245,317 599,572 259,024 1,045,886 997,459 48,427 

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia. 

2

 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2010 

62 

0

200

400

600

800

1000

1200

1400

1600

 2005 2006 2007 2008 Dec. 2009

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2005 2006 2007 2008 Dec. 2009 

United Kingdom................................. 627,105 938,123 1,111,135 980,656 1,205,672 

All other Europe................................. 604,908 672,126 945,501 791,790 884,233 

Caribbean banking centers 1 ............. 870,441 1,061,389 1,237,218 1,373,774 1,349,012 

Japan................................................. 114,713 157,671 97,856 99,491 194,656 

All other Asia ..................................... 92,387 89,770 111,059 64,508 96,401 

Subtotal............................................ 2,309,554 2,919,079 3,502,769 3,310,219 3,729,974 

All other countries.............................. 190,845 221,485 309,079 318,303 419,825 

Grand total....................................... 2,500,399 3,140,564 3,811,848 3,628,522 4,149,799 

1

 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In December 2009, U.S. claims on 

foreigners reported by U.S. banks 

amounted to about $4.1 trillion, an 

increase of $521 billion from that 

recorded at yearend 2008. U.S. 

banking claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign longterm securities. U.S. banking claims 

decreased $183 billion in 2008, 

despite an increase from the 

addition of several new bank 

holding companies to the reporter 

panel. However, such claims 

increased $671 billion in 2007 and 

$640 billion in 2006, although part 

of the 2006 increase reflects 

changes in coverage in the bankreported data in the first and second 

quarters of 2006. 

As with U.S. banking liabilities, 

U.S. banking claims on foreigners 

are concentrated in international 

financial centers. More than 60 

percent of these claims are reported 

opposite the United Kingdom and 

banking centers in the Caribbean. 

These financial centers recorded 

much of the growth in U.S. banking 

claims through 2007. During 2008, 

claims against Caribbean banking 

centers continued to grow while 

claims fell against the United 

Kingdom, other Europe, and most 

of Asia. This trend reversed in 2009 

when claims against the Caribbean 

declined slightly while claims 

against all other foreigners grew. 

Despite the turmoil in financial 

markets in recent years, U.S. 

banking claims on foreigners have 

far surpassed their 2006 and 2007 

levels. 
CAPITAL MOVEMENTS 

June 2010 

63

SECTION III.—Liabilities to, and Claims on, Unaffiliated Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Type of liability or claim 2005 2006 2007 Dec. Mar. r June r Sept. Dec. p

Total liabilities ................................................... 76,710 89,217 103,835 87,630 76,829 80,648 80,778 75,286

Payable in dollars.......................................... 58,728 72,331 79,161 69,124 61,163 62,819 62,273 55,110

Financial.................................................... 24,003 35,033 26,474 18,650 16,028 13,927 12,715 12,828

Short-term negotiable securities........... 3,248 8,266 1,983 2,740 2,869 2,233 940 1,221

Other ..................................................... 20,755 26,767 24,491 15,910 13,159 11,694 11,775 11,607

Commercial............................................... 34,725 37,298 52,687 50,474 45,135 48,892 49,558 42,282

Trade payables ..................................... 21,751 24,101 26,261 18,811 19,020 23,234 23,734 18,928

Advance receipts and other.................. 12,974 13,197 26,426 31,663 26,115 25,658 25,824 23,354

Payable in foreign currencies ....................... 17,982 16,886 24,674 18,506 15,666 17,829 18,505 20,176

By major foreign currency: 

Canadian dollars................................... 2,525 3,536 2,162 2,235 1,947 3,455 3,305 3,291

Euros..................................................... 5,041 5,239 9,075 6,487 3,303 4,505 5,249 5,233

United Kingdom pounds sterling........... 3,640 4,494 4,267 1,361 1,403 1,474 1,639 1,420

Japanese yen........................................ 2,326 1,770 3,908 962 949 889 772 919

Other ..................................................... 4,450 1,847 5,262 7,461 8,064 7,506 7,540 9,313

By type of liability: 

Financial................................................ 15,246 13,679 21,445 15,632 12,489 14,728 15,217 16,910

Short-term negotiable securities....... 5,802 3,351 2,940 2,108 1,294 1,218 1,283 1,260

Other ................................................. 9,444 10,328 18,505 13,524 11,195 13,510 13,934 15,650

Commercial........................................... 2,736 3,207 3,229 2,874 3,177 3,101 3,288 3,266

Trade payables ................................. 1,299 1,572 1,605 1,334 1,277 1,238 1,219 1,134

Advance receipts and other.............. 1,437 1,635 1,624 1,540 1,900 1,863 2,069 2,132

Total claims....................................................... 144,950 126,032 136,416 107,476 105,909 107,366 99,088 91,148

Payable in dollars.......................................... 105,700 100,031 110,070 83,810 84,351 85,119 80,034 73,324

Financial.................................................... 75,802 66,871 66,726 43,223 40,532 39,585 37,504 33,061

Non-negotiable deposits ....................... 42,140 28,380 28,393 12,539 11,667 12,763 14,077 13,651

Negotiable CDs and short-term 

negotiable instruments.......................... 12,888 2,624 1,168 1,133 945 905 558 61

Other ..................................................... 20,774 35,867 37,165 29,551 27,920 25,917 22,869 19,349

Commercial............................................... 29,898 33,160 43,344 40,587 43,819 45,534 42,530 40,263

Trade receivables ................................. 26,080 29,388 37,108 31,161 32,114 33,816 31,610 28,258

Advance payments and other............... 3,818 3,772 6,236 9,426 11,705 11,718 10,920 12,005

Payable in foreign currencies ....................... 39,250 26,001 26,346 23,666 21,558 22,247 19,054 17,824

By major foreign currency: 

Canadian dollars................................... 9,829 9,194 5,371 2,409 1,888 2,398 2,470 2,582

Euros..................................................... 10,643 6,951 10,833 5,140 5,318 5,264 3,207 3,364

United Kingdom pounds sterling........... 8,341 4,675 4,210 1,922 1,749 1,754 1,707 1,650

Japanese yen........................................ 3,724 1,027 1,378 451 545 669 580 627

Other ..................................................... 6,713 4,154 4,554 13,744 12,058 12,162 11,090 9,601

By type of claim: 

Financial................................................ 35,592 21,775 21,305 19,851 17,678 18,661 15,912 14,364

Non-negotiable deposits ................... 8,009 3,529 1,498 1,968 1,734 2,002 2,168 2,124

Short-term negotiable securities....... 292 120 77 86 111 133 371 436

Other ................................................. 27,291 18,126 19,730 17,797 15,833 16,526 13,373 11,804

Commercial........................................... 3,658 4,226 5,041 3,815 3,880 3,586 3,142 3,460

Trade receivables ............................. 3,151 3,414 4,684 3,595 3,647 3,404 2,945 3,245

Advance payments and other........... 507 812 357 220 233 182 197 215
CAPITAL MOVEMENTS 

June 2010 

64 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2005 2006 2007 Dec. Mar. r June r Sept. Dec. p

Europe: 

Austria.................................... 68 91 230 95 97 83 87 77

Belgium .................................. 73 181 492 427 389 373 191 196

Bulgaria.................................. - 44 36 1 2 4 - -

Czech Republic...................... 17 14 25 45 49 41 50 44

Denmark................................. 78 132 937 161 84 149 105 140

Finland ................................... 20 140 63 79 134 108 103 518

France.................................... 2,631 2,562 3,165 4,801 4,109 3,289 3,461 2,980

Germany ................................ 3,646 12,391 4,977 3,746 3,413 4,543 5,672 5,324

Greece ................................... 401 182 187 241 250 220 237 232

Hungary.................................. 12 18 46 30 22 25 22 16

Ireland .................................... 1,636 316 1,569 2,067 1,524 1,433 1,323 2,661

Italy......................................... 1,174 1,040 1,196 509 399 539 553 450

Luxembourg ........................... 378 977 235 837 627 655 610 502

Netherlands............................ 895 1,709 1,194 1,728 1,410 1,120 1,455 876

Norway................................... 3,537 545 721 385 380 543 677 471

Poland.................................... 229 330 385 269 240 239 202 200

Portugal.................................. 39 27 205 35 35 46 26 22

Romania................................. 4 9 6 71 85 84 83 11

Russia .................................... 64 110 306 524 424 337 439 297

Serbia and Montenegro 

(formerly Yugoslavia)......... 4 1 3 6 5 4 5 -

Spain...................................... 399 269 533 816 675 552 599 485

Sweden .................................. 747 952 438 274 246 241 224 445

Switzerland ............................ 1,237 1,070 1,705 2,333 2,467 1,996 2,139 2,415

Turkey .................................... 137 261 754 709 769 908 1,321 1,485

United Kingdom ..................... 15,093 17,339 23,350 14,916 11,692 10,922 10,359 10,089

Channel Islands and 

Isle of Man ......................... 501 15 208 95 82 95 126 84

Other Europe ......................... 250 421 539 435 534 598 825 524

Total Europe ......................

 33,271 41,146 43,505 35,635 30,143 29,147 30,894 30,544

Canada.......................................

 4,905 7,694 7,767 5,960 5,704 7,103 6,973 5,395

Latin America: 

Argentina................................ 148 138 156 89 83 158 99 66

Brazil ...................................... 288 264 940 626 643 600 624 560

Chile ....................................... 387 406 546 353 380 390 299 301

Colombia................................ 106 208 356 332 456 601 435 378

Ecuador.................................. 10 89 33 30 74 40 85 12

Guatemala ............................. 23 25 10 8 11 10 12 6

Mexico.................................... 2,234 2,150 2,848 1,579 1,662 2,096 2,096 2,006

Panama.................................. 56 57 85 166 119 216 379 328

Peru........................................ 8 6 36 34 36 42 35 28

Uruguay.................................. 2 13 20 12 28 10 9 13

Venezuela .............................. 681 353 575 413 575 860 666 181

Other Latin America............... 105 24 106 50 61 64 71 70

Total Latin America............... 4,048 3,733 5,711 3,692 4,128 5,087 4,810 3,949

Caribbean: 

Bahamas................................ 70 70 89 52 58 127 44 81

Bermuda..................................... 1,704 777 707 723 758 1,633 1,253 713

Cayman Islands ..................... 6,522 12,804 15,969 10,354 8,385 8,668 7,724 8,348

Cuba....................................... - - - - 10 - - 8

Jamaica.................................. 14 20 18 37 30 29 19 15

Netherlands Antilles............... 13 2 4 6 2 10 3 3

Trinidad and Tobago.............. 44 25 74 60 45 59 41 45

Other Caribbean .................... 936 761 803 444 762 889 814 342

Total Caribbean .................

 9,303 14,459 17,664 11,676 10,050 11,415 9,898 9,555

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2010 

65

TABLE CM-III-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2005 2006 2007 Dec. Mar. r June r Sept. Dec. p

Asia: 

China, Mainland. ....................... 3,825 1,297 857 4,769 4,590 4,513 4,475 3,919

Hong Kong ................................ 746 564 981 593 567 706 886 618

India........................................... 158 418 1,447 1,082 1,114 1,091 951 732

Indonesia................................... 89 57 172 366 369 377 464 388

Israel.......................................... 613 385 293 292 244 216 236 321

Japan......................................... 7,354 7,210 6,888 6,190 6,223 6,355 6,323 5,940

Korea, South ............................. 1,743 1,350 1,213 1,314 765 813 873 838

Lebanon .................................... 42 11 9 15 6 8 8 8

Malaysia .................................... 335 471 562 363 462 477 428 310

Pakistan..................................... 230 171 172 28 45 25 28 17

Philippines................................. 109 95 89 107 87 81 67 81

Singapore.................................. 1,823 2,839 4,255 3,767 1,754 1,912 1,785 1,864

Syria .......................................... 4 8 8 3 3 3 116 -

Taiwan....................................... 1,010 1,093 1,019 722 676 800 877 458

Thailand..................................... 212 599 380 295 305 301 414 422

Oil-exporting countries 1............ 4,159 3,955 7,158 6,378 5,709 6,713 6,547 6,353

Other Asia ................................. 298 156 377 460 234 291 275 293

Total Asia .............................. 22,750 20,679 25,880 26,744 23,153 24,682 24,753 22,562

Africa: 

Congo (formerly Zaire).............. - - - - - - - 8

Egypt ......................................... 119 132 280 293 289 338 273 94

Ghana........................................ 1 6 12 5 4 3 3 3

Liberia........................................ 1 3 6 64 65 67 62 61

Morocco..................................... 42 42 190 112 102 81 96 118

South Africa............................... 950 35 52 256 283 273 290 283

Oil-exporting countries 2............ 590 283 655 764 773 784 993 771

Other Africa ............................... 210 379 294 341 379 263 386 539

Total Africa ............................ 1,913 880 1,489 1,835 1,895 1,809 2,103 1,877

Other countries: 

Australia .................................... 397 560 1,658 1,925 1,617 1,246 1,139 1,099

New Zealand ............................. 38 36 91 92 97 126 157 178

All other ..................................... 83 15 25 30 31 31 25 25

Total other countries ............. 518 611 1,774 2,047 1,745 1,403 1,321 1,302

Total foreign countries ...... 76,708 89,202 103,790 87,589 76,818 80,646 80,752 75,184

International and regional orgs: 

International organizations........ - - 2 7 2 - - 71

Regional organizations 3 ........... 2 15 43 34 9 2 26 31

Total international and 

 regional organizations......... 2 15 45 41 11 2 26 102

Grand total ........................ 76,710 89,217 103,835 87,630 76,829 80,648 80,778 75,286

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2010 

66 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2008 2009 

Country 2004 2005 2006 2007 Dec. Mar. r June r Sept. Dec. p

Europe: 

Austria.......................................... 1,816 2,159 2,031 2,039 1,951 1,914 1,854 1,830 1,812

Belgium ........................................ 2,307 1,822 419 807 393 724 466 346 312

Bulgaria........................................ 37 29 3 6 6 4 4 7 6

Czech Republic............................ 64 49 50 134 85 94 106 84 71

Denmark....................................... 494 341 149 184 74 104 80 82 78

Finland ......................................... 617 336 591 805 541 640 595 603 1,803

France.......................................... 3,713 5,063 3,420 6,061 2,736 2,607 2,201 2,351 2,401

Germany ...................................... 6,787 4,238 10,148 4,926 8,621 6,305 4,656 3,825 3,365

Greece ......................................... 199 380 163 250 192 191 210 195 191

Hungary........................................ 46 57 45 153 95 95 87 65 192

Ireland .......................................... 1,672 795 858 968 1,814 1,348 2,126 1,183 1,240

Italy............................................... 2,434 3,702 2,337 2,515 1,195 1,898 1,897 1,723 1,890

Luxembourg ................................. 127 391 352 919 183 194 220 156 180

Netherlands.................................. 7,883 3,387 3,570 3,989 2,092 2,392 2,068 2,333 2,482

Norway......................................... 229 402 366 325 271 322 300 231 248

Poland.......................................... 57 58 99 153 132 123 151 159 195

Portugal........................................ 146 60 64 89 76 77 68 57 60

Romania....................................... 47 22 36 60 54 53 66 85 90

Russia .......................................... 157 359 774 1,326 694 616 810 791 519

Serbia and Montenegro 

(formerly Yugoslavia)............... 14 17 10 15 14 15 17 14 17

Spain............................................ 1,242 2,032 1,425 1,625 1,072 969 1,009 995 1,007

Sweden ........................................ 648 503 652 689 450 498 560 504 297

Switzerland .................................. 2,506 1,876 1,424 2,143 1,788 1,645 1,689 1,599 3,554

Turkey .......................................... 594 638 420 732 593 582 612 657 654

United Kingdom ........................... 27,699 24,772 17,483 23,662 17,983 20,324 17,809 15,264 14,358

Channel Islands and 

Isle of Man ............................... 25 16 19 109 419 649 507 438 547

Other Europe ............................... 607 1,315 1,267 1,465 1,107 554 472 430 400

Total Europe ............................ 62,171 54,820 48,175 56,149 44,631 44,937 40,640 36,007 37,969

Canada............................................. 8,429 16,122 17,520 16,418 10,551 8,957 10,693 10,279 10,035

Latin America: 

Argentina...................................... 406 350 470 463 473 393 431 432 417

Brazil ............................................ 2,758 2,972 2,927 2,682 2,365 2,067 2,066 2,107 1,908

Chile ............................................. 346 303 299 404 540 459 474 362 328

Colombia...................................... 295 299 349 449 429 434 380 417 389

Ecuador........................................ 86 95 119 160 173 129 105 93 136

Guatemala ................................... 90 100 116 200 180 148 162 158 132

Mexico.......................................... 3,756 4,108 3,242 3,505 3,089 2,827 3,299 3,008 2,977

Panama........................................ 177 198 266 323 408 419 373 352 335

Peru.............................................. 95 117 164 196 270 215 185 166 161

Uruguay........................................ 13 5 12 33 106 88 89 87 29

Venezuela .................................... 474 539 481 669 657 727 1,677 1,621 1,364

Other Latin America..................... 504 485 376 431 435 343 372 393 323

Total Latin America...................... 9,000 9,571 8,821 9,515 9,125 8,249 9,613 9,196 8,499

Caribbean: 

Bahamas...................................... 1,631 1,631 3,949 2,200 353 507 400 477 303

Bermuda............................................ 5,358 2,238 1,734 1,704 1,722 1,790 2,843 2,775 2,584

Cayman Islands ........................... 36,320 36,416 26,051 16,987 19,513 16,460 18,624 16,885 11,705

Cuba............................................. 8 12 2 10 - 2 - - -

Jamaica........................................ 67 70 60 106 79 74 58 91 63

Netherlands Antilles..................... 37 42 30 118 112 92 88 104 6

Trinidad and Tobago.................... 120 119 125 172 111 108 82 88 78

Other Caribbean .......................... 1,085 1,721 1,264 1,518 1,013 1,092 1,042 1,029 983

Total Caribbean ....................... 44,626 42,249 33,215 22,815 22,903 20,125 23,137 21,449 15,722

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2010 

67

TABLE CM-III-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2008 2009 

Country 2004 2005 2006 2007 Dec. Mar. r June r Sept. Dec. p

Asia: 

China, Mainland........................ 3,688 4,958 1,772 1,913 1,455 2,562 1,602 2,850 1,387

Hong Kong ................................ 701 941 1,009 8,762 809 782 963 937 739

India .......................................... 643 413 654 812 695 635 695 812 621

Indonesia................................... 393 445 231 206 273 342 560 287 326

Israel ......................................... 482 403 360 601 635 431 327 398 440

Japan ........................................ 2,848 2,696 3,349 5,518 4,578 4,170 3,461 2,276 2,114

Korea, South ............................. 1,569 1,244 1,143 1,272 980 2,102 2,439 2,285 2,131

Lebanon .................................... 15 22 19 19 44 28 22 13 19

Malaysia.................................... 549 536 270 362 275 234 236 222 184

Pakistan .................................... 43 57 86 115 33 49 30 64 36

Philippines................................. 503 275 109 109 63 65 61 77 72

Singapore.................................. 1,600 1,944 1,811 2,809 1,448 3,584 3,551 3,452 2,568

Syria .......................................... 14 6 10 1 12 4 14 10 11

Taiwan....................................... 892 853 972 1,240 976 993 1,601 1,075 533

Thailand .................................... 326 295 312 416 330 351 351 345 315

Oil-exporting countries 1............ 1,208 1,800 1,814 2,552 3,392 3,106 3,167 2,535 2,482

Other Asia ................................. 309 408 328 513 179 144 171 209 218

Total Asia .............................. 15,783 17,296 14,249 27,220 16,177 19,582 19,251 17,847 14,196

Africa: 

Congo (formerly Zaire).............. 1 1 11 6 5 - - 1 15

Egypt......................................... 159 194 165 296 362 179 217 173 219

Ghana ....................................... 4 16 3 8 7 2 6 6 6

Liberia ....................................... 102 98 73 54 54 51 49 49 55

Morocco .................................... 33 23 21 21 24 13 23 31 10

South Africa .............................. 193 1,075 221 254 356 330 327 347 370

Oil-exporting countries 2............ 162 295 332 350 300 317 369 312 257

Other Africa............................... 281 419 411 400 495 495 505 489 484

Total Africa............................ 935 2,121 1,237 1,389 1,603 1,387 1,496 1,408 1,416

Other countries: 

Australia .................................... 1,588 2,144 2,365 2,467 2,194 2,402 2,321 2,710 3,142

New Zealand............................. 441 420 351 145 72 68 90 76 93

All other..................................... 245 207 76 37 13 14 12 6 2

Total other countries ............. 2,274 2,771 2,792 2,649 2,279 2,484 2,423 2,792 3,237

Total foreign countries ...... 143,218 144,950 126,009 136,155 107,269 105,721 107,253 98,978 91,074

International and regional orgs: 

International organizations........ 3 - 4 150 21 46 38 40 48

Regional organizations 3 ........... 11 - 19 111 186 142 75 70 26

Total international and 

 regional organizations......... 14 - 23 261 207 188 113 110 74

Grand total ........................ 143,232 144,950 126,032 136,416 107,476 105,909 107,366 99,088 91,148

1 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

2 Includes Algeria, Gabon, Libya, and Nigeria. 

3 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2010 

68 

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

Country, December 31, 2009, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

 

Europe: 

Austria ............................................... 77 45 32 1,812 1,750 62 

Belgium ............................................ 196 82 114 312 174 138 

Bulgaria ............................................ - - -6 - 6 

Czech Republic................................ 44 1 43 71 2 69 

Denmark........................................... 140 1 139 78 14 64 

Finland.............................................. 518 455 63 1,803 77 1,726 

France .............................................. 2,980 1,567 1,413 2,401 626 1,775 

Germany........................................... 5,324 4,271 1,053 3,365 1,848 1,517 

Greece.............................................. 232 18 214 191 99 92 

Hungary............................................ 16 7 9 192 14 178 

Ireland .............................................. 2,661 1,636 1,025 1,240 942 298 

Italy................................................... 450 17 433 1,890 143 1,747 

Luxembourg ..................................... 502 305 197 180 101 79 

Netherlands...................................... 876 454 422 2,482 1,450 1,032 

Norway ............................................. 471 62 409 248 128 120 

Poland .............................................. 200 3 197 195 46 149 

Portugal............................................ 22 4 18 60 4 56 

Romania........................................... 11 - 11 90 15 75 

Russia .............................................. 297 29 268 519 292 227 

Serbia and Montenegro 

(formerly Yugoslavia) ................... - - - 17 - 17 

Spain ................................................ 485 192 293 1,007 370 637 

Sweden ............................................ 445 233 212 297 82 215 

Switzerland....................................... 2,415 710 1,705 3,554 853 2,701 

Turkey .............................................. 1,485 35 1,450 654 509 145 

United Kingdom................................ 10,089 7,227 2,862 14,358 9,721 4,637 

Channel Islands and 

Isle of Man.................................... 84 79 5 547 519 28 

Other Europe.................................... 524 77 447 400 218 182 

Total Europe................................. 30,544 17,510 13,034 37,969 19,997 17,972 

Canada................................................. 5,395 1,719 3,676 10,035 7,065 2,970 

Latin America: 

Argentina.......................................... 66 10 56 417 33 384 

Brazil ................................................ 560 18 542 1,908 1,039 869 

Chile ................................................. 301 15 286 328 81 247 

Colombia .......................................... 378 - 378 389 25 364 

Ecuador............................................ 12 1 11 136 26 110 

Guatemala........................................ 6 1 5 132 46 86 

Mexico.............................................. 2,006 63 1,943 2,977 1,070 1,907 

Panama............................................ 328 104 224 335 208 127 

Peru.................................................. 28 - 28 161 28 133 

Uruguay............................................ 13 5 8 29 1 28 

Venezuela ........................................ 181 10 171 1,364 170 1,194 

Other Latin America ......................... 70 1 69 323 80 243 

Total Latin America........................... 3,949 228 3,721 8,499 2,807 5,692 

Caribbean: 

Bahamas .......................................... 81 - 81 303 243 60 

Bermuda................................................. 713 205 508 2,584 1,567 1,017 

Cayman Islands................................... 8,348 7,922 426 11,705 10,812 893 

Cuba................................................. 8 - 8 - - - 

Jamaica............................................ 15 - 15 63 43 20 

Netherlands Antilles ......................... 3 - 3 6 - 6 

Trinidad and Tobago........................ 45 3 42 78 34 44 

Other Caribbean............................... 342 9 333 983 393 590 

Total Caribbean............................ 9,555 8,139 1,416 15,722 13,092 2,630 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

June 2010 

69

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

Country, December 31, 2009, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial

(5) 

Commercial

(6) 

Asia: 

China, Mainland ................................ 3,919 57 3,862 1,387 90 1,297 

Hong Kong ........................................ 618 45 573 739 57 682 

India................................................... 732 23 709 621 97 524 

Indonesia........................................... 388 18 370 326 262 64 

Israel.................................................. 321 2 319 440 19 421 

Japan................................................. 5,940 1,029 4,911 2,114 471 1,643 

Korea, South ..................................... 838 55 783 2,131 311 1,820 

Lebanon ............................................ 8 - 8 19 2 17 

Malaysia ............................................ 310 1 309 184 30 154 

Pakistan............................................. 17 4 13 36 - 36 

Philippines......................................... 81 - 81 72 21 51 

Singapore.......................................... 1,864 112 1,752 2,568 88 2,480 

Syria .................................................. - - - 11 - 11 

Taiwan............................................... 458 6 452 533 14 519 

Thailand............................................. 422 1 421 315 153 162 

Other Asia ......................................... 293 57 236 218 72 146 

Total Asia ........................................ 22,562 1,473 21,089 14,196 1,922 12,274 

Africa: 

Congo (formerly Zaire)...................... 8 - 8 15 - 15 

Egypt ................................................. 94 - 94 219 44 175 

Ghana................................................ 3 1 2 6 2 4 

Liberia................................................ 61 55 6 55 51 4 

Morocco............................................. 118 1 117 10 1 9 

South Africa....................................... 283 251 32 370 215 155 

Other Africa ....................................... 539 25 514 484 208 276 

Total Africa .................................... 1,877 333 1,544 1,416 581 835 

Other countries: 

Australia ............................................ 1,099 321 778 3,142 1,928 1,214 

New Zealand ..................................... 178 13 165 93 9 84 

All other ............................................. 25 2 23 2 - 2 

Total other countries ..................... 1,302 336 966 3,237 1,937 1,300 

Total foreign countries .............. 75,184 29,738 45,446 91,074 47,401 43,673 

International and regional orgs: 

International organizations................ 71 - 71 48 3 45 

 Regional organizations 1 .................. 31 - 31 26 21 5 

Total international and 

 regional organizations............. 102 - 102 74 24 50 

Grand total ................................ 75,286 29,738 45,548 91,148 47,425 43,723 

1 Includes European, Latin American, Caribbean, Asian, African, and Middle East 

regional organizations. 
CAPITAL MOVEMENTS 

June 2010 

70

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

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchases 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International

and regional

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign

 purchases 

 (8) 

Gross foreign

sales 

(9) 

2006 ......................................... 195,536 69,639 125,075 822 10,957,936 10,762,400 286,464 1,572,160 1,285,696 

2007 ......................................... 197,967 2,994 196,021 -1,048 15,127,526 14,929,559 218,979 2,050,451 1,831,472 

2008 ......................................... 315,036 76,620 238,859 -443 14,628,200 14,313,164 -39,041 2,589,604 2,628,645 

2009 r ....................................... 538,520 161,406 377,038 76 11,593,432 11,054,912 -11,493 1,043,178 1,054,671 

2010 - Jan. - Mar. p.................. 217,936 29,921 187,002 1,013 3,798,210 3,580,274 19,279 201,103 181,824 

 

2009 - Mar................................ 55,241 29,026 26,675 -460 903,935 848,694 -15,666 91,538 107,204 

Apr................................ 41,969 17,125 24,864 -20 733,806 691,837 -2,372 104,612 106,984 

May............................... -22,576 -21,763 -368 -445 786,884 809,460 13,141 91,436 78,295 

June.............................. 100,499 22,498 77,604 397 1,256,727 1,156,228 7,877 102,376 94,499 

July ............................... 31,252 15,721 14,854 677 942,876 911,624 -4,437 73,986 78,423 

Aug............................... 28,057 13,183 15,506 -632 1,065,820 1,037,763 4,593 77,437 72,844 

Sept.............................. 44,685 18,966 25,120 599 1,108,117 1,063,432 -1,627 73,910 75,537 

Oct................................ 38,910 15,043 23,745 122 1,215,277 1,176,367 -5,358 73,649 79,007 

Nov ............................... 117,880 31,184 86,638 58 1,194,248 1,076,368 5,908 66,894 60,986 

Dec. r............................ 69,944 24,322 45,715 -93 1,062,219 992,275 49 61,619 61,570 

2010 - Jan. ............................... 61,362 558 60,679 125 1,042,807 981,445 -5,041 55,877 60,918 

Feb. p ........................... 48,100 1,128 46,978 -6 1,212,265 1,164,165 2,370 64,358 61,988 

Mar. p ........................... 108,474 28,235 79,345 894 1,543,138 1,434,664 21,950 80,868 58,918 

Corporate and other securities 

Bonds * Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2006 .............................................................................. 510,806 1,678,464 1,167,658 150,415 6,868,571 6,718,156 

2007 .............................................................................. 393,355 1,913,307 1,519,952 195,521 10,639,315 10,443,794 

2008 .............................................................................. 94,196 1,467,504 1,373,308 41,485 12,016,708 11,975,223 

2009 r ............................................................................ -40,745 1,189,503 1,230,248 152,836 6,655,532 6,502,696 

2010 - Jan. - Mar. p....................................................... -20,597 233,394 253,991 28,613 1,680,253 1,651,640 

 

2009 - Mar..................................................................... 7,370 131,686 124,316 14,759 630,631 615,872 

Apr..................................................................... -9,365 86,452 95,817 3,913 560,480 556,567 

May.................................................................... 819 103,312 102,493 17,883 566,651 548,768 

June................................................................... -2,861 107,448 110,309 19,880 574,139 554,259 

July .................................................................... -10,823 90,973 101,796 29,792 541,723 511,931 

Aug.................................................................... -5,668 87,650 93,318 12,256 513,106 500,850 

Sept................................................................... -2,515 94,617 97,132 15,672 538,439 522,767 

Oct..................................................................... -844 100,306 101,150 10,298 603,120 592,822 

Nov .................................................................... -4,564 82,303 86,867 9,662 551,815 542,153 

Dec. r................................................................. -7,943 77,468 85,411 20,147 557,487 537,340 

2010 - Jan ..................................................................... -24,598 66,598 91,196 4,480 543,339 538,859 

Feb. p ................................................................ -12,016 63,754 75,770 12,914 558,909 545,995 

Mar. p ................................................................ 16,017 103,042 87,025 11,219 578,005 566,786 

 

 

* Data include transactions in directly placed issues abroad by U.S. corporations and issues 

of States and municipalities. 
 CAPITAL MOVEMENTS 

June 2010 

71

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

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from

U.S. 

(2) 

Gross foreign 

purchases from

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign

purchases from

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2006 ..................................................... -250,907 -144,452 1,879,713 2,024,165 -106,455 3,636,185 3,742,640 

2007 ..................................................... -229,223 -133,923 2,971,803 3,105,726 -95,300 5,215,764 5,311,064 

2008 ..................................................... 86,873 66,430 2,270,808 2,204,378 20,443 5,438,427 5,417,984 

2009 ..................................................... -197,572 -138,249 1,952,116 2,090,365 -59,323 3,170,194 3,229,517 

2010 - Jan. - Mar. p.............................. -42,534 -33,511 1,125,616 1,159,127 -9,023 845,847 854,870 

 

2009 - Mar............................................ -936 -344 127,519 127,863 -592 252,783 253,375 

Apr............................................ -22,697 -13,769 131,231 145,000 -8,928 250,662 259,590 

May........................................... -26,862 -16,051 144,370 160,421 -10,811 255,645 266,456 

June.......................................... -33,429 -19,514 192,283 211,797 -13,915 292,967 306,882 

July ........................................... -28,396 -14,174 182,628 196,802 -14,222 255,855 270,077 

Aug ........................................... -2,858 10,024 139,138 129,114 -12,882 250,641 263,523 

Sept.......................................... -15,000 -15,530 202,912 218,442 530 287,316 286,786 

Oct............................................ -23,691 -19,364 232,592 251,956 -4,327 322,827 327,154 

Nov ........................................... -2,523 -5,106 198,859 203,965 2,583 283,529 280,946 

Dec ........................................... -18,900 -17,389 182,224 199,613 -1,511 270,790 272,301 

2010 - Jan ............................................ -21,164 -16,066 307,935 324,001 -5,098 282,040 287,138 

Feb. p ....................................... -4,229 -2,894 352,291 355,185 -1,335 266,594 267,929 

Mar. p ....................................... -17,141 -14,551 465,390 479,941 -2,590 297,213 299,803 

 
CAPITAL MOVEMENTS 

June 2010 

72

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2010 2009 2010 2009 2010 2009 2010 

Country 

 Calendar 

 year 

 2009 

 (1) 

 Oct. 

 through

 Dec. 

(2) 

 Jan. 

 through 

 Mar. p 

 (3) 

Calendar

year 

2009 

(4) 

 Oct.

 through

 Dec.

 (5) 

 Jan. 

 through

 Mar. p 

 (6) 

 Calendar 

 year 

 2009 

 (7) 

 Oct.

 through

 Dec.

 (8) 

Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2009 

(10) 

 Oct. 

 through

 Dec. 

(11) 

Jan. 

 through

 Mar. p 

(12) 

Europe: 

Austria............................. -756 -65 -130 -184 -51 -34 252 -103 175 179 -147 -10

Belgium........................... -752 -61 -319 2,379 563 1,311 -13,807 -3,548 -4,445 2,468 484 -119

Bulgaria........................... -4 -11 33 - - - - - - -5 -4 -7

Cyprus 1 .......................... -244 -41 -54 -73 19 -13 1 1 -100 58 13 9

Czech Republic............... 74 -68 - -147 - -110 -11 -1 - 244 -1 130

Denmark ......................... 1,526 1,310 1,142 -47 1 -978 37 142 167 445 126 328

Finland............................ 805 278 -45 -52 -25 -11 319 81 -261 623 -149 555

France............................. 17,791 5,081 6,164 12,963 712 1,609 -3,897 564 380 174 -2,670 6,631

Germany ......................... -1,324 -589 6,431 -838 -134 56 -1,653 -938 -1,344 767 461 2,402

Greece............................ 124 20 44 -150 8 -25 -24 -17 -33 66 47 3

Hungary .......................... 86 -208 -196 -141 -120 -154 35 -51 11 233 20 -93

Ireland............................. -3,046 2,551 3,110 -4,487 -1,067 -1,748 -12,045 -2,435 -2,667 1,611 729 229

Italy ................................. 2,780 3,733 -881 87 379 -63 148 -37 116 -320 341 -1,806

Kazakhstan 1................... 250 -492 -160 142 150 -100 28 - 101 13 6 -

Luxembourg.................... 7,669 -165 -2,268 6,679 1,205 -2,403 -2,710 -926 149 1,940 865 504

Monaco 1......................... -360 -47 272 72 87 29 106 52 43 -100 63 105

Netherlands .................... 1,419 42 266 -739 -79 264 -1,746 -38 -307 3,285 1,905 -3,561

Norway............................ 10,803 3,915 2,057 -2,984 -2,116 179 -1,445 -729 -81 9,056 1,752 516

Poland............................. 2,123 1,277 -2,389 104 100 755 2 6 -12 -27 -30 -7

Portugal .......................... 48 61 -253 -203 -8 -8 -9 -1 -6 397 43 276

Romania ......................... -629 128 95 -2 - - 3 3 - -6 -4 -5

Russia............................. -16,479 -1,196 -1,347 -965 1 - 60 1 4 -16 -2 -24

Serbia and Montenegro 2... -96 -30 -139 - - - - - 21 2 -4

Spain............................... 409 1,122 -70 -49 -230 25 -37 -155 -1,568 156 -156 497

Sweden........................... 4,594 885 363 -1,202 131 -436 -1,836 -718 -790 3,469 517 102

Switzerland ..................... 15,811 8,796 -3,671 -4,580 -1,079 -1,195 -1,540 -759 1,081 8,665 938 58

Turkey............................. -4,415 -1,999 -305 - - - 319 - - 11 -16 -

Ukraine 1 ......................... -758 -161 -455 -49 -20 - -2 -2 -5 -2 - 32

United Kingdom .............. 171,036 85,396 96,648 20,291 5,915 8,307 -12,277 -4,813 -10,856 33,781 7,450 -4,722

Channel Islands .............. -1,011 -738 -120 9 86 -73 -326 357 -420 1,132 745 464

All other Europe 1 ............ -958 -776 -589 -2,052 -303 -708 -362 -56 -46 127 37 -6

Total Europe ............... 206,516 107,949 103,232 23,782 4,125 4,477 -52,417 -14,120 -20,712 68,425 13,365 2,477

Memo: Euro Area 3.............. 24,930 11,965 11,953 15,067 1,262 -1,066 -35,232 -7,582 -9,940 11,544 1,834 5,651

Memo: European Union 4 .... 203,373 100,684 107,737 33,848 7,352 6,272 -49,521 -13,011 -21,427 49,681 9,908 1,371

Canada ............................... 41,253 16,284 22,621 2,212 -1,354 1,383 6,772 531 -282 -1,555 -468 2,763

Latin America: 

Argentina ........................ -352 -40 115 54 12 20 538 86 -10 622 247 5

Brazil............................... -7,236 15,886 -1,395 575 89 484 976 -30 -87 22 -11 54

Chile ............................... -2,077 -781 -842 184 -28 46 18 -83 49 112 -174 493

Colombia......................... -2,707 -253 -1,227 -524 1,033 403 352 64 117 638 393 198

Ecuador .......................... -310 -4 -13 -82 5 3 71 20 -5 -33 -9 7

Costa Rica 5 .................... 170 37 131 285 93 230 115 14 50 219 179 -28

Guatemala ...................... 261 505 -3 16 7 2 -53 -3 13 11 6 7

Mexico ............................ 9,701 10,153 -797 -11,169 -1,619 552 3,723 435 332 2,135 1,808 1,059

Panama .......................... 79 -42 -133 764 132 162 559 223 398 583 475 81

Peru ................................ -430 -12 -576 -1,024 -409 101 102 5 84 386 16 -313

Uruguay .......................... -1,018 -547 621 -143 -40 -45 617 69 146 382 119 64

Venezuela....................... -167 -52 49 353 68 83 174 -23 -150 374 76 19

All other Latin America 5 ... 351 143 -94 -203 -215 13 339 122 105 52 8 14

Total Latin America..... -3,735 24,993 -4,164 -10,914 -872 2,054 7,531 899 1,042 5,503 3,133 1,660

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2010 

73

TABLE CM-IV-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2009 2010 2009 2010 2009 2010 2009 2010 

Country 

Calendar 

year 

2009 

(1) 

 Oct. 

 through 

 Dec. 

(2) 

 Jan. 

 through

 Mar. p

 (3) 

Calendar

year 

2009 

(4) 

 Oct. 

 through

 Dec. 

 (5) 

 Jan. 

 through

 Mar. p

 (6) 

Calendar 

year 

2009 

(7) 

 Oct.

 through

 Dec.

 (8) 

 Jan. 

 through 

 Mar. p 

 (9) 

Calendar 

year 

2009 

(10) 

 Oct. 

 through

 Dec. 

(11) 

 Jan. 

 through

 Mar. p 

(12) 

Caribbean: 

Anguilla 6.................................... -2,359 -771 -979 -658 -25 -121 260 108 470 923 -145 1,933

Bahamas.................................... -6 -3,446 -5,489 -680 128 349 1,422 -272 -261 -657 -1,410 98

Barbados 6 ................................. 581 203 235 527 329 593 1,125 51 51 -55 61 28

Bermuda .................................... 5,789 790 1,421 3,002 -513 329 3,263 967 432 -2,537 -2,014 3,082

British Virgin Islands 6 ................ -5,332 -443 5,649 -163 88 166 52 42 322 9,257 2,698 -728

Cayman Islands ......................... 2,419 21,155 8,486 -22,961 173 1,468 -3,605 -675 -2,390 26,679 13,748 11,369

Cuba .......................................... - - - - - - - - - - - -

Jamaica ..................................... 35 -2 10 21 40 -26 46 4 15 -13 -1 5

Netherlands Antilles ................... 4,582 1,522 2,730 -270 63 49 203 416 311 1,524 705 202

Trinidad and Tobago.................. 810 497 83 -122 -64 -38 -181 -125 19 225 44 44

All other Caribbean 6 .................. 74 26 -5 884 18 -9 244 15 15 159 60 18

Total Caribbean ..................... 6,593 19,531 12,141 -20,420 237 2,760 2,829 531 -1,016 35,505 13,746 16,051

Asia: 

China, Mainland. ........................ 123,456 26,579 29,367 -24,671 -7,859 -3,619 -4,050 -1,328 -362 4,028 2,190 749

Hong Kong................................. -929 -3,620 6,376 10,242 4,196 2,518 2,867 -131 -1,377 6,335 3,101 2,029

India........................................... 5,487 1,400 -528 1 -6 - -27 -40 21 -1,758 -156 -142

Indonesia ................................... -3,608 696 301 -63 -5 -92 217 -2 -73 29 28 -19

Israel.......................................... 441 573 2,312 176 -67 129 -223 -49 313 1,540 578 312

Japan......................................... 129,526 20,687 27,556 -13,462 -4,953 13,909 -1,598 -2,868 -1,345 13,754 405 168

Korea, South.............................. 7,738 501 -377 14,657 8,607 973 -228 1,071 1,117 1,707 -64 383

Lebanon..................................... 35 -1 -2 3 -2 -1 100 15 30 49 2 1

Malaysia..................................... 1,990 148 -237 -951 211 -624 485 -24 254 213 16 67

Pakistan ..................................... -47 63 29 -4 - - 9 7 7 -39 -7 1

Philippines.................................. -15 518 2,532 -188 -15 2 -152 -76 40 39 -1 31

Singapore................................... 5,196 3,633 3,629 -2,868 -1,625 -1,526 -3,054 -164 1,778 12,006 1,763 615

Syria........................................... - - - - - - 3 - - 38 2 -30

Taiwan ....................................... 7,825 1,732 7,568 15,083 2,804 737 4,981 814 696 1,248 644 -318

Thailand ..................................... 4,819 4,930 2,147 -885 -141 26 1 -7 56 -7 -14 12

Oil exporting countries 7 ............. -520 -1,847 -1,421 1,483 -1,488 -1,863 -4,041 -1,026 -1,921 3,531 151 722

All other Asia.............................. -957 -1,127 -239 -675 19 -13 -526 24 33 83 18 84

Total Asia............................... 280,437 54,865 79,013 -2,122 -324 10,556 -5,236 -3,784 -733 42,796 8,656 4,665

Africa: 

Egypt.......................................... -894 -740 359 -189 - -45 80 -2 -3 -34 -15 9

Liberia........................................ -189 -61 -7 -35 -7 4 108 8 -20 -22 92 -49

Morocco ..................................... 5 -15 -5 -1,710 -331 -505 111 4 3 -4 -1 -4

South Africa ............................... -111 382 -597 -448 -16 -15 -88 -17 -9 99 89 19

Oil exporting countries 8 ............. 5,225 1,354 3,200 -108 4 11 114 4 3 5 -14 -22

All other Africa............................ 492 -7 276 -50 -81 19 94 19 69 -733 138 -154

Total Africa............................. 4,528 913 3,226 -2,540 -431 -531 419 16 43 -689 289 -201

Other countries: 

Australia..................................... 2,628 1,857 893 158 -583 -234 432 2,393 1,533 3,016 1,198 1,151

New Zealand.............................. 225 247 -39 -76 -45 -25 16 42 -88 610 129 68

All other countries ...................... -1 8 - 50 4 - 21 11 22 -778 52 -19

Total other countries .............. 2,852 2,112 854 132 -624 -259 469 2,446 1,467 2,848 1,379 1,200

Total foreign countries ....... 538,444 226,647 216,923 -9,870 757 20,440 -39,633 -13,481 -20,191 152,833 40,100 28,615

International and regional orgs: 

International organizations ......... -6 -11 891 -1,198 -71 -1,088 -999 202 -371 -4 2 -1

Regional organizations 9 ............ 82 98 122 -425 -87 -73 -113 -72 -35 7 5 -1

Total international and 

 regional organizations............... 76 87 1,013 -1,623 -158 -1,161 -1,112 130 -406 3 7 -2

Grand total......................... 538,520 226,734 217,936 -11,493 599 19,279 -40,745 -13,351 -20,597 152,836 40,107 28,613

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All 

other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “All other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in December 1994 for the 

former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, 

the Netherlands, Portugal, and Spain. For data as of January 2008, also includes Cyprus, 

Malta, and Slovenia. For data as of January 2009, also includes Slovakia. 

4

 As of May 2004, the European Union includes Austria, Belgium, Cyprus, the Czech 

Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, 

Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom. Data available beginning June 2006. As of January 

2007, also includes Bulgaria and Romania. 

5

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

6

 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in 

“All other Caribbean.” 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates 

(Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2010 

74

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2010, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

Total

 sales

 (8) 

 Marketable

Treasury 

 and 

 Federal 

 Financing 

Bank 

bonds 

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks

 (12) 

 Bonds

 (13) 

Stocks

 (14) 

Europe: 

Austria .................................... 3,973 465 188 298 452 2,161 410 2,316 595 222 123 462 488 426

Belgium................................... 11,595 1,011 2,055 605 4,505 2,339 1,080 32,412 1,330 744 5,050 4,624 19,080 1,584

Bulgaria .................................. 118 105 - - 13 - - 92 72 - - 20 - -

Cyprus 1 .................................. 2,067 401 15 363 115 401 771 1,975 456 28 463 106 467 456

Czech Republic ...................... 907 473 - - 294 14 126 833 473 110 - 164 - 86

Denmark................................. 12,631 2,991 12 586 1,782 6,140 1,120 9,941 1,849 990 419 1,454 3,834 1,395

Finland.................................... 3,390 695 91 255 1,010 567 773 9,728 739 103 516 455 7,353 562

France .................................... 1,002,559 705,419 6,159 4,289 223,178 36,480 27,034 988,620 699,255 4,550 3,909 216,547 38,676 25,683

Germany................................. 88,934 28,126 2,326 2,007 16,635 30,348 9,492 75,396 21,695 2,270 3,351 14,233 24,450 9,397

Greece.................................... 1,244 173 9 36 495 147 385 1,171 129 33 69 492 147 300

Hungary.................................. 1,167 168 10 11 421 454 103 1,211 364 164 - 514 53 116

Ireland..................................... 56,552 23,172 4,636 2,953 9,424 6,244 10,122 60,656 20,062 6,384 5,620 9,195 9,481 9,913

Italy ......................................... 31,618 4,475 406 241 13,117 9,944 3,436 30,756 5,356 468 125 14,923 5,921 3,962

Kazakhstan 1 .......................... 568 418 - 101 17 - 32 737 578 100 - 17 20 22

Luxembourg ........................... 46,286 2,455 7,713 3,990 16,942 9,663 5,523 61,152 4,723 10,116 3,841 16,438 20,956 5,078

Monaco 1 ................................ 1,217 273 29 59 487 281 88 493 1 - 16 382 1 93

Netherlands ............................ 42,410 7,581 1,677 1,763 10,295 8,789 12,305 47,837 7,315 1,414 2,070 13,856 9,969 13,213

Norway ................................... 26,444 9,298 1,951 884 7,728 3,210 3,373 22,780 7,241 1,772 965 7,212 2,571 3,019

Poland .................................... 9,936 7,421 755 4 66 1,546 144 11,840 9,810 - 16 73 1,757 184

Portugal .................................. 2,090 134 1 43 1,103 219 590 2,255 388 9 49 827 670 313

Romania ................................. 569 512 - - 45 - 12 492 417 - - 50 25 -

Russia..................................... 15,116 14,379 - 7 298 144 288 16,427 15,726 - 3 322 38 338

Serbia and Montenegro 2 ....... 12 - 3 2 7 - - 164 139 3 - 11 3 8

Spain ...................................... 21,593 9,161 295 410 2,278 5,724 3,724 18,068 9,231 270 1,978 1,781 1,277 3,530

Sweden................................... 17,336 5,795 86 274 4,426 2,950 3,805 24,391 5,432 522 1,064 4,324 9,061 3,988

Switzerland............................. 59,058 7,598 626 6,525 24,207 3,858 16,244 63,120 11,269 1,821 5,444 24,149 6,295 14,142

Turkey..................................... 3,591 2,918 - 2 144 186 341 4,903 3,223 - 2 144 1,050 484

Ukraine 1 ................................. 1,151 363 - - 51 94 643 1,926 818 - 5 19 57 1,027

United Kingdom...................... 2,978,635 1,785,700 42,602 79,777 230,119 571,984 268,453 2,882,642 1,689,052 34,295 90,633 234,841 561,796 272,025

Channel Islands...................... 12,870 1,190 157 1,062 6,626 561 3,274 13,006 1,310 230 1,482 6,162 354 3,468

All other Europe 1 ................... 3,549 912 381 235 709 757 554 5,643 1,501 1,089 281 715 1,020 1,037

Total Europe....................... 4,459,184 2,623,781 72,183 106,782 576,989 705,205 374,244 4,392,982 2,520,549 67,706 127,494 574,512 726,872 375,849

Memo: Euro Area 3 ..................... 1,314,789 783,292 25,572 17,305 299,780 113,146 75,694 1,332,922 771,339 26,638 27,245 294,129 139,106 74,465

Canada....................................... 362,019 137,075 7,540 10,646 77,181 73,728 55,849 342,384 114,454 6,157 10,928 74,418 83,424 53,003

Latin America: 

Argentina ................................ 4,269 344 40 188 1,685 1,172 840 3,471 229 20 198 1,680 652 692

Brazil....................................... 60,014 38,667 814 342 3,378 6,073 10,740 62,545 40,062 330 429 3,324 7,514 10,886

Chile ....................................... 8,821 2,601 540 166 2,487 1,628 1,399 8,957 3,443 494 117 1,994 1,575 1,334

Colombia ................................ 7,742 2,368 1,494 199 1,867 1,356 458 8,155 3,595 1,091 82 1,669 1,410 308

Costa Rica 4............................ 1,065 438 14 31 347 189 46 976 451 11 36 340 100 38

Ecuador.................................. 981 215 251 87 198 58 172 590 84 21 37 226 51 171

Guatemala.............................. 529 261 3 19 135 86 25 484 264 1 6 128 74 11

Mexico .................................... 37,138 13,173 3,062 1,013 7,027 5,522 7,341 41,252 13,970 2,510 681 5,968 10,831 7,292

Panama .................................. 5,284 252 294 871 1,732 1,467 668 4,506 385 132 473 1,651 1,318 547

Peru ........................................ 4,730 1,102 286 156 1,056 958 1,172 5,386 1,678 185 72 1,369 895 1,187

Uruguay.................................. 6,109 1,838 88 329 1,080 2,191 583 4,317 1,217 133 183 1,016 1,322 446

Venezuela .............................. 3,162 295 141 267 1,346 887 226 3,263 246 58 417 1,327 1,054 161

All other Latin America 4......... 1,748 236 58 216 627 503 108 1,632 330 45 111 613 452 81

Total Latin America ............ 141,592 61,790 7,085 3,884 22,965 22,090 23,778 145,534 65,954 5,031 2,842 21,305 27,248 23,154

Caribbean: 

Anguilla 5 ................................ 129,496 2,923 2 537 105,589 152 20,293 128,619 3,902 123 67 103,656 127 20,744

Bahamas ................................ 139,599 48,402 1,083 18,804 50,902 7,320 13,088 144,468 53,891 734 19,065 50,804 7,498 12,476

Barbados 5.............................. 2,240 534 730 169 224 466 117 1,075 299 137 118 196 187 138

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2010 

75

TABLE CM-IV-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During First Quarter 2010, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

Total 

 purchases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(2) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

federally- 

 sponsored 

 agencies 

 (3) 

Bonds

 (4) 

Stocks 

 (5) 

 Bonds

 (6) 

Stocks 

(7) 

Total

 sales

(8) 

Marketable 

Treasury

and 

Federal 

 Financing 

Bank 

bonds 

 and notes 

 (9) 

Bonds 

 of U.S. 

 Gov’t 

corps and 

 federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

Bonds

 (13) 

Stocks

 (14)

Caribbean, con. 

Bermuda................................ 231,563 20,458 5,588 9,218 101,657 72,210 22,432 226,610 19,037 5,259 8,786 98,575 72,176 22,777

British Virgin Islands 5............ 155,894 55,424 296 4,617 67,185 6,234 22,138 148,581 49,775 130 4,295 67,913 5,536 20,932

Cayman Islands..................... 1,429,288 411,658 37,610 55,870 605,212 169,789 149,149 1,414,136 403,172 36,142 58,260 593,843 172,978 149,741

Cuba...................................... - - - - - - - - - - - - - -

Jamaica................................. 316 86 78 49 60 41 2 329 76 104 34 55 59 1

Netherlands Antilles............... 51,177 38,103 205 870 7,276 2,350 2,373 48,100 35,373 156 559 7,074 2,068 2,870

Trinidad and Tobago ............. 1,430 734 231 57 216 144 48 1,369 651 269 38 172 179 60

All other Caribbean 5 ............. 1,393 180 161 89 697 167 99 1,326 185 170 74 679 116 102

Total Caribbean................. 2,142,396 578,502 45,984 90,280 939,018 258,873 229,739 2,114,613 566,361 43,224 91,296 922,967 260,924 229,841

Asia: 

China, Mainland. ................... 79,140 63,018 2,773 344 5,285 5,501 2,219 49,065 33,651 6,392 706 4,536 1,373 2,407

Hong Kong ............................ 118,580 22,551 6,251 2,778 10,304 9,208 67,488 107,155 16,175 3,733 4,155 8,275 8,550 66,267

India ...................................... 7,008 1,726 - 48 258 767 4,209 8,319 2,254 - 27 400 246 5,392

Indonesia............................... 3,172 1,562 21 5 128 634 822 3,194 1,261 113 78 147 418 1,177

Israel ..................................... 43,521 36,305 450 647 3,461 1,058 1,600 39,530 33,993 321 334 3,149 394 1,339

Japan .................................... 261,743 153,528 34,823 5,904 14,001 12,110 41,377 230,607 125,972 20,914 7,249 13,833 14,083 48,556

Korea, South ......................... 27,360 8,918 5,972 2,240 707 3,748 5,775 25,874 9,295 4,999 1,123 324 2,784 7,349

Lebanon ................................ 591 19 - 71 419 24 58 564 21 1 41 418 24 59

Malaysia ................................ 4,226 500 1,530 343 317 644 892 5,814 737 2,154 89 250 1,342 1,242

Pakistan ................................ 169 29 - 10 28 80 22 122 - - 3 27 73 19

Philippines............................. 7,612 5,470 43 61 266 1,542 230 4,455 2,938 41 21 235 1,054 166

Singapore.............................. 78,788 47,083 2,770 3,546 8,831 7,010 9,548 70,307 43,454 4,296 1,768 8,216 3,009 9,564

Syria...................................... 144 - - - 125 - 19 166 - - - 155 - 11

Taiwan................................... 30,805 14,650 5,344 1,070 3,988 1,138 4,615 22,665 7,082 4,607 374 4,306 595 5,701

Thailand ................................ 5,514 4,256 47 71 177 128 835 3,663 2,109 21 15 165 169 1,184

All other Asia ......................... 24,368 7,337 3,962 1,039 7,961 2,013 2,056 30,715 8,997 5,838 2,927 7,155 3,936 1,862

Total Asia .......................... 692,741 366,952 63,986 18,177 56,256 45,605 141,765 602,215 287,939 53,430 18,910 51,591 38,050 152,295

Africa: 

Egypt..................................... 2,181 1,346 6 2 141 307 379 1,974 987 51 5 132 250 549

Liberia ................................... 774 7 6 73 535 25 128 811 14 2 93 584 9 109

Morocco ................................ 108 67 6 3 15 8 9 625 72 511 - 19 8 15

South Africa........................... 5,521 4,089 96 12 239 85 1,000 7,993 4,686 111 21 220 2,144 811

All other Africa....................... 7,823 5,173 109 81 474 468 1,518 3,832 1,697 79 9 650 303 1,094

Total Africa........................ 16,407 10,682 223 171 1,404 893 3,034 15,235 7,456 754 128 1,605 2,714 2,578

Other countries: 

Australia ................................ 52,062 16,562 2,435 2,925 5,945 7,220 16,975 59,437 15,669 2,669 1,392 4,794 17,475 17,438

New Zealand ......................... 1,301 72 242 237 354 257 139 1,881 111 267 325 286 734 158

All other................................. 260 1 5 50 134 17 53 947 1 5 28 153 481 279

Total other countries.......... 53,623 16,635 2,682 3,212 6,433 7,494 17,167 62,265 15,781 2,941 1,745 5,233 18,690 17,875

Total foreign countries... 7,867,962 3,795,417 199,683 233,152 1,680,246 1,113,888 845,576 7,675,228 3,578,494 179,243 253,343 1,651,631 1,157,922 854,595

International and regional orgs: 

International organizations..... 7,473 2,599 928 99 1 3,838 8 5,101 1,708 2,016 470 2 871 34

Regional organizations 6........ 8,988 194 492 143 6 7,890 263 1,397 72 565 178 7 334 241

Total international and 

 regional organizations .... 16,461 2,793 1,420 242 7 11,728 271 6,498 1,780 2,581 648 9 1,205 275

Grand total .................... 7,884,423 3,798,210 201,103 233,394 1,680,253 1,125,616 845,847 7,681,726 3,580,274 181,824 253,991 1,651,640 1,159,127 854,870

1

 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are in “All other Europe.” 

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in ”All 

other Caribbean.” 

6

 Includes European, Latin American, Caribbean, Asian, African, and Middle East regional 

organizations. 
CAPITAL MOVEMENTS 

June 2010 

76

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks

 (5) 

 Bonds

 (6) 

 Stocks

 (7) 

 Total

 sales

 (8) 

 Marketable

 Treasury

 and 

 Federal

 Financing 

Bank bonds

 and notes

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks

 (12) 

 Bonds

 (13) 

Stocks 

 (14) 

Europe: 

Austria................................ 12,819 2,944 910 1,077 2,469 3,204 2,216 11,721 3,701 1,093 825 2,290 1,273 2,538

Belgium .............................. 51,010 5,479 5,577 2,344 17,662 7,530 12,419 104,291 6,230 3,198 16,151 15,194 50,310 13,207

Bulgaria .............................. 127 45 - - 57 24 1 115 49 - - 62 4 -

Cyprus 1 ............................. 3,824 124 123 11 426 1,421 1,719 4,745 369 195 10 368 1,671 2,132

Czech Republic .................. 6,364 4,682 1 3 1,093 145 440 6,193 4,608 148 14 849 42 532

Denmark............................. 31,171 5,695 382 2,200 6,004 12,515 4,375 30,851 4,169 429 2,163 5,559 14,119 4,412

Finland ............................... 10,945 2,954 160 1,106 2,197 1,578 2,950 24,375 2,149 212 787 1,574 16,764 2,889

France................................ 3,409,182 2,087,322 36,392 12,306 1,090,603 71,405 111,154 3,366,073 2,069,531 23,429 16,203 1,090,429 62,364 104,118

Germany ............................ 267,500 86,460 12,341 10,823 52,461 70,729 34,687 252,761 87,784 13,179 12,476 51,694 54,829 32,799

Greece ............................... 6,672 745 96 68 2,045 2,522 1,197 4,976 621 246 92 1,979 618 1,420

Hungary.............................. 3,722 819 171 86 1,769 453 424 3,018 733 312 51 1,536 133 253

Ireland ................................ 235,815 91,895 38,861 13,308 44,150 21,256 26,343 257,047 94,942 43,348 25,353 42,539 26,582 24,283

Italy..................................... 75,666 18,961 1,762 1,008 27,864 10,639 15,432 67,538 16,181 1,674 860 28,184 4,441 16,196

Kazakhstan 1 ..................... 8,684 7,358 156 55 77 965 73 8,397 7,108 14 27 64 1,106 78

Luxembourg ....................... 126,781 19,796 26,337 13,715 35,561 14,414 16,958 153,733 12,126 19,658 16,425 33,621 55,757 16,146

Monaco 1 .......................... 2,943 180 98 302 1,889 191 283 3,202 540 26 196 1,989 173 278

Netherlands........................ 162,982 20,457 8,296 6,699 46,434 29,639 51,457 160,379 19,038 9,034 8,445 43,149 30,327 50,386

Norway ............................... 145,001 41,755 48,605 4,710 30,517 7,360 12,054 129,707 30,952 51,589 6,155 21,461 10,220 9,330

Poland................................ 24,637 22,113 200 15 485 949 875 23,483 19,990 96 13 512 1,981 891

Portugal.............................. 8,135 911 41 156 4,480 1,815 732 8,393 863 244 165 4,083 1,977 1,061

Romania............................. 3,951 3,667 24 3 227 1 29 4,605 4,296 26 - 233 43 7

Russia ................................ 24,027 21,183 11 81 1,215 265 1,272 41,353 37,662 976 21 1,231 200 1,263

Serbia and Montenegro 2 ... 553 340 8 - 163 19 23 613 436 8 - 162 - 7

Spain.................................. 68,308 18,680 953 8,524 6,899 19,432 13,820 54,403 18,271 1,002 8,561 6,743 5,906 13,920

Sweden .............................. 81,579 19,281 1,092 852 22,074 15,943 22,337 74,669 14,687 2,294 2,688 18,605 15,697 20,698

Switzerland......................... 221,352 40,309 4,125 23,531 92,516 11,563 49,308 208,741 24,498 8,705 25,071 83,851 18,092 48,524

Turkey ................................ 11,685 8,420 2 330 574 1,281 1,078 16,802 12,835 2 11 563 2,212 1,179

Ukraine 1 ............................ 1,699 568 30 2 159 648 292 2,095 1,326 79 4 161 248 277

United Kingdom.................. 8,697,339 5,373,351 241,139 551,087 891,874 655,712 984,176 8,506,830 5,202,315 220,848 563,364 858,093 654,088 1,008,122

Channel Islands.................. 47,316 2,274 758 3,887 26,151 3,783 10,463 46,607 3,285 749 4,213 25,019 2,807 10,534

All other Europe 1 ............... 12,107 3,371 1,842 755 2,553 1,218 2,366 15,137 4,329 3,895 1,117 2,426 1,917 1,452

Total Europe................... 13,763,897 7,912,140 430,491 659,044 2,412,648 968,620 1,380,954 13,592,850 7,705,624 406,709 711,461 2,344,223 1,035,900 1,388,933

Memo: Euro Area 3 ................. 4,441,852 2,357,184 131,917 71,512 1,334,170 255,716 291,353 4,472,977 2,332,254 116,850 106,744 1,322,626 313,172 281,331

Canada................................... 1,186,056 411,239 31,336 46,252 308,963 178,898 209,368 1,179,057 369,986 29,124 39,480 310,518 213,392 216,557

Latin America: 

Argentina............................ 16,986 881 296 1,085 7,554 4,232 2,938 14,536 1,233 242 547 6,932 2,883 2,699

Brazil .................................. 226,508 153,728 5,065 2,357 15,830 17,719 31,809 259,802 160,964 4,490 1,381 15,808 27,585 49,574

Chile................................... 42,290 17,813 2,302 1,065 8,934 7,535 4,641 41,519 19,890 2,118 1,047 8,822 5,056 4,586

Colombia ............................ 29,316 13,139 2,090 1,053 4,601 7,035 1,398 33,728 15,846 2,614 701 3,963 9,527 1,077

Costa Rica 4 ...................... 5,267 3,399 38 186 846 598 200 5,437 3,709 120 115 879 441 173

Ecuador.............................. 2,432 474 348 215 1,121 199 75 1,565 304 63 100 902 131 65

Guatemala.......................... 2,656 1,981 23 45 422 153 32 2,584 1,720 7 98 411 320 28

Mexico................................ 128,250 55,347 6,989 6,927 24,578 14,035 20,374 128,563 45,646 18,158 3,204 22,443 17,493 21,619

Panama.............................. 19,129 1,735 1,325 2,033 7,532 4,185 2,319 16,918 1,656 561 1,474 6,949 3,824 2,454

Peru.................................... 15,297 2,960 708 606 5,074 2,293 3,656 16,761 3,390 1,732 504 4,688 3,822 2,625

Uruguay.............................. 18,395 5,808 317 1,373 4,511 4,591 1,795 18,172 6,826 460 756 4,129 4,355 1,646

Venezuela .......................... 11,692 633 565 717 5,416 3,497 864 13,360 800 212 543 5,042 5,984 779

All other Latin America 4 .... 4,979 1,702 488 523 1,155 897 214 4,381 1,351 691 184 1,103 874 178

Total Latin America ........ 523,197 259,600 20,554 18,185 87,574 66,969 70,315 557,326 263,335 31,468 10,654 82,071 82,295 87,503

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

June 2010 

77

TABLE CM-IV-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2009, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Marketable 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds

(6) 

 Stocks 

 (7) 

Total

sales

(8) 

Marketable

Treasury

and 

Federal 

Financing 

Bank bonds

and notes

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds

 (13) 

 Stocks

 (14) 

Caribbean: 

Anguilla 5 ............................... 381,993 14,747 51 1,136 310,089 390 55,579 383,352 17,106 709 876 309,166 407 55,087

Bahamas............................... 493,785 194,822 3,549 65,607 155,824 31,568 42,415 492,674 194,828 4,229 64,185 156,481 28,511 44,440

Barbados 5............................. 9,073 2,146 1,380 1,611 2,781 794 361 7,382 1,565 853 486 2,836 1,239 403

Bermuda................................ 811,528 58,284 40,834 39,071 451,309 131,617 90,413 809,921 52,495 37,832 35,808 453,846 137,422 92,518

British Virgin Islands 5............ 504,739 85,186 1,736 19,874 304,217 14,564 79,162 499,322 90,518 1,899 19,822 294,960 11,326 80,797

Cayman Islands..................... 4,804,967 1,161,323 193,294 245,248 2,315,537 319,999 569,566 4,788,804 1,158,904 216,255 248,853 2,288,858 305,020 570,914

Cuba ..................................... 4 - - -4 - -4 - - -4 - -

Jamaica................................. 3,726 3,061 320 69 137 119 20 3,654 3,026 299 23 150 131 25

Netherlands Antilles .............. 89,795 33,725 1,410 1,811 23,006 20,163 9,680 80,401 29,143 1,680 1,608 21,482 16,752 9,736

Trinidad and Tobago ............. 5,267 2,229 964 230 731 855 258 5,212 1,419 1,086 411 506 1,470 320

All other Caribbean 5 ............. 7,821 975 1,478 442 3,078 1,290 558 5,318 901 594 198 2,919 219 487

Total Caribbean ................ 7,112,697 1,556,498 245,016 375,099 3,566,713 521,359 848,012 7,076,043 1,549,905 265,436 372,270 3,531,208 502,497 854,727

Asia: 

China, Mainland................ 299,833 229,129 23,382 4,230 19,345 12,746 11,001 188,351 105,673 48,053 8,280 15,317 2,462 8,566

Hong Kong ........................ 396,061 56,236 26,890 8,962 35,162 19,275 249,536 385,199 57,165 16,648 6,095 28,827 17,470 258,994

India................................... 31,160 13,986 7 119 1,295 743 15,010 29,997 8,499 6 146 3,053 1,639 16,654

Indonesia........................... 11,275 4,590 539 241 1,309 940 3,656 15,501 8,198 602 24 1,280 1,558 3,839

Israel.................................. 231,943 204,822 1,638 2,020 15,448 2,013 6,002 231,318 204,381 1,462 2,243 13,908 2,629 6,695

Japan................................. 1,079,857 608,292 121,239 33,832 70,649 63,811 182,034 949,766 478,766 134,701 35,430 56,895 59,478 184,496

Korea, South...................... 109,000 37,086 30,420 4,207 3,821 10,012 23,454 97,647 29,348 15,763 4,435 2,114 19,069 26,918

Lebanon ............................ 2,950 286 9 196 2,112 101 246 2,702 251 6 96 2,063 22 264

Malaysia ............................ 20,294 4,953 5,339 1,283 1,105 3,602 4,012 19,311 2,963 6,290 798 892 3,475 4,893

Pakistan............................. 706 70 - 37 261 75 263 604 117 4 28 300 4 151

Philippines ......................... 11,719 6,109 115 157 1,267 2,668 1,403 13,508 6,124 303 309 1,228 4,399 1,145

Singapore .......................... 226,913 92,084 19,167 10,865 45,339 16,057 43,401 206,010 86,888 22,035 13,919 33,333 7,259 42,576

Syria .................................. 141 - - 3 126 - 12 98 - - - 88 - 10

Taiwan............................... 114,695 32,513 30,140 7,176 19,350 3,762 21,754 86,346 24,688 15,057 2,195 18,102 2,253 24,051

Thailand............................. 25,517 20,129 118 52 799 644 3,775 21,763 15,310 1,003 51 806 880 3,713

All other Asia ..................... 134,143 50,293 32,891 3,491 29,912 11,005 6,551 134,904 51,770 32,083 8,058 26,298 11,129 5,566

Total Asia ...................... 2,696,207 1,360,578 291,894 76,871 247,300 147,454 572,110 2,383,025 1,080,141 294,016 82,107 204,504 133,726 588,531

Africa: 

Egypt ................................. 5,072 2,499 32 120 583 89 1,749 5,996 3,393 221 40 617 86 1,639

Liberia................................ 3,102 109 14 213 2,127 83 556 3,374 298 49 105 2,149 190 583

Morocco............................. 728 402 19 114 85 21 87 2,319 397 1,729 3 89 18 83

South Africa....................... 13,320 7,284 274 32 1,157 814 3,759 14,140 7,395 722 120 1,058 1,510 3,335

All other Africa ................... 22,100 11,322 270 326 1,828 3,051 5,303 13,386 5,605 428 118 2,556 1,132 3,547

Total Africa .................... 44,322 21,616 609 805 5,780 4,058 11,454 39,215 17,088 3,149 386 6,469 2,936 9,187

Other countries: 

Australia ............................ 233,331 61,345 17,166 10,729 24,250 44,080 75,761 281,565 58,717 17,008 10,297 21,234 92,680 81,629

New Zealand ..................... 7,485 790 1,037 288 1,787 2,704 879 9,239 565 1,113 272 1,177 5,345 767

All other ............................. 855 35 100 65 422 34 199 2,144 36 50 44 1,200 53 761

Total other countries...... 241,671 62,170 18,303 11,082 26,459 46,818 76,839 292,948 59,318 18,171 10,613 23,611 98,078 83,157

Total foreign 

 countries................ 25,568,047 11,583,841 1,038,203 1,187,338 6,655,437 1,934,176 3,169,052 25,120,464 11,045,397 1,048,073 1,226,971 6,502,604 2,068,824 3,228,595

International and regional orgs: 

International organizations ... 21,204 8,899 3,401 1,637 58 6,918 291 32,274 8,905 4,599 2,636 62 15,893 179

Regional organizations 6 ..... 14,704 692 1,574 528 37 11,022 851 9,671 610 1,999 641 30 5,648 743

Total international and 

 regional organizations ....... 35,908 9,591 4,975 2,165 95 17,940 1,142 41,945 9,515 6,598 3,277 92 21,541 922

Grand total..................... 25,603,955 11,593,432 1,043,178 1,189,503 6,655,532 1,952,116 3,170,194 25,162,409 11,054,912 1,054,671 1,230,248 6,502,696 2,090,365 3,229,517

1 Before June 2006, data for Cyprus, Kazakhstan, Monaco, and Ukraine are included in “All other Europe.”

2

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of 

the former Yugoslavia recognized as independent states by the United States are reported under “All other 

Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and 

beginning in December 1994 for the former Yugoslav Republic of Macedonia. 

3

 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, 

Portugal, and Spain. For data as of January 2008, also includes Cyprus, Malta, and Slovenia. For data as of 

January 2009, also includes Slovakia. 

4

 Before June 2006, data for Costa Rica are included in “All other Latin America.” 

5 Before June 2006, data for Anguilla, Barbados, and the British Virgin Islands are included in “All other 

Caribbean.” 

6 Includes European, Latin America, Caribbean, Asian, African, and Middle East regional organizations.
78 CAPITAL MOVEMENTS

June 2010 

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2006 2007 2008 2009

 2010

 Jan. - Mar. 

United Kingdom........................ 472,380 546,592 327,800 212,831 89,377 

All other Europe ....................... 126,118 5,310 -103,911 33,475 97 

Caribbean banking centers 1.... 139,732 74,788 -76,479 23,966 28,103 

Japan........................................ 58,050 -303 56,818 128,220 40,288 

All other Asia ............................ 226,863 234,778 191,945 187,655 53,213 

Subtotal ................................ 1,023,143 861,165 396,173 586,147 211,078 

All other countries .................... 120,078 144,657 15,503 52,971 34,153 

Grand total ........................... 1,143,221 1,005,822 411,676 639,118 245,231 

1 Includes Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, and Panama. For data beginning June 2006, also 

includes the British Virgin Islands. 

The data on this page represent 

foreign investors’ purchases and sales 

of long-term U.S. securities (that is, 

U.S. Treasury and Government 

agency bonds and notes, and U.S. 

corporate bonds and stocks) as 

reported in the TIC reporting system. 

Foreign investors have also acquired 

U.S. equities through mergers and 

reincorporations that involve stock 

swaps, but these acquisitions have 

been relatively small recently, totaling 

only $4 billion in 2006 and $11 billion 

in 2007. There were no reported 

acquisitions through stock swaps in 

2008. Acquisitions totaled less than $1 

billion in both 2009 and in the first 

quarter of 2010. (Stock swaps data for 

the most recent quarter are Federal 

Reserve Board/Treasury estimates and 

are subject to substantial revisions.) 

These stock swaps are not reported 

under the TIC reporting system, but 

are available on the TIC Website. The 

TIC Website also provides estimates 

from the Federal Reserve Bank of 

New York on principal repayment 

flows of foreign holdings of U.S. 

government agency and corporate 

asset-backed securities (ABS). These 

repayments are estimated to have 

reduced foreign net purchases of U.S. 

securities by $160 billion in 2006, 

$234 billion in 2007, $191 billion in 

2008, $203 billion in 2009, and $49 

billion in the first quarter of 2010. 

After including stock swaps and 

accounting for ABS repayment flows, 

net foreign acquisitions of U.S. 

securities totaled a record of $987 

billion in 2006, but then slowed to 

$782 billion in 2007. Net acquisitions 

slowed further to $221 billion in 2008, 

as foreign investors continued to 

acquire U.S. securities in the first half 

of the year, but on net sold U.S. 

securities in the second half of the 

year. Foreign net purchases recovered 

to $436 billion in 2009, and the pace 

of acquisition picked up further in the 

first quarter of 2009, when foreign net 

purchases were recorded at $197 

billion. 

-200

-100

0

100

200

300

400

500

600

700

800

900

2006 2007 2008 2009 2010 

Jan.-Mar.

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net 

purchases during 2010 w ith those in prior 

years, the chart depicts data for all periods 

at an annualized rate.
 CAPITAL MOVEMENTS 

June 2010 

79

The data on this page represent U.S. 

investors’ purchases and sales of longterm foreign securities as reported to 

the TIC reporting system. U.S. 

investors also have acquired foreign 

stocks through mergers that involve 

stock swaps. Net acquisitions through 

stock swaps amounted to $4 billion in 

2005, $19 billion in 2006, $12 billion 

in 2007, $7 billion in 2008, and $2 

billion in 2009. No stock swaps were 

recorded during the first quarter of 

2010. (Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) These 

stock swaps are not reported under the 

TIC reporting system, but are available 

on the TIC Website. 

Including acquisitions through stock 

swaps, U.S. net purchases of long-term 

foreign securities amounted $176 

billion in 2005 and $270 billion in 

2006, but then eased somewhat to $241 

billion in 2007. U.S. investors switched 

to net sales of $80 billion in foreign 

securities in 2008. U.S. investors’ 

acquisitions have recovered in 2009, 

amounting to $199 billion. The pace of 

activity was similar during the first 

quarter of 2010, when U.S. investors 

acquired $43 billion in foreign 

securities. 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2005 2006 2007 2008 2009

2010 

 Jan. - Mar. 

Foreign bonds ........... 45,095 144,452 133,923 -66,430 138,249 33,511

Foreign stocks........... 127,296 106,455 95,300 -20,443 59,323 9,023

Total ........................ 172,391 250,907 229,223 -86,873 197,572 42,534

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

-200

-100

0

100

200

300

400

500

2005 2006 2007 2008 2009 2010

Jan.-Mar. 

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2010

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.
CAPITAL MOVEMENTS 

June 2010 

80 

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

Contracts with Foreigners Reported by Businesses in the United States 

TABLE CM-V-1.—Gross Totals of Holdings with Positive and Negative Fair Values, 

by Type of Contract 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Dec. Dec. Mar. June Sept. Dec. p

Gross total of holdings with negative fair values ........................... 2,487,860 5,967,815 5,412,106 3,900,274 3,996,282 3,384,073

Total over-the-counter (OTC) contracts..................................... 2,456,093 5,904,724 5,374,379 3,867,363 3,960,823 3,345,292

Single-currency interest rate contracts.................................. 1,434,083 3,977,190 3,638,340 2,691,915 2,980,283 2,532,614

Forwards ............................................................................ 1,410 9,851 6,214 6,410 6,232 5,733

Swaps ................................................................................ 1,275,308 3,685,072 3,367,808 2,461,510 2,733,210 2,310,646

Options............................................................................... 157,365 282,267 264,318 223,995 240,841 216,235

Foreign exchange contracts .................................................. 240,138 481,833 323,645 282,152 303,964 251,011

Forwards ............................................................................ 72,450 169,983 104,191 80,532 85,655 68,419

Swaps ................................................................................ 115,889 234,573 163,323 158,090 177,310 139,065

Options............................................................................... 51,799 77,277 56,131 43,530 40,999 43,527

Other contracts ...................................................................... 781,872 1,445,701 1,412,394 893,296 676,576 561,667

Equity ................................................................................. n.a. n.a. 85,255 62,762 63,034 55,363

Credit.................................................................................. n.a. n.a. 1,169,626 698,936 494,829 404,839

All other .............................................................................. n.a. n.a. 157,513 131,598 118,713 101,465

Total exchange-traded contracts ............................................... 31,767 63,091 37,727 32,911 35,459 38,781

Own contracts on foreign exchanges .................................... 4,101 1,725 2,175 1,330 1,169 515

U.S. customers’ contracts on foreign exchanges.................. 3,658 7,325 8,029 6,230 5,090 4,369

Foreign counterparty contracts on U.S. exchanges .............. 24,008 54,041 27,523 25,351 29,200 33,897

Memorandum items: 

Contracts with own foreign office........................................... 615,885 1,423,392 1,348,473 953,188 1,005,797 847,311

Contracts with foreign official institutions .............................. 14,495 26,636 17,054 13,078 15,288 14,299

Contracts of U.S. depository institutions with foreigners....... 790,580 2,803,032 n.a. n.a. n.a. n.a.

Gross total of holdings with positive fair values............................. 2,559,332 6,127,450 5,563,217 4,056,571 4,135,557 3,512,007

Total over-the-counter (OTC) contracts..................................... 2,526,075 6,065,174 5,526,367 4,022,588 4,099,829 3,472,474

Single-currency interest rate contracts.................................. 1,463,086 4,053,356 3,722,984 2,779,770 3,052,513 2,596,825

Forwards ............................................................................ 1,234 10,831 7,873 7,475 7,011 5,440

Swaps ................................................................................ 1,288,685 3,719,245 3,422,647 2,525,824 2,782,042 2,357,111

Options............................................................................... 173,167 323,280 292,464 246,471 263,460 234,274

Foreign exchange contracts .................................................. 290,943 497,234 329,872 299,728 332,739 283,361

Forwards ............................................................................ 73,894 180,414 103,874 79,760 87,887 71,974

Swaps ................................................................................ 160,129 229,552 161,932 170,712 198,629 164,657

Options............................................................................... 56,920 87,268 64,066 49,256 46,223 46,730

Other contracts ...................................................................... 772,046 1,514,584 1,473,511 943,090 714,577 592,288

Equity ................................................................................. n.a. n.a. 57,010 49,227 51,084 41,864

Credit.................................................................................. n.a. n.a. 1,244,167 753,286 535,975 445,687

All other .............................................................................. n.a. n.a. 172,334 140,577 127,518 104,737

Total exchange-traded contracts ............................................... 33,257 62,276 36,850 33,983 35,728 39,533

Own contracts on foreign exchanges .................................... 4,558 1,852 1,734 1,362 1,016 751

Customers’ contracts on foreign exchanges ......................... 3,422 7,387 6,938 4,935 4,538 3,707

Foreign counterparty contracts on U.S. exchanges .............. 25,277 53,037 28,178 27,686 30,174 35,075

Memorandum items: 

Contracts with own foreign office........................................... 623,349 1,429,761 1,369,287 981,442 1,035,691 877,838

Contracts with foreign official institutions .............................. 13,040 20,794 17,257 15,604 15,141 12,483

Contracts of U.S. depository institutions with foreigners....... 811,889 2,837,891 n.a. n.a. n.a. n.a.

 
 CAPITAL MOVEMENTS 

June 2010 

81

TABLE CM-V-2.—Gross Total of Holdings with Negative Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country Dec. Dec. Mar. June Sept. Dec. p

Europe: 

Belgium .......................................................................... 12,803 23,990 21,017 13,115 10,800 11,547

France............................................................................ 130,795 302,240 267,759 185,376 167,500 146,695

Germany ........................................................................ 175,390 357,176 325,000 220,570 241,132 198,962

Ireland ............................................................................ 162,977 411,112 397,375 298,678 332,925 261,472

Italy................................................................................. 6,412 11,448 11,925 8,308 8,365 7,533

Netherlands.................................................................... 31,659 42,442 34,357 21,317 16,827 13,700

Switzerland .................................................................... 61,915 114,215 93,177 68,733 65,465 49,047

United Kingdom ............................................................. 1,535,536 4,096,765 3,754,177 2,697,472 2,762,253 2,357,628

All other Europe ............................................................. 56,910 77,322 65,962 51,883 63,316 41,536

Total Europe .............................................................. 2,174,397 5,436,710 4,970,749 3,565,452 3,668,583 3,088,120

Memo: Euro Area 1 ........................................................ 549,170 1,191,135 1,098,407 780,096 810,438 665,956

Memo: European Union 2............................................... 2,095,271 5,311,575 4,868,720 3,489,861 3,584,467 3,032,479

Canada............................................................................... 43,759 90,601 77,738 55,278 52,224 40,259

Total Latin America............................................................ 13,764 13,049 11,854 11,235 8,797 7,965

Caribbean: 

Cayman Islands ............................................................. 110,074 133,614 111,254 76,141 62,108 64,040

All other Caribbean ........................................................ 22,706 33,447 21,823 15,378 14,448 11,885

Total Caribbean ......................................................... 132,780 167,061 133,077 91,519 76,556 75,925

Asia: 

 Japan ........................................................................... 67,577 142,646 119,009 101,125 102,555 71,086

All other Asia.................................................................. 33,085 77,125 62,725 47,659 45,581 52,094

Total Asia ................................................................... 100,662 219,771 181,734 148,784 148,136 123,180

Total Africa......................................................................... 3,025 5,507 4,687 3,610 5,168 16,612

Other countries: 

Australia ......................................................................... 13,239 24,498 22,279 16,335 26,288 22,484

All other.......................................................................... 849 1,265 1,162 997 920 742

Total other countries .................................................. 14,088 25,763 23,441 17,332 27,208 23,226

Total foreign countries ........................................... 2,482,475 5,958,462 5,403,280 3,893,210 3,986,672 3,375,287

Total international and regional organizations................... 5,389 9,355 8,826 7,063 9,610 8,784

Grand total ................................................................. 2,487,860 5,967,815 5,412,106 3,900,274 3,996,282 3,384,073

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, 

Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, 

Spain, Sweden, and the United Kingdom.
CAPITAL MOVEMENTS 

June 2010 

82 

TABLE CM-V-3.—Gross Total of Holdings with Positive Fair Values, 

by Country 

[Holdings at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2007 2008 2009 

Country Dec. Dec. Mar. June Sept. Dec. p

 

Europe: 

Belgium ..................................................................... 13,329 30,559 28,326 18,103 14,372 15,852

France ....................................................................... 139,382 328,209 287,586 205,911 189,296 165,558

Germany.................................................................... 185,036 365,763 334,350 238,970 260,230 217,411

Ireland ....................................................................... 163,883 424,358 406,282 313,260 352,763 281,563

Italy............................................................................ 15,668 15,130 14,315 11,741 11,592 10,622

Netherlands............................................................... 36,044 45,155 37,071 26,771 21,482 16,550

Switzerland................................................................ 69,586 123,836 99,416 72,601 71,281 55,751

United Kingdom......................................................... 1,558,496 4,160,618 3,818,502 2,754,168 2,802,828 2,393,140

All other Europe ........................................................ 47,949 68,471 58,008 41,757 54,947 36,648

Total Europe.......................................................... 2,229,373 5,562,099 5,083,856 3,683,282 3,778,791 3,193,095

Memo: Euro Area 1.................................................... 572,162 1,247,252 1,142,111 839,037 875,188 729,109

Memo: European Union 2.......................................... 2,144,029 5,424,906 4,973,670 3,604,096 3,688,072 3,130,807

Canada.......................................................................... 51,648 92,214 77,908 57,959 56,739 44,332

Total Latin America ....................................................... 16,037 15,652 15,357 14,131 11,865 10,698

Caribbean: 

Cayman Islands ........................................................ 112,007 153,197 131,209 93,275 74,181 72,962

All other Caribbean ................................................... 21,305 32,889 21,941 18,434 16,415 13,799

Total Caribbean..................................................... 133,312 186,086 153,150 111,709 90,596 86,761

Asia: 

Japan......................................................................... 66,643 141,528 120,350 103,141 100,504 72,885

All other Asia ............................................................. 36,647 91,732 77,950 56,577 53,580 55,468

Total Asia .............................................................. 103,290 233,260 198,300 159,718 154,084 128,353

Total Africa .................................................................... 4,260 6,396 5,176 4,181 5,506 16,663

Other countries: 

Australia .................................................................... 17,356 26,023 23,528 20,506 32,441 27,517

All other ..................................................................... 954 1,833 1,746 1,621 1,477 1,075

Total other countries ............................................. 18,310 27,856 25,274 22,127 33,918 28,592

Total foreign countries ...................................... 2,556,230 6,123,563 5,559,021 4,053,107 4,131,499 3,508,494

Total international and regional organizations.............. 3,104 3,888 4,197 3,462 4,058 3,513

Grand total ............................................................ 2,559,332 6,127,450 5,563,217 4,056,571 4,135,557 3,512,007

1 Includes Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, the Netherlands, Portugal, and Spain. For data as of January 2008, also 

includes Cyprus, Malta, and Slovenia. For data as of January 2009, also includes 

Slovakia.

2 Includes Austria, Belgium, Cyprus, the Czech Republic, Denmark, Estonia, Finland, 

France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the 

United Kingdom. 
CAPITAL MOVEMENTS 

June 2010 

83

TABLE CM-V-4.—Net Cash Settlements Received by U.S. Residents from Foreign 

Residents, by Type of Contract 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 

Type of Derivatives Contract 2008 2009 Dec. Mar. June Sept. Dec. p

 

Total over-the-counter (OTC) contracts............................................ -20,147 41,265 -4,866 12,021 1,874 5,951 21,419

Single-currency interest rate contracts ......................................... -3,684 26,349 2,026 -4,625 1,757 13,408 15,809

Foreign exchange contracts.......................................................... -10,001 -313 -1,646 4,471 374 -3,539 -1,619

Other contracts.............................................................................. -6,462 15,229 -5,246 12,175 -257 -3,918 7,229

Total exchange-traded contracts ...................................................... -12,800 9,539 -12,874 -4,800 9,401 5,545 -607

Own contracts on foreign exchanges ........................................... -1,480 -287 -10,245 -3,465 1,150 -1,012 3,040

U.S. customers’ contracts on foreign exchanges ......................... -8,683 13,250 -4,999 -2,222 8,109 7,252 111

Foreign counterparty contacts on U.S. exchanges ...................... -2,637 -3,424 2,370 887 142 -695 -3,758

Total net cash settlements from foreigners ...................................... -32,947 50,804 -17,740 7,221 11,275 11,496 20,812

Memorandum items: 

Contracts with foreign official institutions.................................. 1,831 -2,599 830 -674 -1,142 -708 -75

 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
CAPITAL MOVEMENTS 

June 2010 

84 

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

Residents, by Country 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 2008 2009 

Country 2008 2009 Dec. Mar. June. Sept. Dec. p

Europe: 

Belgium ...................................................................................... -208 2,540 -520 -570 1,073 1,261 776

France........................................................................................ -19,184 6,052 -12,373 377 3,667 586 1,422

Germany .................................................................................... -6,564 -1,578 -4,565 -6,470 -428 2,204 3,116

Ireland ........................................................................................ -4,154 3,403 -1,984 1,635 1,116 970 -318

Italy............................................................................................. -2,423 690 -1,211 -41 299 554 -122

Netherlands................................................................................ -2,203 1,622 1,473 415 407 382 418

Switzerland ................................................................................ -7,303 3,901 1,685 3,199 2,186 -1,726 242

United Kingdom ......................................................................... -5,022 28,908 2,318 9,343 2,435 3,369 13,761

All other Europe ......................................................................... 7,316 -5,567 3,718 -525 -1,249 -816 -2,977

Total Europe .......................................................................... -39,745 39,971 -11,459 7,363 9,506 6,784 16,318

Memo: Euro area 1 ..................................................................... -30,990 7,452 -16,236 -3,685 4,363 4,749 2,025

Memo: European Union 2........................................................... -36,060 33,522 -14,886 3,428 6,189 8,061 15,844

Canada........................................................................................... 3,277 -7,330 2,126 -1,109 -2,599 -2,336 -1,286

Total Latin America........................................................................ 728 1,518 941 856 -152 158 656

Caribbean: 

Cayman Islands ......................................................................... 11,011 6,761 -664 1,843 -132 2,783 2,267

All other Caribbean .................................................................... 4,902 1,846 33 1,370 -145 1,009 -388

Total Caribbean ..................................................................... 15,913 8,607 -631 3,213 -277 3,792 1,879

Asia: 

Japan ......................................................................................... -9,685 -3,384 -5,085 -1,959 2,006 -2,070 -1,361

All other Asia.............................................................................. -4,317 7,392 -1,272 1,051 1,987 2,820 1,534

Total Asia ............................................................................... -14,002 4,008 -6,357 -908 3,993 750 173

Total Africa..................................................................................... -148 449 -175 -627 53 -166 1,189

Other countries: 

Australia ..................................................................................... 1,049 4,259 -2,245 -1,156 1,076 2,871 1,468

All other...................................................................................... 92 286 94 -76 10 104 248

Total other countries .............................................................. 1,141 4,545 -2,151 -1,232 1,086 2,975 1,716

Total foreign countries ....................................................... -32,836 51,768 -17,706 7,556 11,610 11,957 20,645

Total international and regional organizations............................... -121 -964 -31 -335 -333 -463 167

Grand total ............................................................................. -32,947 50,804 -17,740 7,221 11,275 11,496 20,812

1

 Includes Austria, Belgium, Cyprus, Finland, France, Germany, Greece, Ireland, Italy, 

Luxembourg, Malta, the Netherlands, Portugal, Slovenia, and Spain. For data as of 

January 2009, also includes Slovakia. 

2 Includes Austria, Belgium, Bulgaria, Cyprus, the Czech Republic, Denmark, Estonia, 

Finland, France, Germany, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, 

the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the 

United Kingdom. 

Note.—Negative figures indicate net cash payments or a net outflow of capital from the 

United States. 
June 2010 

85

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout 

the calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

June 2010 

86 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

 

10/07/09 .................................................................... 631,634 645,981 -76 1.0619 

10/14/09 .................................................................... 646,341 662,841 267 1.0289 

10/21/09 .................................................................... 659,183 673,231 500 1.0413 

10/28/09 .................................................................... 670,847 686,938 n.a. 1.0757 

 

11/04/09 .................................................................... 672,974 687,658 n.a. 1.0644 

11/11/09 .................................................................... 669,596 684,132 88 1.0516 

11/18/09 .................................................................... 681,343 693,900 125 1.0496 

11/25/09 .................................................................... 696,904 713,089 107 1.0499 

 

12/02/09 .................................................................... 709,793 720,598 399 1.0465 

12/09/09 .................................................................... 732,356 743,999 505 1.0550 

12/16/09 .................................................................... 650,894 661,438 570 1.0579 

12/23/09 .................................................................... 645,376 659,480 723 1.0476 

12/30/09 .................................................................... 636,145 647,670 435 1.0523 

 

01/06/10 .................................................................... 650,413 656,423 223 1.0333 

01/13/10 .................................................................... 659,356 664,330 -424 1.0319 

01/20/10 .................................................................... 664,173 672,319 -170 1.0477 

01/27/10 .................................................................... 672,500 678,530 -663 1.0657 

 

02/03/10 .................................................................... 692,356 697,721 -595 1.0608 

02/10/10 .................................................................... 686,826 692,102 -541 1.0667 

02/17/10 .................................................................... 686,886 692,855 -135 1.0455 

02/24/10 .................................................................... 713,639 716,869 -240 1.0551 

 

03/03/10 .................................................................... 735,084 738,042 251 1.0286 

03/10/10 .................................................................... 732,106 734,646 -72 1.0241 

03/17/10 .................................................................... 679,977 684,512 n.a. 1.0110 

03/24/10 .................................................................... 684,691 689,957 n.a. 1.0268 

03/31/10 .................................................................... 718,445 722,310 n.a. 1.0156 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

87

SECTION I.—Canadian Dollar Positions, con. 

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

[In millions of Canadian dollars. Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 694,064 714,446 197,438 182,233 71,200 69,421 72,055 77,515 -522 0.9881 

2008 - Dec................... 634,789 666,685 175,405 154,246 34,361 32,641 36,089 37,162 -829 1.2240 

2009 - Apr ................... 659,496 684,740 161,812 137,865 33,955 33,788 36,065 35,130 66 1.1939 

May.................. 693,046 718,975 154,585 135,507 40,745 40,614 40,776 39,037 -220 1.0957 

June................. 629,717 650,417 139,275 121,734 43,924 43,069 41,231 41,464 227 1.1626 

July .................. 647,026 670,748 142,291 125,957 37,438 36,377 39,567 39,818 355 1.0791 

Aug .................. 648,266 672,676 147,446 125,937 40,801 41,966 50,886 46,542 n.a. 1.0967 

Sept................. 646,686 664,469 140,386 128,353 41,859 40,549 39,668 37,879 -330 1.0719 

Oct................... 685,023 701,400 139,399 123,302 40,039 64,632 65,677 39,974 n.a. 1.0767 

Nov .................. 679,888 696,792 137,546 124,358 43,951 43,131 42,633 41,135 251 1.0570 

Dec .................. 645,575 652,561 136,935 123,106 34,825 35,049 39,374 39,028 80 1.0461 

2010 - Jan. .................. 702,242 707,314 140,212 126,411 39,052 39,970 46,758 45,743 -696 1.0652 

Feb .................. 732,800 738,677 150,096 136,212 41,629 42,693 46,086 43,217 -213 1.0520 

Mar .................. 726,836 731,792 150,973 136,715 44,564 42,035 45,197 45,613 n.a. 1.0156 

 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 20,327 26,745 65,076 34,842 833 456 1,536 844 n.a. 1.1652 

2007 - Mar................... 13,129 21,573 67,774 32,113 444 n.a. n.a. n.a. n.a. 1.153 

 June ................. 10,551 16,894 94,501 65,451 259 346 1,481 805 -174 1.0634 

Sept.................. 10,062 16,161 92,670 69,270 n.a. 256 1,450 n.a. -192 0.9959 

Dec................... 9,864 17,299 90,515 74,923 n.a. 1,186 1,628 703 -300 0.9881 

2008 - Mar................... 24,894 21,409 110,013 71,727 836 957 2,125 1,310 -470 1.0275 

June ................. 25,156 21,808 139,752 77,457 418 1,328 2,216 1,914 -422 1.0185 

Sept.................. 23,605 27,206 126,237 74,740 n.a. 1,195 1,979 n.a. n.a. 1.0597 

Dec................... 14,969 27,815 110,044 67,230 n.a. 743 1,846 n.a. n.a. 1.2240 

2009 - Mar................... 8,282 19,513 85,319 62,047 185 381 1,261 861 n.a. 1.2606 

June ................. 12,824 18,576 66,859 43,860 n.a. 196 n.a. 325 -78 1.1626 

Sept.................. 11,176 19,962 63,808 35,565 135 174 n.a. 489 -33 1.0719 

Dec ................... 18,006 20,677 68,743 37,845 n.a. 191 n.a. 384 n.a. 1.0461 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

88 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

(4) 

 

10/07/09 .................................................................. 289,715 293,430 1,020 88.76 

10/14/09 .................................................................. 292,257 295,758 1,006 89.44 

10/21/09 .................................................................. 292,790 295,848 972 91.04 

10/28/09 .................................................................. 296,868 299,695 380 91.07 

 

11/04/09 .................................................................. 311,726 314,967 359 90.96 

11/11/09 .................................................................. 294,908 298,042 361 89.82 

11/18/09 .................................................................. 295,421 298,740 292 89.36 

11/25/09 .................................................................. 253,451 256,934 219 87.65 

 

12/02/09 .................................................................. 309,061 311,965 213 87.13 

12/09/09 .................................................................. 315,964 318,754 200 87.83 

12/16/09 .................................................................. 296,588 299,505 46 89.52 

12/23/09 .................................................................. 299,951 303,325 95 91.52 

12/30/09 .................................................................. 285,664 289,263 160 92.66 

 

01/06/10 .................................................................. 301,787 305,187 140 92.53 

01/13/10 .................................................................. 311,127 314,910 284 91.38 

01/20/10 .................................................................. 305,148 309,305 299 91.23 

01/27/10 .................................................................. 314,459 319,209 512 89.41 

 

02/03/10 .................................................................. 311,513 315,395 421 91.11 

02/10/10 .................................................................. 309,689 314,207 396 89.88 

02/17/10 .................................................................. 312,480 316,698 n.a. 90.79 

02/24/10 .................................................................. 322,161 326,144 n.a. 90.06 

 

03/03/10 .................................................................. 305,569 309,409 n.a. 88.43 

03/10/10 .................................................................. 312,321 316,530 n.a. 90.62 

03/17/10 .................................................................. 299,576 304,456 2,088 90.42 

03/24/10 .................................................................. 310,337 315,237 2,032 91.89 

03/31/10 .................................................................. 317,117 322,030 2,230 93.40 
FOREIGN CURRENCY POSITIONS 

June 2010 

89

SECTION II.—Japanese Yen Positions, con. 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta

equivalent

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2007 - Dec.................. 463,494 462,366 69,975 72,014 112,480 115,176 122,042 123,860 761 111.71 

2008 - Dec.................. 323,332 327,005 56,606 55,822 64,185 54,758 75,507 81,983 3,295 90.79 

2009 - Apr .................. 344,996 351,015 57,416 55,082 58,537 52,720 73,333 76,710 n.a. 98.76 

May................. 333,553 340,009 56,680 53,810 55,200 50,394 73,059 74,741 1,638 95.55 

June................ 305,410 311,413 52,148 50,911 53,349 49,403 71,101 72,879 804 96.42 

July ................. 326,038 333,178 53,242 51,473 51,643 47,825 70,018 70,847 1,051 94.54 

Aug ................. 317,353 322,774 50,396 49,071 49,744 46,868 68,743 69,551 1,730 92.82 

Sept................ 341,851 346,132 48,825 48,884 46,473 43,663 65,172 66,319 1,096 89.49 

Oct.................. 324,548 328,399 47,717 46,352 46,763 44,041 68,695 70,823 419 90.50 

Nov ................. 333,408 337,219 52,009 50,182 46,550 44,091 68,217 70,403 252 86.12 

Dec ................. 315,246 318,612 47,222 46,493 43,595 42,074 69,546 70,896 160 93.08 

2010 - Jan .................. 337,145 341,807 45,917 44,518 43,173 42,478 68,301 69,919 468 90.38 

Feb ................. 342,485 346,919 47,084 46,334 43,553 43,041 68,435 70,886 n.a. 88.84 

Mar ................. 346,122 351,428 48,626 46,857 43,257 43,457 71,401 73,066 n.a. 93.40 

 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

 

2006 - Dec................... 9,336 9,825 6,913 4,069 n.a. n.a. 1,001 n.a. -239 119.02 

2007 - Mar................... 4,623 5,036 6,174 2,904 910 n.a. 1,749 1,166 -325 117.56 

June ................. 4,408 5,575 7,442 3,064 n.a. n.a. 2,210 n.a. n.a. 123.39 

Sept.................. 5,039 6,234 6,558 2,808 1,170 518 1,005 587 n.a. 114.97 

Dec................... 4,816 5,798 6,497 3,070 761 711 988 896 38 111.71 

2008 - Mar................... 5,441 6,554 11,048 2,696 376 340 1,097 866 58 99.85 

June.................. 7,419 6,502 14,540 3,121 n.a. 364 1,027 549 18 106.17 

Sept.................. 6,208 6,529 12,792 3,175 338 356 1,032 516 13 105.94 

Dec................... 4,674 4,299 8,662 2,901 227 313 812 314 -11 90.79 

2009 - Mar................... 2,589 3,575 5,080 2,267 140 206 825 333 -42 99.15 

June ................. 2,914 4,274 5,703 2,303 n.a. 167 846 269 -29 96.42 

Sept.................. 3,099 4,231 5,633 2,209 95 401 964 321 n.a. 89.49 

Dec ................... 2,980 4,598 5,640 2,192 84 288 475 170 -9 93.08 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

90 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

(4) 

 

10/07/09 .................................................................. 705,138 703,663 -343 1.0333 

10/14/09 .................................................................. 700,371 700,312 463 1.0172 

10/21/09 .................................................................. 726,388 725,892 n.a. 1.0064 

10/28/09 .................................................................. 755,815 756,118 n.a. 1.0232 

 

11/04/09 .................................................................. 775,556 777,302 n.a. 1.0183 

11/11/09 .................................................................. 769,900 771,153 n.a. 1.0092 

11/18/09 .................................................................. 793,650 793,160 -271 1.0080 

11/25/09 .................................................................. 609,519 609,199 n.a. 1.0004 

 

12/02/09 .................................................................. 761,261 762,563 n.a. 1.0006 

12/09/09 .................................................................. 774,811 773,933 709 1.0262 

12/16/09 .................................................................. 721,591 722,947 n.a. 1.0355 

12/23/09 .................................................................. 702,460 704,486 1,976 1.0380 

12/30/09 .................................................................. 702,611 705,048 2,085 1.0391 

 

01/06/10 .................................................................. 724,700 726,054 2,244 1.0282 

01/13/10 .................................................................. 735,126 735,336 2,219 1.0194 

01/20/10 .................................................................. 727,829 728,986 1,971 1.0453 

01/27/10 .................................................................. 739,719 738,426 1,952 1.0472 

 

02/03/10 .................................................................. 745,946 743,855 1,371 1.0590 

02/10/10 .................................................................. 775,797 774,194 1,909 1.0682 

02/17/10 .................................................................. 767,269 763,802 1,631 1.0768 

02/24/10 .................................................................. 831,798 828,892 1,861 1.0779 

 

03/03/10 .................................................................. 818,668 817,176 1,897 1.0652 

03/10/10 .................................................................. 847,315 843,385 1,133 1.0702 

03/17/10 .................................................................. 800,467 798,920 1,562 1.0551 

03/24/10 .................................................................. 799,950 800,674 1,763 1.0692 

03/31/10 .................................................................. 814,520 813,086 1,928 1.0528 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

91

SECTION III.—Swiss Franc Positions, con. 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2007 - Dec................... 981,030 987,962 95,668 96,554 296,139 295,801 258,017 244,868 4,527 1.1329 

2008 - Dec................... 685,168 683,919 65,440 69,021 162,230 158,197 175,827 178,706 -1,352 1.0673 

2009 - Apr ................... 723,487 726,575 70,641 70,353 119,598 126,330 139,761 134,732 1,383 1.1402 

May.................. 708,514 715,692 60,887 63,895 112,212 122,016 138,877 132,579 2,431 1.0692 

June................. 689,494 689,116 57,101 59,086 106,635 117,172 136,412 128,622 1,697 1.0867 

July .................. 711,465 722,102 59,645 60,606 111,084 119,522 132,616 127,369 1,072 1.0668 

Aug .................. 732,213 732,954 57,277 58,769 110,838 119,333 133,140 122,523 n.a. 1.0569 

Sept................. 813,502 813,243 63,185 59,227 92,905 98,454 124,122 115,512 -446 1.0375 

Oct................... 814,676 815,763 65,171 62,190 90,693 97,082 124,578 115,619 n.a. 1.0238 

Nov .................. 800,988 801,930 69,985 67,137 96,478 101,925 119,732 110,347 n.a. 1.0050 

Dec .................. 738,468 740,741 65,625 62,642 91,492 93,507 108,091 102,644 1,914 1.0358 

2010 - Jan ................... 816,280 813,092 66,049 64,777 108,333 107,092 117,977 114,731 1,383 1.0557 

Feb .................. 855,627 852,980 70,458 64,678 110,852 108,855 120,685 116,250 1,645 1.0711 

Mar .................. 865,929 864,612 69,224 64,144 111,969 108,728 116,940 119,393 638 1.0528 

 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

 

2006 - Dec................... 19,099 26,282 46,317 11,031 n.a. n.a. n.a. n.a. n.a. 1.2195 

2007 - Mar................... 23,188 25,040 47,552 13,441 1,819 n.a. n.a. n.a. n.a. 1.2126 

June ................. 16,511 23,187 46,886 14,061 855 n.a. n.a. n.a. n.a. 1.2240 

Sept.................. 20,823 24,139 46,837 13,612 2,422 n.a. 596 n.a. 136 1.1672 

Dec................... 15,134 20,077 46,339 10,338 584 283 535 324 -69 1.1329 

2008 - Mar................... 21,491 29,248 49,284 10,785 1,166 679 1,589 696 -16 0.9921 

June.................. 16,727 26,727 62,191 10,566 n.a. n.a. 2,031 n.a. -24 1.0202 

Sept.................. 15,916 28,686 63,301 11,924 n.a. n.a. 1,025 518 - 1.1189 

Dec................... 11,140 22,483 52,460 10,716 n.a. n.a. 438 544 n.a. 1.0673 

2009 - Mar................... 9,740 20,478 40,011 8,364 113 103 805 644 n.a. 1.1395 

June ................. 10,224 18,654 41,166 7,626 n.a. n.a. n.a. 285 n.a. 1.0867 

Sept.................. 10,249 18,023 42,832 7,643 n.a. n.a. 372 211 n.a. 1.0375 

Dec ................... 11,702 18,533 44,073 8,570 n.a. 208 212 n.a. n.a. 1.0358 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

92 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

10/07/09 .................................................................. 999,365 1,006,390 n.a. 1.5899 

10/14/09 .................................................................. 1,010,418 1,016,165 n.a. 1.5974 

10/21/09 .................................................................. 1,004,121 1,011,065 n.a. 1.6610 

10/28/09 .................................................................. 997,641 1,009,087 n.a. 1.6375 

 

11/04/09 .................................................................. 991,698 1,003,109 1,848 1.6571 

11/11/09 .................................................................. 1,031,087 1,040,841 n.a. 1.6680 

11/18/09 .................................................................. 1,014,190 1,022,862 2,578 1.6756 

11/25/09 .................................................................. 913,558 925,754 2,126 1.6671 

 

12/02/09 .................................................................. 1,015,139 1,023,964 2,447 1.6641 

12/09/09 .................................................................. 1,047,974 1,064,991 2,183 1.6242 

12/16/09 .................................................................. 979,750 992,626 2,375 1.6369 

12/23/09 .................................................................. 950,222 962,965 n.a. 1.5955 

12/30/09 .................................................................. 959,236 971,415 n.a. 1.6050 

 

01/06/10 .................................................................. 994,593 1,007,512 n.a. 1.6016 

01/13/10 .................................................................. 1,033,779 1,050,339 2,111 1.6288 

01/20/10 .................................................................. 994,888 1,010,988 2,253 1.6287 

01/27/10 .................................................................. 1,039,465 1,051,126 2,719 1.6204 

 

02/03/10 .................................................................. 1,021,913 1,033,150 2,336 1.5915 

02/10/10 .................................................................. 1,075,995 1,083,842 2,082 1.5606 

02/17/10 .................................................................. 1,047,070 1,054,186 1,686 1.5704 

02/24/10 .................................................................. 1,128,070 1,130,054 1,022 1.5432 

 

03/03/10 .................................................................. 1,120,427 1,124,616 n.a. 1.5124 

03/10/10 .................................................................. 1,151,902 1,154,896 1,301 1.4977 

03/17/10 .................................................................. 1,090,423 1,094,299 n.a. 1.5296 

03/24/10 .................................................................. 1,083,379 1,088,635 n.a. 1.4914 

03/31/10 .................................................................. 1,096,089 1,104,905 n.a. 1.5186 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

93

SECTION IV.—Sterling Positions, con. 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2007 - Dec................... 1,106,323 1,121,684 450,883 372,556 80,197 69,881 93,248 103,301 3,400 1.9843 

2008 - Dec................... 975,940 995,931 495,444 342,452 44,891 43,251 51,977 53,230 631 1.4619 

2009 - Apr ................... 987,751 1,004,154 404,225 324,447 47,157 44,903 37,301 42,571 1,350 1.4799 

May.................. 1,009,001 1,026,796 381,514 312,229 48,464 43,924 37,292 43,988 1,014 1.6160 

June................. 950,738 963,187 369,350 298,015 48,366 44,510 37,467 45,924 1,361 1.6452 

July .................. 1,003,246 1,026,694 400,352 311,238 45,368 39,267 38,050 47,595 1,252 1.6713 

Aug .................. 963,725 978,536 406,179 326,523 48,135 42,025 49,993 59,033 n.a. 1.6314 

Sept................. 1,065,984 1,083,972 431,385 329,870 45,843 41,693 47,004 51,984 n.a. 1.6004 

Oct................... 1,021,291 1,031,490 430,650 339,336 51,031 43,877 51,410 53,797 1,137 1.6479 

Nov .................. 1,030,923 1,039,320 419,501 335,661 51,998 45,301 51,220 56,970 1,698 1.6409 

Dec .................. 979,536 991,970 384,997 313,137 46,626 40,932 45,641 50,928 1,481 1.6167 

2010 - Jan ................... 1,074,225 1,090,781 410,345 331,893 57,725 49,572 52,968 56,437 2,142 1.6009 

Feb .................. 1,161,196 1,164,401 420,529 340,362 59,509 55,187 65,464 68,018 55 1.5239 

Mar .................. 1,132,495 1,140,638 421,033 333,418 71,075 67,472 72,867 82,289 n.a. 1.5186 

 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2006 - Dec................... 23,342 31,721 53,158 18,843 n.a. n.a. 2,034 565 10 1.9586 

2007 - Mar................... 12,787 20,170 60,460 22,609 267 69 n.a. n.a. -441 1.9685 

June ................. 9,617 19,167 61,316 24,253 n.a. 60 n.a. n.a. n.a. 2.0063 

Sept.................. 10,145 20,745 75,325 30,537 154 n.a. 2,491 n.a. n.a. 2.0389 

Dec................... 11,365 22,642 76,423 26,918 139 159 3,733 n.a. -1,292 1.9843 

2008 - Mar................... 18,074 30,594 80,685 28,259 n.a. 90 1,956 883 -1,168 1.9855 

June.................. 17,970 31,267 94,886 26,549 n.a. 302 2,046 1,195 n.a. 1.9906 

Sept.................. 18,814 32,314 94,119 31,139 127 184 4,010 924 n.a. 1.7804 

Dec................... 16,513 28,787 80,329 29,461 124 149 2,441 n.a. n.a. 1.4619 

2009 - Mar................... 12,645 15,895 56,756 32,465 153 137 2,142 763 n.a. 1.4300 

June ................. 8,486 14,527 60,057 33,670 n.a. 146 n.a. n.a. n.a. 1.6452 

Sept.................. 9,181 18,330 64,224 32,062 n.a. 77 1,164 n.a. n.a. 1.6004 

Dec................... 16,192 22,107 63,937 33,351 n.a. n.a. 791 n.a. -289 1.6167 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

94 

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

10/07/09 ................................................................ 13,926,184 13,967,831 -6,129 n.a. 

10/14/09 ................................................................ 14,142,170 14,177,306 -6,965 n.a. 

10/21/09 ................................................................ 14,371,114 14,422,573 -8,211 n.a. 

10/28/09 ................................................................ 14,621,685 14,659,284 -13,916 n.a. 

 

11/04/09 ................................................................ 14,733,660 14,729,240 -13,964 n.a. 

11/11/09 ................................................................ 14,640,661 14,651,982 -15,395 n.a. 

11/18/09 ................................................................ 14,841,672 14,871,027 -14,667 n.a. 

11/25/09 ................................................................ 13,171,166 13,147,105 -19,063 n.a. 

 

12/02/09 ................................................................ 15,172,298 15,234,616 -17,418 n.a. 

12/09/09 ................................................................ 15,543,676 15,634,194 -12,662 n.a. 

12/16/09 ................................................................ 14,829,138 14,923,723 -17,372 n.a. 

12/23/09 ................................................................ 14,337,913 14,426,399 -13,976 n.a. 

12/30/09 ................................................................ 14,258,602 14,348,665 -15,467 n.a. 

 

01/06/10 ................................................................ 14,461,340 14,559,003 -17,523 n.a. 

01/13/10 ................................................................ 15,509,593 15,593,634 -21,831 n.a. 

01/20/10 ................................................................ 15,447,586 15,523,909 -17,128 n.a. 

01/27/10 ................................................................ 15,801,532 15,871,161 -15,519 n.a. 

 

02/03/10 ................................................................ 15,702,778 15,771,015 -9,084 n.a. 

02/10/10 ................................................................ 16,061,325 16,126,001 -8,931 n.a. 

02/17/10 ................................................................ 15,876,003 15,934,087 -4,747 n.a. 

02/24/10 ................................................................ 16,498,604 16,556,044 -10,696 n.a. 

 

03/03/10 ................................................................ 15,962,100 16,020,582 -11,540 n.a. 

03/10/10 ................................................................ 16,318,710 16,371,425 -11,959 n.a. 

03/17/10 ................................................................ 15,591,978 15,593,333 5,444 n.a. 

03/24/10 ................................................................ 15,695,788 15,716,205 924 n.a. 

03/31/10 ................................................................ 16,100,074 16,107,134 -1,277 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

95

SECTION V.—U.S. Dollar Positions, con. 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec.............. 16,604,296 16,621,391 - - 2,665,228 2,579,678 2,534,065 n.a. 794 n.a.

2008 - Dec.............. 14,157,193 14,295,305 - - 3,216,341 3,311,971 3,750,439 3,700,270 -4,233 n.a.

2009 - Apr .............. 14,201,373 14,180,133 - - 2,597,445 2,651,947 2,873,709 2,833,666 -170 n.a.

May............. 14,739,401 14,721,439 - - 2,424,869 2,493,896 2,796,776 2,755,515 3,226 n.a.

June............ 14,151,342 14,018,521 - - 2,343,036 2,398,024 2,684,489 2,660,414 4,621 n.a.

July ............. 14,676,091 14,564,040 - - 2,258,719 2,310,391 2,545,795 2,541,530 -9,980 n.a.

Aug ............. 14,103,597 14,037,241 - - 2,294,156 2,321,528 2,494,599 2,494,105 -30,037 n.a.

Sept............ 15,268,940 15,285,964 - - 2,071,509 2,128,587 2,446,463 2,344,399 -8,481 n.a.

Oct.............. 15,460,518 15,432,522 - - 2,220,632 2,180,974 2,318,595 2,412,270 -7,320 n.a.

Nov ............. 15,875,303 15,922,525 - - 2,177,620 2,163,017 2,294,266 2,373,180 -7,667 n.a.

Dec ............. 14,885,944 14,952,056 - - 2,052,927 2,046,809 2,083,198 2,176,834 -9,016 n.a.

2010 - Jan .............. 16,632,091 16,662,046 - - 2,105,299 2,076,167 2,256,878 2,285,696 -7,050 n.a.

Feb ............. 17,009,346 17,027,954 - - 2,103,407 2,097,941 2,218,115 2,270,302 -11,493 n.a.

Mar ............. 16,916,483 16,903,081 - - 2,103,303 2,077,247 2,129,447 2,179,014 7,963 n.a.

 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

Options positions Spot, forward 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

 Bought 

 (7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 445,675 450,809 - - 25,301 38,520 17,570 23,098 -278 n.a. 

2007 - Mar................... 257,985 245,890 - - 33,632 23,046 17,873 20,639 122 n.a. 

June.................. 271,790 230,303 - - 36,519 32,361 21,051 n.a. 2,341 n.a. 

Sept .................. 283,902 268,604 - - 33,028 21,170 19,119 10,739 -1,325 n.a. 

Dec ................... 297,212 291,395 - - 29,007 22,828 13,464 10,454 2,111 n.a. 

2008 - Mar................... 384,255 382,695 - - 29,794 27,278 15,610 15,318 3,114 n.a. 

June.................. 340,324 342,590 - - 30,279 25,934 15,361 11,644 2,745 n.a. 

Sept .................. 346,969 328,750 - - 26,978 23,465 19,379 13,612 -109 n.a. 

Dec ................... 291,721 281,080 - - 25,365 15,176 8,439 6,931 1,145 n.a. 

2009 - Mar................... 229,519 196,627 - - 29,452 25,135 6,956 5,394 2,291 n.a. 

June.................. 237,066 197,226 - - 16,989 12,555 7,236 6,082 1,027 n.a. 

Sept. ................. 248,288 197,037 - - 18,396 11,084 7,159 6,473 -658 n.a. 

Dec ................... 242,369 200,350 - - 18,084 9,575 8,305 9,191 1,150 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

96 

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar)

(4) 

 

10/07/09 ............................................................................. 3,846,969 3,756,382 3,925 0.6814 

10/14/09 ............................................................................. 3,876,626 3,798,420 5,444 0.6712 

10/21/09 ............................................................................. 3,961,970 3,878,665 5,861 0.6663 

10/28/09 ............................................................................. 4,029,039 3,946,862 5,661 0.6774 

 

11/04/09 ............................................................................. 4,002,773 3,918,207 4,353 0.6740 

11/11/09 ............................................................................. 3,984,896 3,895,368 4,510 0.6685 

11/18/09 ............................................................................. 4,055,669 3,958,623 4,861 0.6671 

11/25/09 ............................................................................. 3,564,251 3,467,304 4,712 0.6629 

 

12/02/09 ............................................................................. 4,131,967 4,040,708 3,261 0.6641 

12/09/09 ............................................................................. 4,261,380 4,172,177 1,470 0.6791 

12/16/09 ............................................................................. 4,073,803 3,990,242 1,599 0.6860 

12/23/09 ............................................................................. 3,832,766 3,746,445 2,237 0.6973 

12/30/09 ............................................................................. 3,818,012 3,732,448 2,191 0.6985 

 

01/06/10 ............................................................................. 3,977,949 3,893,912 2,469 0.6943 

01/13/10 ............................................................................. 4,039,170 3,963,413 3,611 0.6900 

01/20/10 ............................................................................. 4,075,085 4,005,475 3,073 0.7095 

01/27/10 ............................................................................. 4,172,399 4,103,786 3,062 0.7116 

 

02/03/10 ............................................................................. 4,137,722 4,074,331 2,252 0.7191 

02/10/10 ............................................................................. 4,368,578 4,312,628 1,560 0.7288 

02/17/10 ............................................................................. 4,262,809 4,218,801 112 0.7341 

02/24/10 ............................................................................. 4,486,001 4,451,946 883 0.7366 

 

03/03/10 ............................................................................. 4,396,097 4,356,040 1,748 0.7283 

03/10/10 ............................................................................. 4,470,743 4,438,272 3,375 0.7322 

03/17/10 ............................................................................. 4,236,507 4,208,972 8,317 0.7279 

03/24/10 ............................................................................. 4,349,129 4,321,511 7,266 0.7492 

03/31/10 ............................................................................. 4,386,659 4,372,995 n.a. 0.7393 

 
FOREIGN CURRENCY POSITIONS 

June 2010 

97

SECTION VI.—Euro Positions, con. 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2007 - Dec................... 4,057,077 4,029,716 1,995,834 1,941,086 590,115 584,307 558,711 557,451 3,580 0.6848 

2008 - Dec................... 3,956,295 3,869,172 1,836,594 1,823,683 466,120 501,559 750,439 760,767 1,108 0.7184 

2009 - Apr ................... 4,133,770 4,049,118 1,710,904 1,707,105 434,348 462,886 450,651 466,300 311 0.7551 

May.................. 4,274,948 4,221,000 1,666,699 1,646,244 448,376 468,287 395,848 412,724 747 0.7079 

June................. 4,081,869 4,023,126 1,612,664 1,580,416 386,847 428,978 397,265 401,016 837 0.7133 

July .................. 4,014,991 3,944,767 1,629,521 1,605,186 351,208 399,381 401,361 394,364 -294 0.7003 

Aug .................. 3,736,153 3,665,181 1,673,154 1,650,110 350,059 392,565 389,854 382,481 4,447 0.6967 

Sept................. 4,061,544 3,960,067 1,625,730 1,603,238 306,108 341,040 344,695 357,465 2,474 0.6835 

Oct................... 4,127,883 4,046,813 1,624,809 1,614,553 347,244 363,267 350,420 369,729 3,829 0.6777 

Nov .................. 4,225,794 4,136,183 1,620,863 1,620,684 337,529 367,743 358,489 365,836 4,373 0.6669 

Dec .................. 3,905,125 3,813,863 1,539,339 1,524,203 303,396 343,878 362,964 362,551 3,425 0.6977 

2010 - Jan ................... 4,331,934 4,268,591 1,567,836 1,555,371 328,537 350,359 402,367 393,950 2,393 0.7210 

Feb .................. 4,613,148 4,580,822 1,615,195 1,602,061 346,758 354,421 437,561 434,176 1,238 0.7321 

Mar .................. 4,556,092 4,543,413 1,608,346 1,561,207 336,906 343,753 425,880 414,774 n.a. 0.7393 

 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

Spot, forward Options positions 

and future contracts 

Foreign currency 

denominated Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta

equivalent

(9) 

Exchange 

rate 

(10) 

 

2006 - Dec................... 126,039 132,907 207,774 150,191 8,664 2,967 7,494 4,987 -603 0.7578 

2007 - Mar................... 74,638 81,811 188,261 118,068 9,318 3,549 11,618 4,045 -611 0.7477 

June ................. 68,711 81,208 204,447 125,902 7,443 3,408 10,670 3,743 -1,051 0.7396 

Sept.................. 82,783 79,080 218,344 139,178 9,967 3,207 6,648 2,948 699 0.7033 

Dec................... 81,522 80,991 213,943 138,149 8,674 2,806 5,653 2,137 -1,362 0.6848 

2008 - Mar................... 126,180 91,977 262,397 157,462 8,362 5,988 8,821 7,976 1,039 0.6327 

June.................. 116,332 88,752 272,427 119,914 9,806 3,601 10,018 5,693 3,067 0.6350 

Sept.................. 87,982 94,534 246,267 113,023 10,459 5,295 8,870 9,606 1,667 0.7102 

Dec................... 92,026 88,502 212,167 106,561 6,839 2,745 5,509 4,762 1,761 0.7184 

2009 - Mar................... 70,202 78,229 163,971 94,269 6,348 3,043 n.a. n.a. 1,529 0.7541 

June.................. 60,845 70,738 190,153 91,171 5,447 3,728 4,911 4,031 1,337 0.7133 

Sept.................. 61,451 71,630 195,739 88,701 3,932 2,135 4,389 2,517 835 0.6835 

Dec ................... 56,682 71,813 186,442 84,509 4,315 5,441 6,307 1,914 -1,070 0.6977 

 
June 2010 

98 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Sept. 30, 2009, and Dec. 31, 2009 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Sept. 30, 2009 

Oct. 1, 2009, 

through 

Dec. 31, 2009 Dec. 31, 2009 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 19,816,089 626,244 20,442,333 

Government Sponsored Enterprises (GSE) Securities ... 1,100,000 -1,100,000 -

Special drawing rights 1 ........................................................... 57,945,186 -131,587 57,813,599 

Foreign exchange and securities: 

European euro ..................................................................... 15,030,301 -268,245 14,762,056 

Japanese yen....................................................................... 10,739,743 -401,691 10,338,052 

Accounts receivable................................................................. 153,783 17,323 171,106 

Total assets.......................................................................... 104,785,102 -1,257,956 103,527,146 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 15,144 14,527 29,671 

Total current liabilities ...................................................... 15,144 14,527 29,671 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 55,953,105 -589,065 55,364,040 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 61,153,105 -589,065 60,564,040 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 3,834,221 -4,517,638 -683,417

Total capital...................................................................... 43,616,853 -683,418 42,933,435 

Total liabilities and capital............................................ 104,785,102 -1,257,956 103,527,146 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2010 

99

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Oct. 1, 2009, 

through 

Dec. 31, 2009 

Fiscal year to date

Oct. 1, 2009, 

through 

Dec. 31, 2009 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ -725,129 -725,129

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -27,500 -27,500

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 1,438 1,438 

U.S. Government securities......................................................... 2,110 2,110 

GSE Securities............................................................................. 150 150 

Foreign exchange ........................................................................ 65,514 65,514 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations............................................................... -683,417 -683,417

Net income (+) or loss (-)............................................................. -683,417 -683,417

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

June 2010 

103

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2011. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2011. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 83 

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 13

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 70 

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 133

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

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2011) .............................................................................................................. 14

less: 

Cash balance (fiscal year 2011) ......................................................................................................................................................................................... 6

Unfunded authorizations (fiscal year 2011)........................................................................................................................................................................ 8

48-month revenue estimate (fiscal years 2012, 2013, 2014, and 2015)........................................................................................................................... 19
June 2010 

104

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

June 2010 

105

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
June 2010 

106

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

 Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of March 2010, the debt 

limit was $14,294,000 million; the limit may change from 

year to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 
GLOSSARY 

June 2010 

107

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 
GLOSSARY 

June 2010 

108

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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