September 2006 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 23 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 

FD-2.—Debt Held by the Public ......................................................................................................................................... 25 

FD-3.—Government Account Series................................................................................................................................... 26 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 27 

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

 Private Investors .................................................................................................................................................... 28 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 29 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 30

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 32 

TREASURY FINANCING ................................................................................................................................................. 32 

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

 and 52-Week Treasury Bills Outstanding............................................................................................................ 36 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 41 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 42 

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 43 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 43 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 44

SBN-3.—Sales and Redemptions by Period, Series E, EE, and I........................................................................................ 44
September 2006 

IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

MARKET YIELDS 

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

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

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

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

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

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

CAPITAL MOVEMENTS 

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

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

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

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

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

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

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

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

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

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

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

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

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

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States 

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

 Reported Separately......................................................................................................................................... 73 

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

 in the United States 

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 74 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 75 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 77 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 79 
September 2006 

V

Contents 

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

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 81 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 82 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 83 

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

 and Country, during (second quarter) ............................................................................................................... 85 

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

 and Country, during (calendar year) ................................................................................................................. 87 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 89 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 90

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 91 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 104 

ESF-1.—Balance Sheet ..................................................................................................................................................... 104 

ESF-2.—Income and Expense........................................................................................................................................... 105
September 2006 

VI 

SPECIAL REPORTS 

TRUST FUNDS (See note at bottom of page.) 

Introduction.—Highway Trust Fund ................................................................................................................................. 109 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account .................................................................... 109

RESEARCH PAPER INDEX............................................................................................................................................ 110

GLOSSARY ...................................................................................................................................................................... 111

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. 

SPECIAL REPORTS 

Trust Funds 1-8, previously published in the December 

issue of the Treasury Bulletin, will be discontinued 

effective December 2006. Trust fund information can be 

found in the Monthly Treasury Statement, 

www.fms.treas.gov/mts, and the Budget of the United 

States Government, www.whitehouse.gov/omb/budget. 
June 2006 

VII

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

Civil Service Retirement and Disability Fund * ............................................... √

Federal Disability Insurance Trust Fund *........................................................ √

Federal Hospital Insurance Trust Fund *.......................................................... √

Federal Old-Age and Survivors Insurance Trust Fund * .................................. √

Federal Supplementary Medical Insurance Trust Fund * ................................. √

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

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

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

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

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

National Service Life Insurance Fund *............................................................ √

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

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

Railroad Retirement Account *......................................................................... √

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

Sport Fish Restoration and Boating Safety Trust Fund (formerly Aquatic 

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

Unemployment Trust Fund * ............................................................................ √

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

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

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

 

* These trust funds will no longer be published in the Treasury Bulletin effective December 2006.

 
OPERATIONS

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

U.S. Savings Bonds and Notes

Ownership of Federal Securities

Market Yields

U.S. Currency and Coin Outstanding

and in Circulation
September 2006 

3

Growth of Real GDP

2.2

0.2

1.2

3.5

7.5

2.7

3.9

3.1

2.6

3.3

4.2

1.8

5.6

2.5

3.4 4.0

2.7 2.4

0

2

4

6

8

10

2002 2003 2004 2005 2006

(Quarterly percent change at annual rate)

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product 

July’s advance estimate of real gross domestic product 

(GDP) reported annualized growth slowing to 2.5 percent in 

the second quarter of 2006 as expected, following a strong 

5.6 percent gain in the first quarter and a 1.8 percent pace in 

the fourth quarter of 2005. The uneven pattern of GDP 

growth is mainly attributable to losses and subsequent 

recovery related to last fall’s hurricanes and erratic patterns 

in motor vehicle sales and Federal purchases. A clearer 

picture emerges when average growth over the past four 

quarters is considered. Over this period real GDP grew 3.5 

percent. 

Real consumer spending moderated to a 2.5 percent 

annual growth rate in the second quarter, from a 4.8 percent 

pace in the first quarter. A decline in motor vehicle sales had 

a significant influence. The slowdown in consumer spending 

was a major contributor to the reduction in GDP growth in 

the second quarter, accounting for more than half of the 

reduction. However, real consumer spending has grown 3 

percent over the past four quarters. 

Investment in business equipment and software declined 

1.0 percent in the second quarter, following a 15.6 percent 

increase in the previous quarter. The average growth rate for 

the volatile business equipment and software series over the 

past four quarters is a much stronger 7.1 percent. Residential 

spending fell 6.3 percent in the second quarter, following 

small declines in the prior two quarters. In contrast, business 

investment in structures picked up and contributed nearly 

0.4 percentage point to GDP growth. 

The deficit on trade in goods and services declined as a 

proportion of GDP in the second quarter, adding 0.3 

percentage point to GDP growth. Growth in exports slowed 

to a 3.3 annual pace from the prior quarter’s 14.0 percent, 

but imports eased further to just 0.2 percent growth from the 

previous quarter’s 9.1 percent. 

Growth in public sector spending slowed to 0.6 percent 

from 4.9 percent in the first quarter, with a decline in Federal 

outlays subtracting 0.24 percentage point from GDP growth, 

chiefly due to lower non-defense outlays. State and local 

outlays added 0.4 percentage point to GDP growth. 

Partially offsetting some of the weaker readings in the 

second quarter was an increase in inventory investment 

which contributed 0.4 percentage point to second quarter 

GDP growth, following almost no change in inventories in 

the prior quarter. 

With the July release, the Bureau of Economic Analysis 

also revised estimates of real GDP since 2003. The revisions 

were quite small and left the quarterly pattern of real GDP 

growth largely unchanged. Average annual real GDP growth 

from the fourth quarter of 2002 to the fourth quarter of 2005 

was revised down slightly from 3.7 to 3.4 percent. 
PROFILE OF THE ECONOMY 

September 2006

4 

Inflation 

Inflation remained moderate through the first 6 months 

of 2006 despite pressure from rising energy prices. The 

consumer price index (CPI) rose at a 4.7 percent seasonallyadjusted annual rate (SAAR) in the 6 months ended in June 

2006, and over the 12 months of the year ended in December 

2005, the CPI was up 3.4 percent, a little above the 12-

month increases in the prior 4 years from 2001 to 2004. 

Energy prices jumped by 22.8 percent at a SAAR through 

the first half of 2006, while prices for transportation were up 

13.2 percent during that span, partly due to a 33.9 percent 

jump in prices of motor fuel from June 2005 to June 2006. 

Core consumer prices (excluding food and energy) grew by 

3.2 percent (SAAR) through the 6 months ending in June 

2006, and by 2.6 percent over the 12 months from June 2005 

to June 2006. 

Inflation at the producer level slowed somewhat in June. 

During the first 6 months of 2006, the producer price index 

for finished goods increased 2.1 percent (SAAR) through 

June, which followed a 7.5-percent (SAAR) increase during 

the second half of 2005. Prices for finished energy goods 

grew 4.1 percent (SAAR) from the end of 2005 to June 2006 

after rising 36.3 percent (SAAR) for the 6 months ending in 

December 2005. For the 6 months ended in June 2006, 

prices for finished goods less food and energy grew 3.1 

percent (SAAR). During the 12 months ending in December 

2005, finished goods prices rose 5.4 percent while prices for 

finished goods less food and energy advanced 1.4 percent. 

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04 05 06

Excluding food and energy

Total

Producer Prices - Finished Goods

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

September 2006 

5

Employment and unemployment 

Labor market conditions at the start of the third 

quarter were largely unchanged from the second quarter. 

Nonfarm payroll employment increased by a lower-thanexpected 113,000 in July, on par with the second quarter 

average of 112,000. Job gains through July averaged 

140,000 per month, down from 165,000 per month for all 

of 2005. Since the employment trough in August 2003, 

the economy has generated over 5.5 million jobs. 

Some industries showed solid job gains in July. 

Employment in professional and business services rose by 

43,000, up from average gains of 32,000 per month in the 

first half of 2006. Payrolls in the leisure and hospitality 

sector increased 42,000 in July, compared to 23,000 per 

month in the preceding 6 months. Employment in 

education and health services increased 24,000 in July. 

In contrast, other sectors showed little or no job gains. 

Retail employment was flat in July, following sizeable 

payroll declines earlier this spring. Manufacturing 

employment fell by 15,000 in July, following a 22,000 

gain in June. On net, factory employment has been flat 

over the past year. Construction employment increased 

6,000 in July. That was down from gains of 18,000 a 

month over the past year. 

The unemployment rate fell to a 5-year low of 4.6 

percent in May and June, but rose to 4.8 percent in July. 

That was 0.1 percentage point above the average of the 

first half of 2006. The labor force participation rate (the 

share of the non-institutionalized population over 15 years 

old in the labor force) remained flat at 66.2 percent in 

July. This rate has risen slowly from a 17-year low of 

65.8 percent in early 2005. Still, it is more than a 

percentage point below the recent peak of 67.3 percent 

reached in the first quarter of 2000. 

The average workweek was unchanged in July at 33.9 

hours while aggregate production worker hours edged up 

0.1 percent. Average hourly earnings increased a strong 

0.4 percent for the second consecutive month in July. 

Nominal hourly earnings were up 3.8 percent from a year 

earlier. Adjusting for inflation, real earnings were down 

0.6 percent from a year earlier in June (latest data 

available).

 

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

97 98 99 00 01 02 03 04 05 06

(Percent)

July 2006

4.8%

Payroll Employment

18

-26

-89

134

174

199

115

210

160 167

108

179 176

155

-150

-50

50

150

250

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

(Average monthly change in thousands

from end of quarter to end of quarter)

2003 2006 2004 2005
PROFILE OF THE ECONOMY 

September 2006

6 

Real disposable personal income and 

consumer spending 

Nominal personal income grew 6.4 percent at an annual 

rate in the second quarter of 2006, the same as the revised 

pace for the first quarter. Wages and salaries, which account 

for more than half of personal income, also rose at a 

6.4 percent annual rate in the second quarter following a 

7.4 percent gain in the first quarter. These were the strongest 

back-to-back gains in wages and salaries since 1999-2000. 

Personal income receipts on assets climbed by 

12.4 percent at an annual rate after rising just 5.7 percent 

during the first 3 months of 2006. Growth of personal 

interest income jumped in the second quarter, rising 

13.7 percent at an annual rate after a modest 3.1 percent rise 

in the first quarter. The pickup in those components was 

partially offset by a slowing growth in proprietors’ income 

and declines in rental income. 

Disposable (after-tax) income adjusted for inflation rose 

1 percent at an annual rate in the second quarter following a 

1.7 percent gain in the first quarter. Real personal 

consumption expenditure outpaced income, increasing at a 

2.5 percent annual pace. With spending rising faster than 

income, the personal savings rate deteriorated to -1.5 percent 

in the second quarter from -1.0 percent in the first quarter. 

Industrial production and capacity 

utilization 

Industrial production from factories, mines, and utilities 

increased at a very strong 6.6 percent annual rate in the 

second quarter after rising at a 5.1 percent pace in the first 

quarter. Over the 12 months ending in June, output increased 

4.5 percent. 

Manufacturing production, which accounts for about 81 

percent of all industrial output, grew 5.4 percent at an annual 

rate in the second quarter, after 5.3 percent in the first 

quarter. Output of high-technology goods (computers, 

communications equipment, and semiconductors) grew by 

18.8 percent at an annual rate, accelerating from the first 

quarter’s 15.2 percent pace. Output of communications 

equipment continued to lead the high-technology surge, its 

growth rate increasing to nearly 39 percent in the second 

quarter, compared with gains of almost 31 percent in the first 

quarter and about 33 percent in the fourth quarter of 2005. 

Production of motor vehicles and parts advanced 2.3 percent 

at an annual rate in the second quarter, helping to offset a 0.2 

percent decline in the first quarter and a 2.3 percent decline 

in the fourth quarter of 2005. Apart from automobiles, 

manufacturing output rose at a 5.7 percent annual rate in the 

second quarter of 2006. 

Production at utilities, which accounts for roughly 9 

percent of total industrial output, surged 15.3 percent at an 

annual rate in the second quarter, following a 16.7 percent 

plunge in the first quarter. (Weather is usually a factor in this 

sector, and unseasonable weather in quarters often causes 

sharp swings in output from one quarter to the next.) Output 

at mines (the remaining 10 percent of industrial output) rose 

9.0 percent in the second quarter, following a 20.4 percent 

surge in the first quarter. These increases were largely due to 

continued restoration of oil and gas extraction operations in 

the Gulf regions, following sharp declines of about 15 

percent each in the third and fourth quarters of 2005. 

The capacity utilization rate for the industrial sector rose 

to 82.0 percent in the second quarter, from 81.1 percent in 

the first quarter. Capacity utilization has trended higher over 

the past 2 years or so; in the second quarter it was above its 

long-term average of 81.0. Capacity utilization ranged 

between 82 and 85 percent in the 1994–1999 period. 

Capacity utilization in manufacturing was 80.9 percent in the 

second quarter, up from 80.3 percent in the first quarter, and 

now exceeds its long-term average of 79.8 percent by 1.1 

percentage points. Utilization in the high-technology 

industries rose to 76.0 in the second quarter after slipping to 

74.8 in the first quarter, but remains roughly 2 percentage 

points below its long-term average of 78.1 percent. 

Nonfarm productivity and unit labor costs 

Productivity growth slowed in the second quarter of 

2006, although the longer-term trend still appears strong. 

Preliminary data show that nonfarm business productivity 

(real output per hour worked) increased 1.1 percent at an 

annual rate in the second quarter as nonfarm output rose just 

2.5 percent while worker hours increased 1.4 percent. 

However, the second-quarter slowing comes on the heels of 

a strong 4.3 percent productivity gain in the first quarter. 

Looking at productivity over longer time periods helps to 

smooth out quarterly volatility. Over the most recent four 

quarters, productivity has advanced a respectable 2.4 

percent. Since the business cycle peak in the first quarter of 

2001, productivity has grown at an impressive 3.2 percent 

annual rate, up from 2.4 percent during the preceding 5-year 

period. 

Hourly compensation costs in the nonfarm business 

sector rose 5.4 percent at an annual rate in the second 

quarter. These costs were up a sharp 5.7 percent over the 

most recent four quarters. An alternative measure of 

compensation from the Bureau of Labor Statistics, the 

employment cost index, shows a rise of 3.0 percent from a 

year earlier. Unlike the productivity series, the employment 

cost index shows data on the two main components of 

compensation–wages and salaries and benefits. Wages and 

salaries for all civilian workers were up 2.8 percent from a 

year earlier in the second quarter. Benefits were up 3.4 

percent. While the growth in benefit costs has slowed over 

the past 2 years, benefits continue to account for a good 

portion of overall compensation gains. 

Unit labor costs, which represent the interaction of 

productivity and compensation, increased 4.2 percent at an 

annual rate in the second quarter. These costs were up 3.2 

percent over the latest four quarters, the largest year-overyear increase since late 2000. A rise in unit labor costs can 

compel some companies to raise prices and could contribute 

to higher inflation. 
PROFILE OF THE ECONOMY 

September 2006 

7

Productivity in the manufacturing sector rose 3.0 percent 

at an annual rate in the second quarter and was up 3.8 

percent over the most recent four quarters. Over the past 10 

years, factory productivity has averaged a strong 4.4 percent 

at an annual rate. Hourly compensation costs in 

manufacturing were up 1.7 percent at an annual rate in the 

second quarter and have advanced 3.6 percent over the most 

recent four quarters. Factory unit labor costs declined at a 

1.2 percent annual rate in the second quarter and were down 

0.2 percent over the past four quarters. 

The latest productivity data reflect revisions to national 

accounts output data and hours data back to 2003. Overall, 

revisions reduced annual nonfarm productivity growth 

slightly from 2003 through 2005 and lowered hourly 

compensation growth and unit labor cost growth in 2004 and 

2005. 

International transactions 

The U.S. current account deficit reached $835 billion at 

an annual rate (equivalent to 6.4 percent of GDP) in the first 

quarter of 2006 from a record $892 billion (7.0 percent of 

GDP) in the fourth quarter of 2005. The improvement had 

been foreshadowed by a decline in the trade deficit, which 

contracted by about $16 billion in the first quarter to a $763 

billion annual rate as merchandise exports grew faster than 

imports. In addition, net unilateral transfers (which include 

Government grants and pension payments as well as private 

transfers to and from foreigners) slowed, and the balance on 

income shifted back into surplus from the small deficit 

recorded in the fourth quarter. Annual benchmark revisions 

to most international transactions data spanning back 

through 1995 lowered the current account deficit in all but 1 

year (2002). For 2005, the deficit was reduced from $805 

billion (6.4 percent of GDP) to $791.2 billion (6.3 percent of 

GDP). 

The current account is matched by offsetting transactions 

in the capital and financial accounts, with any differences in 

the recorded flows listed as a statistical discrepancy. Net 

capital account transactions, which consist mainly of debt 

forgiveness and wealth transfers associated with 

immigration, jumped to $7 billion at an annual rate in the 

first quarter after hovering just over $2 billion in each of the 

prior three quarters. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows slowed to $631 billion at an annual 

rate in the first quarter from $971 billion in the fourth 

quarter as growth of outflows for U.S.-owned assets abroad 

outstripped the increase in foreign purchases of assets in the 

United States. 

Financial outflows for U.S.-owned assets overseas 

accelerated to $1.3 trillion from just under $43 billion in the 

final quarter of 2005. U.S. claims on foreigners reported by 

U.S. banks rose sharply in the first quarter, and outflows for 

U.S. direct investment overseas resumed after two quarters 

of net inflows that were due largely to a provision of the 

American Jobs Creation Act of 2004 allowing corporations 

to repatriate foreign earnings at a reduced tax rate in 2005. 

Financial inflows for foreign-owned assets in the U.S. also 

picked up, approaching $2.0 trillion in the first quarter–

double the $1.0 trillion in inflows recorded at the end of 

2005. The jump reflected a surge in U.S. liabilities to 

foreigners reported by U.S. banks, record foreign purchases 

of U.S. securities other than Treasuries, and an increase in 

foreign direct investment in the U.S. Benchmark revisions to 

net financial inflows data lowered the financial account 

balance in most of the past few years. In 2005, net financial 

inflows totaled $785 billion, down from the $801 billion 

balance previously reported. 

Exchange rate of the dollar 

After reaching a peak in February 2002, the U.S. 

currency has trended lower. In the 34-month period between 

the 2002 peak and December 2004, the nominal exchange 

value of the dollar, as measured by a broad index covering 

the currencies of 26 important US trading partners, 

depreciated by 16 percent. The dollar then rose during 2005, 

gaining about 3.0 percent against this index. During the first 

7 months of 2006, however, the U.S. currency once again 

reversed course and declined nearly 3 percent, putting the 

cumulative drop from the February 2002 peak to July 2006 

at 16.2 percent. 

The aggregate decline since 2002 mainly reflected dollar 

weakness against the seven currencies of the United States’ 

major trading partners, including the euro area countries, 

Japan, Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. Between February 2002 and July 2006, the 

exchange rate of the dollar compared to an index of these 

currencies fell by nearly 27 percent. Over this period, the 

dollar was down by 31 percent against the euro and by 14 

percent against the yen. 

With respect to the currencies of 19 other important 

trading partners, the dollar generally showed much less 

movement, actually strengthening somewhat from February 

2002 into 2004. Since mid-2004, however, the dollar has 

depreciated against the index of other important trading 

partners by about 6 percent. In July 2006, the dollar was 1.4 

percent lower against these currencies than at the February 

2002 peak. 
PROFILE OF THE ECONOMY 

September 2006

8 

Interest rates 

At its most recent meeting in August 2006, the Federal 

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

policy-making arm–maintained the Federal funds target 

interest rate at 5.25 percent. The pause occurred after 17 

straight hikes of 25 basis points each in the current cycle of 

monetary tightening which began in late June 2004. Before 

that, the FOMC had held the Federal funds target (the rate 

that banks and other financial institutions charge each other 

for overnight loans) constant at 1 percent for 1 year. The 

funds target in August 2006 was at its highest level since 

March 2001. 

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

reached 4.9 percent in early August 2006 and has risen by 

about 350 basis points over the past 2 years. The 10-year 

yield remained subdued in the face of monetary tightening 

during 2004 and 2005, but moved significantly higher 

starting in early 2006. At about 5.2 percent as of early June, 

the rate was about 145 basis points above its level in early 

2004. Since then, the rate has declined, and it dipped below 

the 5 percent mark in early August. 

Mortgage interest rates have generally followed 

movements of the 10-year Treasury rate, and fluctuated in a 

fairly narrow range around a low level from 2003 through 

2005. Low rates contributed to record home sales in 2005 

and to high levels of mortgage refinancings. Mortgage rates 

have generally been on an upward trend since mid-2005, and 

have moved decisively higher in the past several months. In 

early July, the rate for a 30-year fixed rate mortgage reached 

6.8 percent, its highest level in over 4 years. Since then it has 

declined in tandem with the 10-year Treasury rate. 

Corporate bond yields have also generally followed 

movements in long-term Treasury yields. As of September 

2005, Moody’s seasoned Baa yield started moving 

definitively higher, reaching 6.9 percent in late June before 

retreating more recently. The spread between the Baa yield 

and the 10-year Treasury yield, a measure of investor risk 

appetite, has remained essentially unchanged through much 

of 2005 and through the first half of 2006. This spread had 

widened to as much as 4.0 percentage points in October 

2002, but narrowed to about 1.7 percentage points as of 

early August 2006. 

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004 2005 2006

Short-term Interest Rates

Federal funds

rate target

3-month

Treasury bills

(Percent)

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004 2005 2006

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)
PROFILE OF THE ECONOMY 

September 2006 

9

Housing 

Housing activity moderated in the spring of 2006. 

Housing starts fell in the second quarter, and sales of singlefamily homes declined for a third straight quarter. Housing 

affordability continued to deteriorate, in part due to rising 

mortgage rates. Nevertheless, the homeownership rate 

remained close to record levels. 

Housing starts plunged by nearly 39 percent at an annual 

rate in the second quarter to a 1.878 million unit pace from 

the weather-influenced, three-decade high of 2.123 million 

posted in the first quarter. Real residential investment–a key 

component of GDP–declined by 6.3 percent at an annual rate 

in the second quarter following smaller declines in the prior 

two quarters. Forward-looking housing indicators do not 

suggest the downtrend will reverse. The number of permits 

issued for future construction, though still running slightly 

higher than starts, has fallen sharply since the beginning of 

the year. In addition, measures of consumer home buying 

attitudes and home builder sentiment recently dipped to 15-

year lows. 

Sales of new single-family homes rose by 16 percent at 

an annual rate in the second quarter to a 1.152 million unit 

pace, recouping a small portion of the decline recorded over 

the previous two quarters. However, resales of existing 

single-family homes (which account for nearly 85 percent of 

all one-family home sales) fell by 6-1/2 percent at an annual 

rate to a 5.860 million unit rate. The homeownership rate 

edged up by 0.2 percentage point to 68.8 percent in the 

second quarter, erasing a similar decline in the first quarter. 

Although down from a peak of 69.3 percent in the spring of 

2004, the rate of homeownership remains historically high. 

Mortgage interest rates continued to climb but still 

remain relatively attractive. The average rate on a 30-year 

conventional mortgage reached 6.76 percent in July. That 

was nearly 1-1/4 percentage points higher than the lows 

recorded in June 2005 but still below the 7.63 percent 

average posted in the latter half of the 1990s. The recent 

upward trend in mortgage rates along with strong home price 

appreciation over the past several years has contributed to an 

erosion in housing affordability. The National Association of 

Realtors’ housing affordability index fell by 7-1/4 percent 

over the year ended in June to its lowest point since 1986, 

when mortgage rates were hovering around 10 percent. 

Federal budget 

In the first 9 months of fiscal year 2006 (from October 

2006 through June 2006), receipts of the U.S. Government 

totaled $1.810 trillion, outlays year-to-date were $2.016 

trillion, and the deficit amounted to $207 billion. That was 

about $43 billion less than the deficit in the first 9 months of 

fiscal year 2005. 

Receipts were $205 billion (12.8 percent) higher through 

the first 9 months of fiscal year 2006 than in the comparable 

period of fiscal year 2005. The increase in receipts reflected 

sizable growth in individual income and employment tax 

receipts and a surge in corporate income taxes, which rose 

about $53 billion (nearly 30 percent) from last year due in 

part to strong growth in corporate profits. Outlays increased 

by $162.6 billion (8.8 percent) in the first 9 months of fiscal 

year 2006, partly reflecting outlays related to ongoing 

rebuilding expenses in the Gulf Coast region, increases for 

Medicare (up 16.5 percent from the previous year), net 

interest (up 20.8 percent), and defense (with net outlays 7.8 

percent higher). Over the 12 months ending in June, outlays 

summed to $2.634 trillion and receipts totaled $2.359 

trillion, resulting in a deficit of $275 billion over that span. 

The Administration’s Mid-Session Review of the Fiscal 

Year 2007 Budget projects the Federal budget deficit will be 

$296 billion in fiscal year 2006, down from $423 billion as 

projected in the February Budget. Receipts for fiscal year 

2006 are $115 billion higher than previously projected, and 

outlays are now estimated to be $12 billion lower than in the 

February Budget. 
PROFILE OF THE ECONOMY 

September 2006

10 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 05

Public

Total

(Saving as a percent of NNP)

Net national saving and investment 

Net national saving has been trending down for nearly 50 

years, falling from 11.8 percent of net national product 

(NNP) in 1960 to a low of 0.1 percent in 2005. First quarter 

data for 2006 show a modest increase, and put the net saving 

rate at 2.2 percent. However, even with the recent increases, 

net saving remains well below a recent high of 7.3 percent in 

1998. (Net national saving and NNP exclude depreciation to 

replace worn-out or obsolete equipment, software, and 

structures used in production.) 

Private saving dipped to 2.9 percent of NNP in 2005 

from a recent high of 5.3 percent in 2003, although it rose 

slightly in the first quarter of 2006. The recent decline in 

private saving is entirely due to declines in personal saving, 

which fell from 1.7 percent of NNP in 2004 to -0.3 percent 

in 2005, the first negative reading in more than 70 years. 

Negative household saving continued into the first half of 

2006. Undistributed corporate profits, in contrast, remained 

flat at 3.3 percent of NNP in 2005, and jumped in the first 

quarter of 2006, accounting for all of that quarter’s increase 

in the private saving share. The corporate saving share is at 

the highest level since the 1960s. 

Public sector net national saving has largely been in 

negative territory from the 1970’s to the present, mostly 

reflecting Federal Government budget deficits. Net 

Government deficits as a percent of NNP have narrowed 

over the last 3 years, however, declining from 4.1 percent of 

NNP in 2003 to 3.8 percent in 2004 to 2.9 percent in 2005. 

In the first quarter of 2006, public sector deficits improved 

to 1.3 percent of NNP, as Federal Government dis-saving 

dropped sharply and state and local saving turned positive 

again. 

Net domestic investment (by Government and private 

industry in structures, equipment, software, and inventory) 

rose to 7.8 percent of NNP in 2005, a shade lower than the 

8.0 percent in 2004 but about the same as the average over 

the period 1990 to 2003. A large portion of domestic 

investment has been financed from abroad. This is reflected 

in net foreign investment, which swung from a small surplus 

of 0.3 percent of NNP in 1991 to average deficits of 3.0 

percent from 1992 to 2004 and a 7.1 percent deficit through 

the four quarters of 2005. In the first half of 2006, net 

domestic investment was running about 20 percent above the 

2005 level (in nominal dollars), while available data for the 

first quarter of 2006 suggest net foreign investment retreated 

somewhat.
September 2006 

11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

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

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

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

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

transactions—payments and receipts both occur within the 

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

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

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

certain off-budget Federal entities onto the budget. Under 

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

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

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

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

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

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

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

deficit targets under that act and in calculating excess deficit. 

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

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

September 2006 

12 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

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

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the third quarter of fiscal year 2006 

supplements fiscal data reported in the June issue of 

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

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $361.3 billion for the third 

quarter of fiscal year 2006. This is an increase of $66.5 

billion over the comparable prior year quarter. Withheld 

receipts increased by $17.9 billion and non-withheld receipts 

increased by $42.2 billion during this period. Refunds 

decreased by $6.3 billion over the comparable fiscal year 

2005 quarter. There was an increase of $5.3 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2005. 

Corporate income taxes—Net corporate income tax 

receipts were $120.9 billion for the third quarter of fiscal 

year 2006. This is an increase of $22.9 billion compared to 

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

comprised of an increase of $21.9 billion in estimated and 

final payments, and a decrease of $1.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2006 were $221.9 billion, an increase of $11.7 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $7.5 billion, $1.3 billion, and $3.0 billion, 

respectively. There was a $1.2 billion accounting adjustment 

for prior years employment tax liabilities made in the third 

quarter of fiscal year 2006, while there was a $6.5 billion 

adjustment in the third quarter of fiscal year 2005. 

Unemployment insurance—Unemployment insurance 

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

2006 were $22.5 billion, an increase of $0.2 billion over the 

comparable quarter of fiscal year 2005. Net State taxes 

deposited in the U.S. Treasury did not change significantly 

from $18.6 billion. Net Federal Unemployment Tax Act 

taxes increased by $0.2 billion to $4.0 billion.
FEDERAL FISCAL OPERATIONS 

September 2006 

13

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement— 

Contributions for other retirement were $1.1 billion for the 

third quarter of fiscal year 2006. This was a negligible 

change from the comparable quarter of fiscal year 2005. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2006 were $19.0 billion, an increase of 

$0.6 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.7 billion, an 

increase of $0.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $7.5 billion for the third quarter of fiscal year 2006. 

These receipts represent an increase of $0.9 billion over the 

same quarter in fiscal year 2005. 

Customs duties—Customs duties net of refunds were 

$6.0 billion for the third quarter of fiscal year 2006. This is 

an increase of $0.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2006 were $11.9 billion, 

an increase of $3.8 billion over the comparable prior year 

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

Federal Reserve banks increasing by $4.0 billion.

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

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

Third quarter 

April - June 

 Actual fiscal 

 year to date 

Total on- and off-budget results: 

Total receipts ................................................................ 772,103 1,809,739

On-budget receipts ................................................... 599,352 1,346,767

Off-budget receipts ................................................... 172,751 462,972

Total outlays.................................................................. 675,614 2,016,236

On-budget outlays..................................................... 588,267 1,721,057

Off-budget outlays..................................................... 87,349 295,179

Total surplus or deficit (-) .............................................. 96,489 -206,497

On-budget surplus or deficit (-)................................. 11,086 -374,291

Off-budget surplus or deficit (-)................................. 85,403 167,793

Means of financing: 

Borrowing from the public............................................. -74,769 -193,607

Reduction of operating cash......................................... -37,586 -10,099

Other means ................................................................. 15,866 22,990

Total on- and off-budget financing............................ -96,489 206,497

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2006 

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

Source April May June 

Individual income taxes...................................................... 168.9 85.9 106.5 

Corporate income taxes..................................................... 44.0 9.7 67.3 

Employment and general retirement.................................. 83.4 62.9 75.6 

Unemployment insurance .................................................. 4.0 18.1 0.4 

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

Excise taxes ....................................................................... 6.2 6.0 6.7 

Estate and gift taxes .......................................................... 2.9 2.6 2.0 

Customs duties .................................................................. 1.8 2.0 2.1 

Miscellaneous receipts....................................................... 3.5 5.1 3.4

Total budget receipts ..................................................... 315.1 192.7 264.4

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

September 2006 

14 

CHART FFO-A.—

Monthly Receipts and Outlays, 2005-2006

(In billions of dollars) 

-50

0

50

100

150

200

250

300

J J A SONDJ F MAMJ

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

Individual

income taxes

Social

insurance and

retirement

receipts

Corporate

income taxes

Excise taxes Misc. 

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2006

2005 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2005-2006

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 

September 2006 

15

TABLE FFO-1.—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

2001 ............................ 1,991,044 1,483,525 507,519 r 1,862,761 r 1,515,924 r 346,838 r 128,283 r -32,399 r 160,682 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 r 2,010,871 r 1,655,208 355,663 r -157,820 r -317,478 159,658 428,391

2003 ............................ 1,782,108 1,258,265 523,842 2,159,248 1,796,238 363,010 -377,140 -537,973 160,833 561,811 

2004 ............................ 1,879,784 1,345,040 534,744 2,292,630 1,913,118 379,512 -412,846 -568,078 r 155,233 595,064 

2005 ............................ 2,153,350 1,575,874 577,475 2,471,817 2,069,606 402,210 -318,467 -493,732 175,265 551,329 

 

2006 - Est.................... 2,400,456 1,795,231 605,225 2,696,294 2,265,360 430,934 -295,838 -470,129 174,291 593,131 

2007 - Est.................... 2,458,805 1,829,411 629,394 2,798,037 2,346,132 451,905 -339,232 -516,721 177,489 623,208 

 

2005 - June ................. 234,808 175,731 59,077 211,888 211,254 634 22,920 -35,522 58,443 60,638 

July .................. 142,092 97,835 44,257 195,463 155,226 40,238 -53,372 -57,391 4,019 51,130 

Aug .................. 155,438 110,078 45,360 206,770 163,880 42,889 -51,333 -53,803 2,471 39,168 

Sept................. 251,628 199,751 51,877 215,972 172,121 43,851 35,656 27,631 8,025 2,728 

Oct................... 149,488 108,519 40,969 196,718 157,783 38,936 -47,231 -49,264 2,033 93,384 

Nov .................. 138,840 94,831 44,009 221,899 179,702 42,197 -83,059 -84,871 1,812 63,991 

Dec .................. 241,883 197,571 44,312 230,903 232,989 -2,087 10,980 -35,419 46,399 78,153 

2006 - Jan ................... 230,010 172,347 57,663 209,022 168,377 40,644 20,988 3,969 17,019 25,212 

Feb .................. 112,853 65,092 47,761 232,052 187,771 44,281 -119,199 -122,678 3,480 51,493 

Mar .................. 164,563 109,056 55,507 r 250,029 r 206,170 43,859 r -85,466 r -97,114 11,648 98,353 

Apr................... 315,090 250,561 64,529 196,239 155,907 40,332 118,851 94,654 24,197 -15,873 

May.................. 192,657 143,483 49,174 235,488 190,767 44,722 -42,831 -47,284 4,452 856 

June................. 264,355 205,307 59,048 243,886 241,591 2,295 20,469 -36,284 56,753 62,706 

 

Fiscal year 2006 to date ... 1,809,739 1,346,767 462,972 2,016,236 1,721,057 295,179 -206,498 -374,291 167,793 458,275 

 

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) 

 

2001 ...................................... -661 231,496 -90,256 -8,440 1,603 8,543 4,717 -21,554 -10,048 -128,281 

2002 ...................................... -137 207,713 220,542 16,667 790 15,724 2,457 -24,298 -2,802 157,804 

2003 ...................................... -922 187,324 373,565 -25,926 353 -7,010 3,208 -26,352 552 377,140 

2004 ...................................... -1,769 213,677 379,618 1,390 720 -23,529 -4,630 6,494 662 412,823 

2005 ...................................... -547 254,096 296,687 -669 -4,537 -70 -6,195 9,531 778 318,467 

 

2006 - Est.............................. -362 289,981 302,788 - * * * -6,950 * 295,838 

2007 - Est.............................. -549 264,691 357,968 - * * * -18,736 * 339,232 

 

2005 - June ........................... -234 73,377 -12,973 16,633 -142 -256 139 6,157 270 -22,920 

July ............................ -66 -2,460 53,524 7,777 -37 176 -1,836 5,922 6 53,372 

Aug ............................ -101 3,519 35,548 -32,397 -2,903 -474 -105 -19,843 - 51,584 

Sept........................... 66 18,479 -15,685 27,116 -59 -377 -88 6,350 271 -35,656 

Oct............................. -132 44,455 48,797 5,031 -21 316 -527 3,233 - 47,231 

Nov ............................ 138 5,422 58,706 -34,722 -44 -130 -623 -11,166 - 83,059 

Dec ............................ 195 73,602 4,745 30,637 29 -1 -4,060 10,799 81 -10,980 

2006 - Jan ............................. -163 15,198 9,851 32,227 93 316 -398 1,399 - -20,988 

Feb ............................ -226 6,138 45,128 -50,746 7 -415 * 22,917 - 119,199 

Mar ............................ r 132 -2,664 r 101,148 -9,912 34 -248 -261 -26,214 145 r 85,466 

Apr............................. -214 36,586 -52,674 70,805 175 154 -151 4,806 - -118,851 

May............................ 212 12,516 -11,448 -50,926 186 29 -620 2,948 - 42,831 

June........................... 64 73,418 -10,647 17,707 -86 -58 1,299 8,850 190 -20,469 

Fiscal year 2006 to date........... 6 264,671 193,606 10,101 373 -37 -5,341 17,572 416 206,498 

 

 

* Less than $500,000. Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

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

September 2006 

16 

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

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

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

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

2002 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

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

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

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

 2006 - Est...................... 1,063,374 - - 1,063,374 332,257 - 332,257 1,395,631 781,431 - 781,431 

2007 - Est...................... 1,107,717 - - 1,107,717 324,735 - 324,735 1,432,452 812,028 - 812,028 

 

2005 - June ................... 53,002 38,762 3,007 88,758 57,731 1,251 56,480 145,238 75,394 - 75,394 

July .................... 61,388 4,680 3,635 62,433 9,927 1,862 8,065 70,498 56,788 - 56,788 

Aug .................... 70,264 6,453 2,830 73,888 4,196 2,332 1,865 75,753 58,276 - 58,276 

Sept................... 55,829 45,212 3,838 97,203 71,991 1,476 70,514 167,717 69,473 2,170 67,303 

Oct..................... 67,033 10,536 2,730 74,839 10,549 4,436 6,113 80,952 54,099 - 54,099 

Nov .................... 61,787 3,637 6,696 58,729 5,690 2,380 3,310 62,039 58,296 - 58,296 

Dec .................... 89,588 8,379 1,161 96,806 73,455 2,201 71,254 168,060 59,292 - 59,292 

2006 - Jan ..................... 81,925 50,161 2,558 129,528 12,407 3,013 9,394 138,922 74,028 - 74,028 

Feb .................... 74,715 4,628 45,904 33,439 6,923 2,682 4,242 37,681 60,483 - 60,483 

Mar .................... 81,309 10,136 52,178 39,266 39,172 3,224 35,949 75,215 70,733 - 70,733 

Apr..................... 58,336 151,139 40,549 168,926 45,984 1,986 43,998 212,924 83,071 - 83,071 

May.................... 72,135 36,016 22,214 85,937 10,809 1,131 9,678 95,615 62,425 - 62,425 

June................... 62,714 47,483 3,721 106,476 68,152 898 67,254 173,730 75,714 - 75,714 

 

Fiscal year 2006 to date... 649,542 322,115 177,711 793,946 273,141 21,951 251,192 1,045,138 598,141 - 598,141 

 

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) 

 

2001 ............................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713 

2002 ............................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

2003 ............................ 3,963 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631 

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

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

 

2006 - Est.................... 4,246 - 4,246 785,677 43,708 - 43,708 4,423 49 4,472 

2007 - Est.................... 4,306 - 4,306 816,334 44,017 - 44,017 4,285 49 4,334 

 

2005 - June ................. -76 * -76 75,318 668 10 657 340 5 345 

July.................. 375 1 375 57,163 2,058 14 2,044 412 4 416 

Aug.................. 425 -13 438 58,714 6,520 12 6,508 393 4 397 

Sept................. 339 * 338 67,641 -522 11 -533 359 4 363 

Oct................... 389 * 388 54,487 2,074 5 2,069 341 5 346 

Nov.................. 305 * 305 58,601 3,899 6 3,893 337 5 342 

Dec.................. 351 * 351 59,643 365 4 361 415 4 419 

2006 - Jan ................... 425 * 425 74,453 2,322 7 2,314 383 4 387 

Feb.................. 451 * 451 60,934 3,331 5 3,326 305 4 309 

Mar.................. 446 * 445 71,178 423 24 399 452 5 457 

Apr................... 333 1 332 83,403 4,007 14 3,993 333 4 336 

May ................. 459 8 451 62,876 18,157 11 18,145 333 5 338 

June ................ -79 -7 -72 75,642 369 16 353 405 4 409 

Fiscal year 2006 to date.... 3,080 2 3,076 601,217 34,947 92 34,853 3,304 40 3,343 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2006 

17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

 

2001 ............................ 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 ............................ 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321 

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

2004 ............................ 69,855 25,579 749 24,831 21,806 723 21,083 19,652 12,627 32,279 r 1,345,040 534,744 

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

 2006 - Est.................... 73,165 27,420 - 27,420 24,666 - 24,666 29,753 15,964 45,717 1,795,231 605,225 

2007 - Est.................... 59,356 23,057 - 23,057 28,013 - 28,013 34,534 16,708 51,242 1,829,411 629,394 

 

2005 - June ................. 6,727 1,912 67 1,846 2,133 75 2,058 1,755 865 2,619 175,731 59,077 

July.................. 5,759 1,778 63 1,714 2,142 66 2,077 1,271 1,148 2,419 97,835 44,257 

Aug.................. 6,211 2,319 116 2,203 2,338 72 2,266 2,228 1,158 3,386 110,078 45,360 

Sept................. 8,584 2,507 56 2,451 2,212 58 2,154 1,801 1,450 3,250 199,751 51,877 

Oct................... 4,720 2,128 75 2,053 2,170 95 2,075 1,525 1,261 2,786 108,519 40,969 

Nov.................. 6,253 2,230 65 2,165 2,128 56 2,073 2,292 1,182 3,474 94,831 44,009 

Dec.................. 6,396 2,006 63 1,943 1,989 68 1,921 1,988 1,152 3,140 197,571 44,312 

2006 - Jan ................... 5,666 1,925 68 1,857 1,995 82 1,914 3,391 1,105 4,496 172,347 57,663 

Feb .................. 4,394 1,767 43 1,724 1,917 73 1,844 1,581 1,060 2,641 65,092 47,761 

Mar .................. 7,271 4,015 43 3,972 2,020 52 1,968 2,862 1,240 4,102 109,056 55,507 

Apr................... 6,239 2,912 59 2,853 1,921 82 1,839 2,408 1,095 3,503 250,561 64,529 

May ................. 6,030 2,646 70 2,576 2,095 79 2,017 3,760 1,301 5,061 143,483 49,174 

June ................ 6,702 2,158 132 2,026 2,187 56 2,131 2,279 1,084 3,362 205,307 59,048 

Fiscal year 2006 to date.. 53,671 21,787 618 21,169 18,422 643 17,782 22,086 10,480 32,565 1,346,767 462,972 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

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) 

 

2001............................ 693,967 9,244 53 9,191 522 - 522 32,465 996 31,469 26,009 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

2003............................ 712,979 8,729 44 8,684 506 - 506 34,756 1,032 33,724 25,499 891 24,608

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

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

2006 - Est ................... 833,857 10,850 - 10,850 609 - 609 39,521 - 39,521 22,185 - 22,185

2007 - Est ................... 864,685 11,616 - 11,616 630 - 630 39,921 - 39,921 7,189 - 7,189

 

2005 - June................. 76,320 854 * 854 54 - 54 2,702 -1 2,703 3,212 96 3,116

July.................. 59,624 906 - 906 51 - 51 3,344 - 3,344 2,159 701 1,458

Aug.................. 65,619 871 -9 881 51 - 51 3,516 290 3,226 2,181 127 2,053

Sept................. 67,471 1,604 28 1,577 99 - 99 5,918 162 5,755 1,258 105 1,153

Oct .................. 56,902 173 * 173 10 - 10 692 -1 693 3,894 49 3,845

Nov.................. 62,836 922 - 922 57 - 57 3,718 - 3,718 1,641 86 1,555

Dec.................. 60,424 971 - 971 53 - 53 3,208 - 3,208 2,286 123 2,163

2006 - Jan................... 77,155 809 - 809 50 - 50 3,260 - 3,260 1,603 56 1,547

Feb.................. 64,569 837 50 787 52 - 52 3,141 193 2,948 709 102 606

Mar.................. 72,034 1,035 - 1,035 58 - 58 3,516 - 3,516 2,767 104 2,663

Apr .................. 87,732 895 * 896 55 - 55 3,349 -1 3,350 1,981 42 1,938

May ................. 81,359 902 17 885 50 - 50 3,216 286 2,929 2,233 68 2,165

June ................ 76,404 746 * 746 42 - 42 3,085 -1 3,087 3,075 248 2,826

 

Fiscal year 2006 to date.. 639,415 7,290 67 7,224 427 - 427 27,185 476 26,709 20,189 878 19,308

 
FEDERAL FISCAL OPERATIONS 

September 2006 

18 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

2001 r ..................... 3,030 4,384 68,130 5,011 290,283 35,526 16,399 426,003 14,081 33,863 7,772 18,617 39,710

2002 r ..................... 3,228 4,828 68,875 5,322 332,037 46,376 17,760 465,803 16,013 31,792 9,748 21,477 64,685

2003 r ..................... 3,404 5,128 72,860 5,670 388,741 57,144 19,380 505,024 32,133 37,406 9,204 21,029 69,562

2004 r ..................... 3,900 5,393 71,572 5,829 437,043 62,779 19,894 542,895 26,802 44,989 8,615 29,576 56,679

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

 

2006 - Est............... 4,427 6,084 94,649 6,581 512,099 88,441 20,312 627,449 72,633 45,856 9,635 22,597 47,097

2007 - Est............... 4,463 6,382 88,296 6,673 537,308 66,623 21,583 687,946 49,302 45,891 9,952 24,643 50,218

 

2005 - June r.......... 413 440 5,088 523 40,964 4,634 1,553 53,475 2,570 6,417 1,000 1,668 4,204

July r........... 318 544 4,554 482 39,859 3,435 2,111 45,489 2,366 3,196 700 1,809 4,100

Aug. r.......... 376 473 5,772 628 40,657 7,833 1,458 50,230 2,849 3,125 718 2,007 3,667

Sept. r......... 328 473 6,409 541 46,858 5,999 2,887 52,832 6,716 3,054 1,223 1,956 2,640

Oct. r........... 440 431 15,005 511 44,157 5,718 2,226 44,090 5,829 3,398 765 1,901 3,276

Nov. r.......... 313 466 11,338 543 37,179 5,155 1,395 50,207 11,934 3,136 731 1,879 3,455

Dec. r.......... 319 485 9,955 563 47,218 4,280 1,340 49,732 7,040 3,207 962 2,156 4,099

2006 - Jan. r ........... 387 555 9,439 594 34,986 8,129 2,000 49,949 8,228 3,444 870 2,122 4,964

Feb. r .......... 335 442 7,382 451 38,516 5,644 1,407 48,104 6,244 2,853 654 1,637 753

Mar. r .......... 318 552 6,766 554 48,467 5,594 2,574 63,944 5,818 3,351 626 1,960 5,214

Apr.............. 306 403 6,764 472 37,985 5,265 1,954 41,162 4,150 2,855 575 2,253 3,841

May............. 304 460 5,118 471 39,757 21,317 1,421 55,702 3,943 6,981 197 1,985 3,891

June............ 332 600 5,365 417 46,588 5,209 1,791 65,716 3,645 3,631 1,008 1,344 3,676

 

Fiscal year 2006 to 

 date ........................ 3,054 4,394 77,132 4,576 374,853 66,311 16,108 468,606 56,831 32,856 6,388 17,237 33,169

 

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) 

 

2001 r..................... 7,490 49,327 359,508 28,791 45,036 4,639 34,161 7,366 245 -42 11,804 

2002 r..................... 9,360 56,333 332,537 38,518 50,900 4,728 35,158 7,451 453 -279 13,267 

2003 r..................... 9,341 50,454 318,149 49,674 56,956 4,680 39,881 8,044 387 338 13,461 

2004 r..................... 10,925 54,872 321,566 54,107 59,585 4,732 41,732 8,329 3,349 -452 13,660 

2005 r..................... 12,754 56,597 352,350 58,097 69,844 4,720 43,484 7,911 7,689 17 15,034 

 2006 - Est............... 14,023 61,432 400,208 56,488 70,356 7,288 45,700 7,980 5,362 409 15,946 

2007 - Est............... 15,225 65,928 440,627 58,626 74,032 7,758 47,540 7,875 3,644 881 17,246 

 

2005 - June r.......... 1,012 5,078 91,135 1,574 6,194 385 3,808 682 867 120 1,126 

July r........... 1,229 4,881 15,381 2,238 5,905 298 3,661 614 768 -134 685 

Aug. r.......... 1,313 5,759 20,619 1,478 5,719 370 3,269 789 841 -52 484 

Sept. r......... 1,362 6,151 16,822 -6,503 7,888 548 3,535 650 767 91 313 

Oct. r .......... 930 5,022 18,804 680 3,014 590 3,754 611 504 -104 1,133 

Nov. r.......... 1,124 4,665 26,912 1,657 5,558 884 3,206 686 545 56 1,597 

Dec. r.......... 1,462 4,859 93,067 894 9,020 799 4,080 696 493 6 4,017 

2006 - Jan. r........... 512 4,471 13,849 5,426 3,168 633 4,114 713 489 -93 457 

Feb. r.......... 1,220 4,240 21,243 29,329 5,631 699 3,561 682 458 -64 784 

Mar. r.......... 943 4,350 19,694 11,595 7,274 820 4,105 831 512 279 1,676 

Apr.............. 756 4,574 19,621 6,019 3,084 416 3,339 704 404 14 398 

May ............ 1,098 4,626 26,062 1,880 5,982 606 3,710 623 463 56 -87 

June ........... 1,002 5,467 98,255 3,090 9,259 623 3,606 722 456 106 1,200 

 

Fiscal year 2006 to 

 date............................ 9,047 42,274 337,507 60,570 51,990 6,070 33,475 6,268 4,324 256 11,175 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 

September 2006 

19

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

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

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(25) 

National

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Onbudget 

(35) 

Offbudget 

(36) 

 

2001 ....................... 14,094 3,691 r 50,896 -569 r 461,263 r 13,374 -38,792 -144,111 -7,194 -1,025 r 1,515,924 r 346,838 

2002 ....................... r 14,404 r 4,187 r 52,541 492 r 488,241 r 15,761 -42,782 -153,316 -5,024 -2 r 1,655,208 355,663 

2003 ....................... r 14,610 r 4,730 r 54,135 1,559 r 507,733 r 8,878 -49,351 -156,066 -5,029 * 1,796,238 363,010 

2004 ....................... r 15,150 5,116 r 56,545 4,077 r 530,209 r 5,686 -53,430 -153,986 -5,105 * 1,913,118 379,512 

2005 ....................... r 15,600 5,432 r 59,500 2,503 r 561,333 r 14,419 -58,919 -160,992 -6,144 -160 2,069,606 402,210 

 

2006 - Est............... 15,562 5,759 63,457 1,387 591,108 16,554 -63,082 -169,183 -8,210 -110 2,265,360 430,934 

2007 - Est............... 16,350 5,837 67,428 1,433 621,979 21,919 -64,841 -181,184 -9,826 -19,720 2,346,132 451,905 

 

2005 - June ............ r 1,321 536 r 5,362 65 r 50,725 -1,680 -4,720 r -74,011 -640 * 211,254 634 

July............. r 1,361 491 r 4,947 55 46,904 2,566 -5,145 -36 -171 * 155,226 40,238 

Aug............. r 1,290 591 r 4,952 62 r 46,792 475 -5,003 -2,102 -847 - r 163,881 42,889 

Sept............ r 1,694 528 r 5,083 53 49,542 1,985 -5,221 -418 -655 -160 172,121 43,851 

Oct.............. r 678 449 r 5,267 60 r 44,373 r 1,444 -16,788 -1,023 -427 * 157,783 38,936 

Nov............. r 1,383 427 5,045 92 46,861 r 1,361 - -4,236 -559 * 179,702 42,197 

Dec............. r 1,384 r 423 r 4,736 92 r 50,607 r 2,801 -4,174 -75,318 -396 * 232,989 -2,087 

2006 - Jan .............. r 1,060 384 5,344 115 46,327 r 1,498 -4,440 374 -1,045 * 168,377 40,644 

Feb............. r 1,150 435 5,119 113 r 48,809 r -45 -3,711 -1,438 -586 - 187,771 44,281 

Mar............. r 1,273 467 5,217 -414 r 52,260 r -958 -4,131 -1,062 -442 - 206,170 43,859 

Apr.............. 1,037 359 5,541 123 46,745 1,022 -3,885 -1,661 -356 * 155,907 40,332 

May ............ 1,403 438 5,109 148 49,722 1,018 -3,783 -4,089 -1,043 * 190,767 44,722 

June ........... 1,325 504 5,030 111 56,465 -113 -4,386 -77,247 -911 -1 241,591 2,295 

Fiscal year 2006 to 

date ........................ 10,693 3,886 46,408 440 442,169 8,028 -45,298 -165,700 -5,765 -1 1,721,057 295,179 

 

 * Less than $500,000. Note.—These estimates are based on the Fiscal Year 2007 ”Mid-Session Review,” 

released by the Office of Management and Budget on July 11, 2006. 

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

September 2006 

20 

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

June 2006 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............................................... 793,898 48 - 793,946 693,647 51 - 693,698

Corporation income taxes........................................... 251,189 - 1 251,190 197,833 - 4 197,837

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 462,972 462,972 - - 435,981 435,981

Employment and general retirement (on-budget)... - - 138,245 138,245 - - 128,162 128,162

Unemployment insurance ....................................... - - 34,854 34,854 - - 33,982 33,982

Other retirement...................................................... - - 3,343 3,343 - - 3,284 3,284

Excise taxes ................................................................ 17,371 537 35,764 53,672 18,060 538 33,940 52,538

Estate and gift taxes ................................................... 21,170 - - 21,170 18,396 - - 18,396

Customs duties ........................................................... 11,542 5,291 948 17,781 11,023 5,037 822 16,882

Miscellaneous receipts................................................ 23,600 8,293 671 32,564 15,255 7,621 556 23,431

Total receipts....................................................... 1,118,771 14,170 676,798 1,809,739 954,214 13,247 636,731 1,604,192

(On-budget)..................................................... 1,118,771 14,170 213,826 1,346,767 954,214 13,247 200,749 1,168,211

(Off-budget)..................................................... - - 462,972 462,972 - - 435,981 435,981

 

Budget outlays: 

Legislative branch ....................................................... 2,921 91 42 3,054 2,937 20 17 2,974

Judicial branch ............................................................ 4,267 131 -4 4,394 3,963 93 -3 4,053

Department of Agriculture ........................................... 53,551 22,806 775 77,132 49,719 18,864 15 68,598

Department of Commerce........................................... 4,568 7 * 4,576 4,498 -4 * 4,495

Department of Defense-military .................................. 370,595 4,322 -64 374,852 344,138 2,845 17 347,000

Department of Education ............................................ 66,301 10 * 66,312 55,461 130 * 55,591

Department of Energy................................................. 16,840 -734 2 16,108 17,616 -2,798 * 14,818

Department of Health and Human Services ............... 346,284 -44 122,365 468,605 313,813 -119 119,217 432,911

Department of Homeland Security.............................. 41,679 14,980 172 56,830 26,782 -129 133 26,786

Department of Housing and Urban Development....... 34,059 -1,196 -7 32,856 33,604 -523 -7 33,074

Department of the Interior........................................... 7,025 -902 266 6,389 7,239 -838 246 6,647

Department of Justice ................................................. 16,253 956 27 17,236 15,480 975 138 16,594

Department of Labor................................................... 8,105 -1,755 26,818 33,168 8,000 233 28,303 36,536

Department of State.................................................... 8,850 -166 362 9,046 8,631 -117 336 8,849

Department of Transportation..................................... 10,456 -305 32,122 42,273 5,518 -7 34,294 39,806

Department of the Treasury: 

Interest on the public debt....................................... 337,508 - - 337,508 299,528 - - 299,528

Other ....................................................................... 60,793 -286 63 60,570 61,267 -426 43 60,884

Department of Veterans Affairs .................................. 52,587 -1,340 744 51,990 50,622 -1,023 733 50,333

Corps of Engineers ..................................................... 5,539 -72 604 6,071 2,906 81 517 3,504

Other defense civil programs...................................... 39,931 -13,939 7,483 33,475 37,148 -11,967 7,838 33,019

Environmental Protection Agency............................... 6,634 -44 -321 6,268 6,276 -108 -311 5,857

Executive Office of the President................................ 4,324 * - 4,324 5,314 * - 5,313

General Services Administration ................................ 111 146 - 257 -12 124 * 112

International Assistance Program............................... 12,993 -1,112 -707 11,175 13,466 -873 959 13,552

National Aeronautics and Space Administration ........ 10,715 -22 * 10,694 11,257 -4 * 11,254

National Science Foundation...................................... 3,834 26 27 3,887 3,784 25 13 3,822

Office of Personnel Management ............................... 6,365 6 40,037 46,409 5,935 -74 38,657 44,518

Small Business Administration ................................... 486 -44 * 442 2,363 -30 * 2,333

Social Security Administration .................................... 39,659 -7 402,516 442,168 39,172 * 378,743 417,915

Other independent agencies....................................... 4,968 1,895 1,165 8,029 8,622 -1,397 2,168 9,393

Undistributed offsetting receipts: 

Interest .................................................................... - - -165,700 -165,700 - - -158,437 -158,437

Other ....................................................................... -5,772 -11,100 -37,289 -54,161 -4,474 -7,918 -35,630 -48,022

Total outlays........................................................ 1,572,428 12,309 431,499 2,016,236 1,440,574 -4,964 418,001 1,853,611

(On-budget)..................................................... 1,572,428 14,103 134,527 1,721,057 1,440,574 -1,114 138,919 1,578,379

(Off-budget)..................................................... - -1,794 296,973 295,179 - -3,850 279,082 275,232

Surplus or deficit (-)............................................. -453,657 1,861 245,299 -206,497 -486,360 18,211 218,730 -249,419

(On-budget)..................................................... -453,657 67 79,300 -374,291 -486,360 14,362 61,830 -410,168

(Off-budget)..................................................... - 1,794 166,000 167,793 - 3,850 156,900 160,749

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2006 

21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

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

of tax and loan accounts at financial institutions throughout 

the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

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

and Tax and Loan Note Account Balances 

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003 ................................................ 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

2004 ................................................ 7,094,904 469,641 7,565,782 1,168,663 1,166,036 

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

 

2005 - June ..................................... 687,435 46,329 734,929 134,064 116,266 

July ...................................... 473,080 35,511 507,899 91,688 84,603 

Aug ...................................... 575,672 37,885 612,972 94,969 127,951 

Sept..................................... 686,060 44,456 731,785 148,138 119,752 

Oct....................................... 524,182 33,937 556,788 97,803 94,103 

Nov ...................................... 573,559 35,552 610,189 89,322 122,966 

Dec ...................................... 627,464 50,258 677,783 172,910 142,212 

2006 - Jan....................................... 594,893 40,428 634,288 122,033 90,840 

Feb ...................................... 634,537 35,131 670,250 104,907 155,071 

Mar ...................................... 715,388 45,559 760,516 144,933 155,275 

Apr....................................... 677,342 44,578 722,591 131,138 59,662 

May...................................... 812,718 39,839 854,704 106,537 155,316 

June..................................... 747,766 51,768 796,646 147,719 132,901 

 

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

September 2006 

22 

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

and Tax and Loan Note Account Balances, con. 

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

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

2004 ...................................... 5,987 30,362 7,900 51,834 1,592 19 5,341 14,464 

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

 

2005 - June ........................... 4,373 28,812 9,849 59,051 3,904 30 4,951 24,598 

July ............................ 5,065 35,897 6,228 35,897 3,159 544 4,789 13,732 

Aug ............................ 5,650 2,914 5,928 22,060 3,874 872 4,979 7,521 

Sept........................... 4,381 31,300 7,434 67,207 4,229 1,379 5,338 28,273 

Oct............................. 5,712 34,999 5,712 36,665 4,071 2,511 4,865 18,737 

Nov ............................ 4,634 1,355 5,994 22,956 3,575 544 4,917 8,941 

Dec ............................ 4,573 32,053 6,385 43,591 4,243 709 5,135 23,027 

2006 - Jan ............................. 5,606 63,247 5,888 63,247 3,715 1,282 4,942 28,389 

Feb ............................ 5,024 13,082 6,172 60,185 3,973 265 5,155 17,096 

Mar ............................ 5,455 2,739 5,908 26,753 2,844 97 5,032 11,424 

Apr............................. 4,784 74,215 6,760 74,215 3,646 1,226 5,036 21,857 

May............................ 2,637 25,436 6,738 93,784 2,637 9,480 5,264 41,381 

June........................... 5,525 40,255 5,570 58,476 4,257 1,838 5,052 27,197 

 

 

1

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

than Government account series, and taxes. 

2

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

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

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

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

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

under the Federal Insurance Contributions Act beginning January 1950 and under 

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

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

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

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
September 2006 

23

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Financial Management Service (FMS) 

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

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

United States.” 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2006

24 

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) 

 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002............................... 6,255,111 6,228,236 26,874 2,675,648 2,675,648 - 3,579,462 3,552,588 26,874 

2003............................... 6,809,272 6,783,320 25,952 2,859,291 2,859,291 - 3,949,981 3,924,029 25,952 

2004............................... 7,403,237 7,379,053 24,183 3,075,687 3,075,687 1 4,327,550 4,303,366 24,182 

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

 

2005 - June.................... 7,860,234 7,836,496 23,738 3,308,866 3,308,866 - 4,551,368 4,527,630 23,738 

July..................... 7,911,290 7,887,618 23,672 3,306,665 3,306,665 - 4,604,625 4,580,953 23,672 

Aug..................... 7,950,504 7,926,933 23,570 3,310,292 3,310,292 1 4,640,212 4,616,641 23,569 

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

Oct ..................... 8,050,629 8,027,123 23,505 3,376,354 3,376,354 1 4,674,275 4,650,769 23,504 

Nov..................... 8,115,965 8,092,322 23,643 3,382,666 3,382,665 1 4,733,299 4,709,657 23,642 

Dec..................... 8,194,251 8,170,413 23,837 3,455,808 3,455,806 2 4,738,443 4,714,607 23,835 

2006 - Jan...................... 8,219,745 8,196,070 23,674 3,471,422 3,471,420 2 4,748,323 4,724,650 23,672 

Feb..................... 8,293,333 8,269,886 23,448 3,499,204 3,499,202 2 4,794,129 4,770,683 23,446 

Mar..................... 8,394,740 8,371,156 23,584 3,498,354 3,498,352 2 4,896,386 4,872,804 23,582 

Apr ..................... 8,379,083 8,355,718 23,365 3,536,001 3,535,999 2 4,843,082 4,819,719 23,363 

May .................... 8,380,354 8,356,776 23,577 3,549,086 3,549,084 2 4,831,268 4,807,692 23,575 

June ................... 8,443,683 8,420,042 23,641 3,622,594 3,622,592 2 4,821,089 4,797,450 23,639 

 

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) 

 

2001 ............................... 5,834,475 64,896 5,769,579 2,468,757 18,363 2,450,394 3,365,718 46,533 3,319,185

2002 ............................... 6,255,111 57,278 6,197,833 2,675,648 17,541 2,658,107 3,579,463 39,737 3,539,726

2003 ............................... 6,809,272 50,551 6,758,722 2,859,291 13,860 2,845,430 3,949,981 36,691 3,913,291

2004 ............................... 7,403,237 51,219 7,352,017 3,075,687 16,596 3,059,091 4,327,550 34,623 4,292,926

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

 

2005 - June .................... 7,860,234 50,358 7,809,875 3,308,866 15,468 3,293,399 4,551,368 34,890 4,516,477

July ..................... 7,911,290 50,350 7,860,939 3,306,665 15,727 3,290,939 4,604,625 34,623 4,570,000

Aug ..................... 7,950,504 50,498 7,900,006 3,310,292 15,583 3,294,709 4,640,212 34,915 4,605,297

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

Oct...................... 8,050,629 54,577 7,996,052 3,376,354 18,712 3,357,642 4,674,275 35,865 4,638,410

Nov ..................... 8,115,965 55,785 8,060,180 3,382,666 19,601 3,363,065 4,733,299 36,184 4,697,115

Dec ..................... 8,194,251 55,723 8,138,528 3,455,808 19,141 3,436,667 4,738,443 36,582 4,701,862

2006 - Jan ...................... 8,219,745 56,168 8,163,577 3,471,422 19,557 3,451,865 4,748,323 36,611 4,711,712

Feb ..................... 8,293,333 78,490 8,214,843 3,499,204 41,201 3,458,003 4,794,129 37,289 4,756,840

Mar ..................... 8,394,740 81,408 8,313,332 3,498,354 43,015 3,455,339 4,896,386 38,393 4,857,993

Apr...................... 8,379,083 81,843 8,297,240 3,536,001 44,075 3,491,925 4,843,082 37,768 4,805,315

May..................... 8,380,354 82,045 8,298,308 3,549,086 44,645 3,504,442 4,831,268 37,400 4,793,867

June ................... 8,443,683 82,605 8,361,078 3,622,594 44,735 3,577,859 4,821,089 37,870 4,783,219

 
FEDERAL DEBT 

September 2006 

25

 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) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

2004 ....................................... 204,201 - 5,881 58,528 158,214 29,995 4,669 

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

 

2005 - June ............................ 204,217 - 2,986 65,999 206,744 29,995 5,113 

July ............................. 204,144 - 2,986 66,380 213,051 29,995 5,113 

Aug ............................. 203,808 - 2,986 67,042 217,724 29,995 5,113 

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

Oct.............................. 203,890 - 3,086 68,939 226,929 29,995 5,211 

Nov ............................. 204,579 - 2,986 68,681 231,467 29,995 5,213 

Dec ............................. 205,162 - 3,786 69,097 235,566 29,995 5,368 

2006 - Jan .............................. 205,605 - 3,786 70,277 233,441 29,995 5,201 

Feb ............................. 205,901 - 3,586 32,414 234,545 29,995 5,203 

Mar ............................. 205,976 - 3,386 71,258 234,844 29,995 5,370 

April ............................ 206,067 - 3,186 72,082 238,663 29,995 5,494 

May............................. 205,669 - 2,986 73,698 239,174 29,995 5,478 

June............................ 205,227 - 2,986 76,289 242,022 29,995 5,558 

 

 

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) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

2004 .................................. 4,307,345 3,845,855 961,449 2,109,494 551,904 223,008 461,490 

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

 

2005 - June ....................... 4,527,697 4,012,642 920,023 2,272,340 529,746 290,533 515,055 

July ........................ 4,580,784 4,059,114 938,407 2,285,420 529,768 305,519 521,670 

Aug ........................ 4,614,279 4,087,611 949,431 2,312,055 520,502 305,622 526,669 

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

Oct......................... 4,650,516 4,112,465 932,554 2,335,503 520,491 323,918 538,051 

Nov ........................ 4,709,403 4,166,481 982,960 2,339,284 516,430 327,807 542,920 

Dec ........................ 4,714,821 4,165,847 960,701 2,360,155 516,425 328,567 548,975 

2006 - Jan ......................... 4,724,637 4,176,332 952,800 2,360,363 516,418 346,751 548,306 

Feb ........................ 4,771,117 4,259,473 997,284 2,390,260 526,498 345,431 511,644 

Mar ........................ 4,872,485 4,321,654 1,039,036 2,408,302 526,501 347,815 550,830 

Apr......................... 4,819,949 4,264,460 962,168 2,408,208 526,510 367,573 555,489 

May........................ 4,807,517 4,250,516 951,623 2,406,354 522,965 369,573 557,001 

June ...................... 4,797,204 4,235,126 913,803 2,425,710 522,924 372,689 562,078 
FEDERAL DEBT

September 2006

26

End of fiscal 

year or month

Federal Savings 

and Loan

Corporation, 

Resolution Fund

(11)

Federal 

Supplementary Medical 

Insurance 

Trust Fund

(12)

Highway 

Trust Fund

(13)

National 

Service Life

Insurance 

Fund

(14)

Postal 

Service Fund

(15)

Railroad 

Retirement 

Account

(16)

Treasury 

deposit 

funds

(17)

 Unemploy -

 ment Trust

 Fund

 (18)

Other

(19)

2001............................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775

2002............................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362

2003............................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349

2004............................... 3,013 17,439 10,212 10,949 1,283 627 - 45,239 406,004

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

2005 - June...................... 3,075 24,819 10,830 10,858 3,403 446 - 53,823 423,216

July ...................... 3,091 25,767 10,579 10,787 2,210 533 - 52,796 422,631

Aug ...................... 3,101 24,668 7,731 10,699 4,610 440 - 56,868 425,927

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

Oct....................... 3,104 19,418 8,312 10,524 1,687 500 - 53,499 471,589

Nov ...................... 3,114 18,621 9,610 10,450 2,509 361 - 55,634 475,190

Dec ...................... 3,080 23,929 9,972 10,687 1,747 357 - 53,975 473,771

2006 - Jan........................ 3,090 25,290 10,796 10,598 1,866 473 - 51,557 486,671

Feb....................... 3,100 27,237 10,854 10,514 2,274 501 - 52,787 473,746

Mar....................... 3,113 25,887 11,970 10,407 3,159 571 - 49,800 497,108

Apr....................... 3,123 29,146 13,470 10,328 3,532 544 - 49,734 497,277

May ...................... 3,065 31,151 13,524 10,240 3,868 454 - 66,332 497,051

June..................... 2,978 27,246 13,451 10,452 2,930 575 - 65,279 532,309

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)

2001............................... 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114

2002............................... 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759

2003................................ 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427

2004............................... 3,129,990 9,892 32,089 28,107 10,319 182,769 631,749 264,375 23,325 1,452,599

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

2005 - June....................... 3,356,344 12,465 32,229 29,125 12,104 193,669 642,298 282,089 23,111 1,598,784

July ....................... 3,354,424 11,991 32,314 29,174 12,135 193,244 639,651 279,936 22,872 1,604,713

Aug....................... 3,360,856 11,729 32,707 29,462 15,193 192,751 637,074 277,537 23,029 1,607,330

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

Oct....................... 3,426,716 10,907 32,641 29,513 15,286 192,198 657,077 278,448 23,355 1,618,658

Nov ...................... 3,432,818 11,084 33,015 29,923 15,267 191,461 654,138 278,417 23,679 1,620,345

Dec ...................... 3,506,577 11,661 32,799 29,996 15,320 195,715 670,101 285,941 23,800 1,663,726

2006 - Jan........................ 3,523,210 11,999 32,850 30,032 15,377 196,841 653,893 288,996 23,749 1,679,132

Feb....................... 3,513,085 11,894 33,126 30,387 15,372 196,377 650,289 287,856 23,965 1,682,806

Mar....................... 3,551,185 12,136 32,954 30,384 15,399 196,701 661,190 283,296 23,965 1,693,145

Apr....................... 3,589,106 11,685 33,142 30,386 15,456 198,773 657,952 295,171 23,964 1,715,423

May ...................... 3,604,230 11,321 33,891 30,787 15,524 198,170 654,859 292,941 21,320 1,719,732

June..................... 3,680,235 11,378 45,617 30,851 15,548 203,646 670,501 299,470 21,319 1,772,302
FEDERAL DEBT 

September 2006 

27

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

 Postal 

 Service 

 (6) 

 Other 

 (7) 

 

2001 ..................................... 26,948 - 231 775 25,381 - 561 

2002 ..................................... 26,874 - 298 775 25,261 - 541 

2003 ..................................... 25,952 - 279 325 24,876 - 472 

2004 ..................................... 24,183 - 200 325 23,253 - 406 

2005 ..................................... 23,637 - 146 - 23,097 - 394 

 

2005 - June .......................... 23,738 - 143 - 23,191 - 404 

July........................... 23,672 - 143 - 23,124 - 405 

Aug........................... 23,570 - 143 - 23,030 - 397 

Sept.......................... 23,637 - 146 - 23,097 - 394 

Oct............................ 23,505 - 149 - 22,961 - 395 

Nov........................... 23,643 - 149 - 23,097 - 396 

Dec........................... 23,837 - 161 - 23,278 - 398 

2006 - Jan ............................ 23,674 - 166 - 23,109 - 399 

Feb ........................... 23,448 - 85 - 22,971 - 391 

Mar ........................... 23,584 - 80 - 23,112 - 392 

Apr............................ 23,365 - 85 - 22,891 - 389 

May .......................... 23,577 - 87 - 23,099 - 390 

June ......................... 23,641 - 90 - 23,159 - 391 

 

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

September 2006

28 

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) 

 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

2004 ............................... 3,145,244 1,127,850 1,150,979 414,728 243,036 208,652 4 yrs. 11 mos. 

2005 ............................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

 

2005 - June .................... 3,292,256 1,095,354 1,260,365 485,465 268,443 182,629 4 yrs. 10 mos. 

July ..................... 3,314,952 1,130,292 1,233,071 494,373 274,618 182,599 4 yrs. 10 mos. 

Aug ..................... 3,361,958 1,143,059 1,273,564 490,944 281,161 173,230 4 yrs. 9 mos. 

Sept.................... 3,334,411 1,100,783 1,279,646 499,386 281,229 173,367 4 yrs. 10 mos. 

Oct...................... 3,376,594 1,136,101 1,278,315 508,135 280,839 173,203 4 yrs. 9 mos. 

Nov ..................... 3,426,982 1,201,621 1,248,485 526,593 276,571 173,712 4 yrs. 9 mos. 

Dec ..................... 3,399,628 1,176,549 1,237,702 534,929 276,633 173,815 4 yrs. 9 mos. 

2006 - Jan ...................... 3,431,952 1,182,593 1,260,294 529,361 286,315 173,388 4 yrs. 9 mos. 

Feb ..................... 3,508,777 1,238,763 1,275,570 526,340 292,517 175,586 4 yrs. 9 mos. 

Mar ..................... 3,567,753 1,278,145 1,286,260 534,872 292,674 175,802 4 yrs. 8 mos. 

Apr...................... 3,483,412 1,198,187 1,273,413 543,174 292,741 175,897 4 yrs. 9 mos. 

May..................... 3,492,721 1,178,383 1,288,303 573,995 275,911 176,129 4 yrs. 10 mos. 

June.................... 3,473,551 1,136,203 1,302,488 582,153 276,216 176,491 4 yrs. 10 mos. 

 

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

September 2006 

29

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) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

2004 ................................................ 7,384,000 7,333,350 7,333,166 184 7,379,053 184 45,887 

2005 ................................................ 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

 

2005 - June ..................................... 8,184,000 7,778,128 7,778,001 127 7,836,496 127 58,494 

July ...................................... 8,184,000 7,829,029 7,828,902 127 7,887,618 127 58,715 

Aug ...................................... 8,184,000 7,868,395 7,868,267 127 7,926,933 127 58,666 

Sept..................................... 8,184,000 7,871,040 7,870,911 130 7,932,710 130 61,799 

Oct....................................... 8,184,000 7,964,782 7,964,648 133 8,027,123 133 62,475 

Nov ...................................... 8,184,000 8,028,918 8,028,773 145 8,092,322 145 63,549 

Dec ...................................... 8,184,000 8,107,019 8,106,870 150 8,170,414 150 63,544 

2006 - Jan ....................................... 8,184,000 8,132,290 8,132,221 69 8,196,070 69 63,849 

Feb ...................................... 8,184,000 8,183,975 8,183,906 69 8,269,886 69 85,980 

Mar ...................................... 8,965,000 8,281,451 8,281,382 69 8,371,156 69 89,775 

Apr....................................... 8,965,000 8,262,718 8,262,647 71 8,355,718 71 93,071 

May...................................... 8,965,000 8,263,812 8,263,741 71 8,356,777 71 93,035 

June..................................... 8,965,000 8,330,646 8,330,572 74 8,420,042 74 89,470 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 
FEDERAL DEBT 

September 2006

30 

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) 

 

2001 ................................................ 203,201 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

2004 ................................................ 213,321 15,956 16,560 11,937 474 1,897 

2005 ................................................ 211,763 26,851 18,489 12,608 461 1,979 

 

2005 - June ..................................... 221,677 24,881 18,298 13,338 500 1,860 

July ...................................... 231,172 25,111 18,301 13,338 502 1,860 

Aug ...................................... 237,102 25,740 19,382 13,376 504 1,860 

Sept..................................... 211,763 26,851 18,489 12,608 461 1,979 

Oct....................................... 206,224 18,585 18,489 12,608 461 1,121 

Nov ...................................... 224,663 24,050 18,498 12,697 465 1,121 

Dec ...................................... 234,407 27,221 18,725 12,735 469 1,123 

2006 - Jan ....................................... 236,924 21,158 18,850 13,050 476 1,123 

Feb ...................................... 246,465 22,104 18,993 13,164 482 1,108 

Mar ...................................... 243,973 23,033 19,133 13,284 486 1,108 

Apr....................................... 246,842 23,308 19,648 13,637 496 1,128 

May...................................... 251,249 22,580 19,648 13,637 499 1,128 

June..................................... 246,122 23,051 19,648 13,637 499 1,146 

 

 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) 

 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

2004 ................................................ 96,530 2,900 7,635 1,203 29,305 

2005 ................................................ 104,471 2,777 7,548 239 12,413 

 

2005 - June ..................................... 111,467 2,707 7,635 1,203 12,535 

July...................................... 120,157 2,707 7,635 1,203 12,542 

Aug...................................... 123,959 2,707 7,635 1,203 12,655 

Sept..................................... 104,471 2,777 7,548 239 12,413 

Oct....................................... 108,816 2,727 7,548 239 12,547 

Nov...................................... 109,384 2,687 7,548 239 12,757 

Dec...................................... 113,474 2,687 7,548 239 12,990 

2006 - Jan ....................................... 117,016 2,687 7,549 239 12,621 

Feb...................................... 121,325 2,687 7,549 - 13,232 

Mar...................................... 121,325 2,772 7,549 - 12,982 

Apr....................................... 122,359 2,707 7,549 - 13,016 

May ..................................... 125,810 2,707 7,549 - 14,277 

June .................................... 123,133 2,707 7,549 - 14,408 

 
FEDERAL DEBT 

September 2006 

31

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) 

 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,538 

2004 ...................................... 7,237 2,962 8,546 10,179 

2005 ...................................... 5,848 2,973 7,695 7,411 

 

2005 - June ........................... 5,848 2,170 7,692 11,543 

July............................ 5,848 2,447 7,695 11,826 

Aug............................ 5,848 2,695 7,695 11,845 

Sept........................... 5,848 2,973 7,695 7,411 

Oct............................. 5,848 3,250 7,695 6,289 

Nov............................ 5,848 3,504 9,506 16,358 

Dec............................ 5,848 3,787 9,506 18,056 

2006 - Jan ............................ 5,848 4,068 11,624 20,615 

Feb ............................ 5,848 4,309 12,953 22,711 

Mar ............................ 4,911 4,582 9,303 23,505 

Apr............................. 4,911 4,856 9,303 23,924 

May ........................... 4,911 5,106 9,303 24,094 

June .......................... 4,911 2,144 9,303 23,987 

 

Note.—Detail may not add to totals due to rounding. 
September 2006 

32 

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 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $5 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

Note: Additional information, including auction 

allotments by investor class for marketable Treasury coupon 

and bill securities, is posted on the 7th business day of each 

month at http://www.treas.gov/offices/domestic-finance/ 

debt-management/investor_class_auction.shtml. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing] 

A P R I L 

Cash Management Bills 

On March 28, 2006, Treasury announced it would 

auction $20,000 million of 14-day bills. They were issued 

April 3 and matured April 17. The issue was to raise new 

cash. Treasury auctioned the bills on March 30. Tenders 

totaled $48,464 million; Treasury accepted $20,000 million. 

The high bank discount rate was 4.685 percent. 

On April 3, Treasury announced it would auction 

$13,000 million of 11-day bills. They were issued April 6 

and matured April 17. The issue was to raise new cash. 

Treasury auctioned the bills on April 5. Tenders totaled 

$40,730 million; Treasury accepted $13,000 million. The 

high bank discount rate was 4.675 percent. 

On April 3, Treasury announced it would auction $8,000 

million of 10-day bills. They were issued April 7 and 

matured April 17. The issue was to raise new cash. Treasury 

auctioned the bills on April 6. Tenders totaled $27,650 

million; Treasury accepted $8,000 million. The high bank 

discount rate was 4.685 percent. 

On April 10, Treasury announced it would auction 

$17,000 million of 4-day bills. They were issued April 13 

and matured April 17. The issue was to raise new cash. 

Treasury auctioned the bills on April 12. Tenders totaled 

$44,766 million; Treasury accepted $17,000 million. The 

high bank discount rate was 4.720 percent. 

Auction of 9-Year 9-Month 2 Percent Treasury 

Inflation-Protected Security (TIPS) 

On April 10, 2006, Treasury announced it would auction 

$8,000 million of 9-year 9-month 2 percent TIPS to raise 

new cash. 

The 9-year 9-month TIPS of Series A-2016 were dated 

January 15 and issued April 17. They are due January 15, 

2016, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 

noon eastern daylight saving time (e.d.s.t.) for 

noncompetitive tenders and before 1:00 p.m. e.d.s.t. for 

competitive tenders on April 12. Tenders totaled $15,623 

million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.409 percent with an 

equivalent adjusted price of $96.480271. Treasury accepted 

in full all competitive tenders at yields lower than 2.409. 

Tenders at the high yield were allotted 32.48 percent. The 

median yield was 2.350 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $70 million. 

Competitive tenders accepted from private investors totaled 

$7,930 million. Adjusted accrued interest of $5.08378 per 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2006 

33

$1,000 must be paid for the period from January 15 to April 

17. Both the unadjusted price of $96.462908 and the 

unadjusted accrued interest of $5.08287 were adjusted by an 

index ratio of 1.00018 for the period from January 15 to 

April 17. The minimum par amount required for STRIPS of 

TIPS is $1,000. 

Auction of 5-Year TIPS 

On April 20, 2006, Treasury announced it would auction 

$11,000 million of 5-year TIPS to raise new cash. 

The 5-year TIPS of Series G-2011 were dated April 15 

and issued April 28. They are due April 15, 2011, with 

interest payable on October 15 and April 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 25. Tenders totaled 

$16,042 million; Treasury accepted $11,000 million at the 

high yield of 2.379 percent with an equivalent adjusted price 

of $100.067434. Tenders at the high yield were allotted 

94.31 percent. The median yield was 2.335 percent, and the 

low yield was 2.140 percent. Noncompetitive tenders totaled 

$111 million. Competitive tenders accepted from private 

investors totaled $10,889 million. Adjusted accrued interest 

of $0.84431 per $1,000 must be paid for the period from 

April 15 to April 28. Both the unadjusted price of 

$99.980451 and the unadjusted accrued interest of $0.84358 

were adjusted by an index ratio of 1.00087 for the period 

from April 15 through April 28. The minimum par amount 

required for STRIPS of TIPS is $1,000. 

Auction of 2-Year Notes 

On April 24, 2006, Treasury announced it would auction 

$22,000 million of 2-year notes of Series U-2008. The issue 

was to refund $26,002 million of securities maturing April 

30 and to raise new cash of approximately $9,998 million. 

The notes of Series U-2008 were dated April 30 and 

issued on May 1. They are due April 30, 2008, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 26. Tenders totaled 

$45,076 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.975 percent with the 

equivalent price of $99.811765. Treasury accepted in full all 

competitive tenders at yields lower than 4.975 percent. 

Tenders at the high yield were allotted 4.69 percent. The 

median yield was 4.958 percent, and the low yield was 4.920 

percent. Noncompetitive tenders totaled $968 million. 

Competitive tenders accepted from private investors totaled 

$21,032 million. Accrued interest of $0.13247 per $1,000 

must be paid for the period from April 30 to May 1. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,833 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2008 is $1,000. 

Auction of 5-Year Notes 

On April 24, 2006, Treasury announced it would auction 

$14,000 million of 5-year notes of Series H-2011. The issue 

was to raise new cash. 

The notes of Series H-2011 were dated April 30 and 

issued on May 1. They are due April 30, 2011, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 4-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 27. Tenders totaled 

$26,165 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.964 percent with an 

equivalent price of $99.610037. Treasury accepted in full all 

competitive tenders at yields lower than 4.964 percent. 

Tenders at the high yield were allotted 15.08 percent. The 

median yield was 4.930 percent, and the low yield was 4.895 

percent. Noncompetitive tenders totaled $159 million. 

Competitive tenders accepted from private investors totaled 

$13,841 million. Accrued interest of $0.13247 per $1,000 

must be paid for the period from April 30 to May 1. The 

minimum par amount required for STRIPS of notes of Series 

H-2011 is $1,000. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2011 is $1,000. 

M A Y 

May Quarterly Financing 

On May 3, 2006, Treasury announced it would auction 

$21,000 million of 3-year notes of Series S-2009 and 

$13,000 million of 10-year notes of Series C-2016 to refund 

$59,860 million of Treasury securities maturing or called on 

May 15 and to pay down approximately $25,860 million. 

The 3-year notes of Series S-2009 were dated and issued 

May 15. They are due May 15, 2009, with interest payable 

on November 15 and May 15 until maturity. Treasury set an 

interest rate of 4-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2006 

34 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 9. Tenders totaled 

$48,494 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.995 percent with an 

equivalent price of $99.669485. Treasury accepted in full all 

competitive tenders at yields lower than 4.995 percent. 

Tenders at the high yield were allotted 4.99 percent. The 

median yield was 4.977 percent, and the low yield was 4.939 

percent. Noncompetitive tenders totaled $395 million. 

Competitive tenders accepted from private investors totaled 

$20,605 million. 

In addition to the $21,000 million of tenders accepted in 

the auction process, Treasury accepted $6,379 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series S-2009 is $1,000. 

The 10-year notes of Series C-2016 were dated and 

issued May 15. They are due May 15, 2016, with interest 

payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 5-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 11. Tenders totaled 

$32,830 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.140 percent with an 

equivalent price of $99.883851. Treasury accepted in full all 

competitive tenders at yields lower than 5.140 percent. 

Tenders at the high yield were allotted 14.45 percent. The 

median yield was 5.117 percent, and the low yield was 5.084 

percent. Noncompetitive tenders totaled $139 million. 

Competitive tenders accepted from private investors totaled 

$12,861 million. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $2,294 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2016 is $1,000. 

Auction of 2-Year Notes 

On May 22, 2006, Treasury announced it would auction 

$22,000 million of 2-year notes. The issue was to refund 

$24,236 million of securities maturing May 31 and to raise 

new cash of approximately $11,764 million. 

The notes of Series V-2008 were dated and issued May 

31. They are due May 31, 2008, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 4-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 24. Tenders totaled 

$56,777 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.933 percent with an 

equivalent price of $99.890815. Treasury accepted in full all 

competitive tenders at yields lower than 4.933 percent. 

Tenders at the high yield were allotted 32.05 percent. The 

median yield was 4.919 percent, and the low yield was 4.880 

percent. Noncompetitive tenders totaled $1,042 million. 

Competitive tenders accepted from private investors totaled 

$20,958 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $3,929 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2008 is $1,000. 

Auction of 5-Year Notes 

On May 22, 2006, Treasury announced it would auction 

$14,000 million of 5-year notes of Series J-2011. The issue 

was to refund $24,236 million of securities maturing May 31 

and to raise new cash of approximately $11,764 million. 

The notes of Series J-2011 were dated and issued May 

31. They are due May 31, 2011, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 4-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 25. Tenders totaled 

$28,325 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.945 percent with an 

equivalent price of $99.693242. Treasury accepted in full all 

competitive tenders at yields lower than 4.945 percent. 

Tenders at the high yield were allotted 28.67 percent. The 

median yield was 4.918 percent, and the low yield was 4.879 

percent. Noncompetitive tenders totaled $209 million. 

Competitive tenders accepted from private investors totaled 

$13,792 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,143 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2011 is $1,000. 

J U N E 

Cash Management Bills 

On May 26, 2006, Treasury announced it would auction 

$22,000 million of 13-day bills. They were issued June 2 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

September 2006 

35

and matured June 15. The issue was to raise new cash. 

Treasury auctioned the bills on May 30. Tenders totaled 

$48,407 million; Treasury accepted $22,000 million. The 

high bank discount rate was 4.870 percent. 

On June 2, Treasury announced it would auction $9,000 

million of 9-day bills. They were issued June 6 and matured 

June 15. The issue was to raise new cash. Treasury 

auctioned the bills on June 5. Tenders totaled $29,616 

million; Treasury accepted $9,000 million. The high bank 

discount rate was 4.875 percent. 

Auction of 9-Year 11-Month 5-1/8 Percent Notes 

On June 5, 2006, Treasury announced it would auction 

$8,000 million of 9-year 11-month 5-1/8 percent notes of 

Series C-2016. The issue was to raise new cash. 

The notes of Series C-2016 were dated May 15 and 

issued June 15. They are due May 15, 2016, with interest 

payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 8. Tenders totaled 

$21,815 million; Treasury accepted $8,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.975 percent with an 

equivalent price of $101.154246. Treasury accepted in full 

all competitive tenders at yields lower than 4.975 percent. 

Tenders at the high yield were allotted 63.87 percent. The 

median yield was 4.960 percent, and the low yield was 4.876 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 

$7,962 million. Accrued interest of $4.31726 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2016 is $1,000. 

Auction of 2-Year Notes 

On June 22, 2006, Treasury announced it would auction 

$22,000 million of 2-year notes of Series W-2008. The issue 

was to refund $24,591 million of securities maturing June 30 

and to raise new cash of approximately $11,409 million. 

The notes of Series W-2008 were dated and issued June 

30. They are due June 30, 2008, with interest payable on 

December 31 and June 30 until maturity. Treasury set an

interest rate of 5-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 27. Tenders totaled 

$50,098 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.239 percent with an 

equivalent price of $99.786183. Treasury accepted in full all 

competitive tenders at yields lower than 5.239 percent. 

Tenders at the high yield were allotted 16.87 percent. The 

median yield was 5.219 percent, and the low yield was 5.180 

percent. Noncompetitive tenders totaled $1,104 million. 

Competitive tenders accepted from private investors totaled 

$20,896 million. 

In addition to the $22,000 million of tenders accepted in 

the auction process, Treasury accepted $4,497 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series W-2008 is $1,000. 

Auction of 5-Year Notes 

On June 22, 2006, Treasury announced it would auction 

$14,000 million of 5-year notes of Series K-2011. The issue 

was to refund $24,591 million of securities maturing June 30 

and to raise new cash of approximately $11,409 million. 

The notes of Series K-2011 were dated and issued June 

30. They are due June 30, 2011, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 5-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 28. Tenders totaled 

$28,690 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 5.203 percent with an 

equivalent price of $99.660453. Treasury accepted in full all 

competitive tenders at yields lower than 5.203 percent. 

Tenders at the high yield were allotted 8.96 percent. The 

median yield was 5.184 percent, and the low yield was 5.150 

percent. Noncompetitive tenders totaled $201 million. 

Competitive tenders accepted from private investors totaled 

$13,799 million. 

In addition to the $14,000 million of tenders accepted in 

the auction process, Treasury accepted $3,500 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series K-2011 is $1,000.
PUBLIC DEBT OPERATIONS 

September 2006

36 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2006 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2006 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

July 31........................................................... 1 2-3/4%-R note 08/02/04 31,011 8,489 22,521 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 5,531 22,378 

Aug. 31.......................................................... 1 2-3/8%-S note 08/31/04 31,814 8,004 23,811 

Sept. 30......................................................... 1 2-1/2%-T note 09/30/04 31,656 7,999 23,657 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,160 17,299 

Oct. 31........................................................... 1 2-1/2%-U note 11/01/04 29,569 7,087 22,482 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 4,133 31,247 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 3,293 23,243 

Nov. 30.......................................................... 1 2-7/8%-V note 11/30/04 30,049 7,375 22,674 

Dec. 31.......................................................... 1 3%-W note 12/31/04 31,952 7,948 24,004 

Total ............................. 325,125 71,512 253,613 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 20,035 2,248 17,788 

Jan. 31........................................................... 1 3-1/8%-M note 01/31/05 29,027 6,091 22,936 

Feb. 15 .......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,820 11,284 

Feb. 15 .......................................................... 1 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

Feb. 28 .......................................................... 1 3-3/8%-N note 02/28/05 32,007 8,672 23,335 

Mar. 31 .......................................................... 1 3-3/4%-P note 03/31/05 32,001 8,000 24,001 

Apr. 30........................................................... 1 3-5/8%-Q note 05/02/05 31,998 10,125 21,872 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,365 10,593 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,810 20,542 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 4,114 23,450 

May 31........................................................... 1 3-1/2%-R note 05/31/05 29,119 7,466 21,653 

June 30.......................................................... 1 3-5/8%-S note 06/30/05 26,664 6,667 19,998 

July 31........................................................... 1 3-7/8%-T note 08/01/05 25,870 6,614 19,255 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 6,096 19,541 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Aug. 15.......................................................... 1 2-3/4%-K note 08/16/04 24,674 3,220 21,453 

Aug. 31.......................................................... 1 4%-U note 08/31/05 26,671 6,667 20,005 

Sept. 30......................................................... 1 4%-V note 09/30/05 26,591 6,643 19,948 

Oct. 31........................................................... 1 4-1/4%-W note 10/31/05 26,553 7,006 19,547 

Nov. 15.......................................................... 1 3%-G note 11/15/02 50,620 6,609 44,010 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,412 7,714 

Nov. 30.......................................................... 1 4-1/4%-X note 11/30/05 26,667 6,717 19,950 

Dec. 31.......................................................... 1 4-3/8%-Y note 01/03/06 26,667 6,667 20,000 

 Total ............................. 600,784 126,460 474,323 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2006 

37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 20,962 2,320 18,642 

Jan. 31........................................................... 1 4-3/8%-R note 01/31/06 27,168 5,163 22,005 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 2,491 11,092 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,762 23,727 

Feb. 15 .......................................................... 1 3-3/8%-M note 02/15/05 23,885 2,658 21,228 

Feb. 29 .......................................................... 1 4-5/8%-S note 02/28/06 26,504 4,500 22,004 

Mar. 31 .......................................................... 1 4-5/8%-T note 03/31/06 26,842 6,150 20,692 

Apr. 30........................................................... 1 4-7/8%-U note 05/01/06 26,837 4,833 22,004 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 6,465 20,726 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 2,013 31,326 

May 15........................................................... 1 3-3/4%-N note 05/16/05 26,708 4,707 22,001 

May 31........................................................... 1 4-7/8%-V note 05/31/06 25,933 3,929 22,004 

June 30.......................................................... 1 5-1/8%-W note 06/30/06 26,502 4,497 22,005 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 4,222 17,135 

Aug. 15.......................................................... 1 4-1/8%-P note 08/15/05 20,291 2,287 18,004 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 1,221 14,781 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 604 15,392 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,548 21,535 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,427 15,754 

Nov. 15.......................................................... 1 4-3/8%-Q note 11/15/05 21,450 3,449 18,001 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 1,322 14,678 

Total............................. 499,221 75,608 423,612 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 19,533 2,682 16,851 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 1,226 14,777 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,830 15,604 

Feb. 15............................................................ 1 4-1/2%-R note 02/15/06 22,309 1,307 21,002 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 1,071 14,931 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 925 15,078 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 1,021 3,459 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 4,208 13,852 

May 15............................................................ 1 4-7/8%-S note 05/15/06 27,380 6,379 21,001 

June 15........................................................... 1 4%-J note 06/15/04 15,005 687 14,318 

July 15 ............................................................ 1 3-5/8%-K note 07/15/04 15,005 1,195 13,810 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 1,007 3,381 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,755 21,645 

Aug. 15 ........................................................... 1 3-1/2%-L note 08/16/04 17,295 2,500 14,794 

Sept. 15 .......................................................... 3-3/8%-M note 09/15/04 15,005 142 14,863 

Oct. 15 ............................................................ 1 3-3/8%-N note 10/15/04 15,005 130 14,875 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Nov. 15 ........................................................... 1 3-1/2%-P note 11/15/04 18,752 3,967 14,785 

Dec. 15 ........................................................... 1 3-1/2%-Q note 12/15/04 15,002 273 14,729 

Total............................. 319,870 40,125 279,745 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2006

38 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2010 

Jan. 15.............................................................. 1 4-1/4%-A note 01/18/00 13,555 1,502 12,053 

Jan. 15.............................................................. 1 3-5/8%-E note 01/18/05 15,005 717 14,288 

Feb. 15.............................................................. 1 6-1/2%-B note 02/15/00 23,356 4,705 18,651 

Feb. 15.............................................................. 1 3-1/2%-F note 02/15/05 16,617 2,328 14,289 

Mar. 15.............................................................. 1 4%-G note 03/15/05 15,005 716 14,290 

Apr. 15 .............................................................. 1 7/8%-D note 10/29/04 29,775 907 28,867 

Apr. 15 .............................................................. 1 4%-H note 04/15/05 15,001 1,218 13,783 

May 15 ............................................................. 1 3-7/8%-J note 05/16/05 18,749 3,859 14,890 

June 15............................................................. 1 3-5/8%-K note 06/15/05 14,001 404 13,597 

July 15 .............................................................. 1 3-7/8%-L note 07/15/05 13,001 7 12,994 

Aug. 15 ............................................................. 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Aug. 15 ............................................................. 1 4-1/8%-M note 08/15/05 14,963 2,282 12,682 

Sept. 15 ............................................................ 1 3-7/8%-N note 09/15/05 13,001 358 12,643 

Oct. 15 .............................................................. 1 4-1/4%-P note 10/17/05 13,001 490 12,511 

Nov. 15 ............................................................. 1 4-1/2%-Q note 11/15/05 15,961 2,961 13,000 

Dec. 15 ............................................................. 1 4-3/8%-R note 12/15/05 13,001 315 12,686 

Total ............................. 266,429 26,363 240,066 

 

2011 

Jan. 15 ............................................................ 1 4-1/4%-D note 01/17/06 13,001 - 13,001 

Jan. 15 ............................................................ 1 3-1/2%-A note 01/16/01 12,733 629 12,104 

Feb. 15............................................................ 1 5%-B note 02/15/01 23,436 3,583 19,853 

Feb. 28............................................................ 1 4-1/2%-E note 02/28/06 17,500 3,575 13,925 

Mar. 31............................................................ 1 4-3/4%-F note 03/31/06 17,498 3,551 13,947 

Apr. 15 ............................................................ 1 2-3/8%-G note 04/28/06 11,162 - 11,162 

Apr. 30 ............................................................ 1 4-7/8%-H note 05/01/06 17,501 3,500 14,001 

May 31 ............................................................ 1 4-7/8%-J note 05/31/06 17,145 3,143 14,001 

June 30 ........................................................... 1 5-1/8%-K note 06/30/06 17,500 3,500 14,000 

Aug. 15 ........................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total ............................. 174,112 24,687 149,425 

 

2012 

Jan. 15.............................................................. 1 3-3/8%-A note 01/15/02 6,812 102 6,710 

Feb. 15.............................................................. 1 4-7/8%-B note 02/15/02 24,780 4,461 20,319 

July 15 .............................................................. 1 3%-C note 07/15/02 25,788 2,674 23,114 

Aug. 15 ............................................................. 1 4-3/8%-D note 08/15/02 19,648 3,297 16,351 

Nov. 15 ............................................................. 1 4%-E note 11/15/02 18,113 236 17,877 

Total ............................. 95,141 10,770 84,371 

 

2013 

Feb. 15.............................................................. 1 3-7/8%-A note 02/18/03 19,498 1,670 17,829 

May 15.............................................................. 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 .............................................................. 1 1-7/8%-C note 07/15/03 21,945 321 21,624 

Aug. 15 ............................................................. 1 4-1/4%-D note 08/15/03 33,521 4,454 29,067 

Nov. 15 ............................................................. 1 4-1/4%-E note 11/17/03 30,637 2,456 28,181 

Total ............................. 123,855 9,153 114,702 

 

2014 

Jan. 15.............................................................. 1 2%-A note 01/15/04 22,896 725 22,171 

Feb. 15.............................................................. 1 4%-B note 02/17/04 28,081 1,956 26,125 

May 15.............................................................. 1 4-3/4%-C note 05/17/04 27,303 2,993 24,310 

July 15 .............................................................. 1 2%-D note 07/15/04 20,307 - 20,307 

Aug. 15 ............................................................. 1 4-1/4%-E note 08/16/04 24,722 2,235 22,487 

Nov. 15. ............................................................ 1 4-1/4%-F note 11/15/04 25,473 2,471 23,002 

Total ............................. 148,782 10,380 138,401 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2006 

39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2015 

Jan. 15 ........................................................... 1 1-5/8%-A note 01/18/05 20,046 - 20,046 

Feb. 15............................................................ 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Feb. 15............................................................ 1 4%-B note 02/15/05 24,215 1,212 23,003 

May 15............................................................ 1 4-1/8%-C note 05/16/05 24,472 2,471 22,001 

July 15 ............................................................ 1 1-7/8%-D note 07/15/05 17,606 190 17,416 

Aug. 15 ........................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Aug. 15 ........................................................... 1 4-1/4%-E note 08/15/05 22,470 1,472 20,998 

Nov. 15 ........................................................... 1 4-1/2%-F note 11/15/05 23,221 2,221 21,000 

Nov. 15 ........................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

 Total ......................... 152,158 11,584 140,574 

2016 

Jan. 15............................................................. 1 2% note 01/17/06 17,254 - 17,254 

Feb. 15 ............................................................ 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

Feb. 15 ............................................................ 1 4-1/2%-B note 02/15/06 21,842 841 21,001 

May 15 ............................................................ 1 7-1/4% bond 05/15/86 18,824 1,798 17,025 

May 15............................................................. 1 5-1/8%-C note 05/15/06 23,294 2,294 21,000 

Nov. 15............................................................ 1 7-1/2% bond 11/17/86 18,787 2,588 16,199 

 Total ......................... 105,433 8,559 96,874 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total ......................... 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total ......................... 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,841 16,100 

Total ......................... 32,031 5,214 26,817 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total ......................... 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,596 26,036

Total ......................... 60,281 9,401 50,880 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total ......................... 17,551 3,110 14,442 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 

September 2006

40 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2006, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2023 

Feb. 15.............................................................. 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ............................................................. 1 6-1/4% bond 08/16/93 22,659 2,893 19,767 

Total ........................... 38,441 5,528 32,913 

 

2024 

Nov. 15 ............................................................. 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total ........................... 9,604 1,615 7,989 

 

2025 

Jan. 15.............................................................. 1 2-3/8% bond 07/30/04 29,924 3,378 26,546 

Feb. 15.............................................................. 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ............................................................. 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total ........................... 50,620 6,771 43,849 

 

2026 

Jan. 15.............................................................. 1 2% bond 01/31/06 11,940 1,792 10,149 

Feb. 15.............................................................. 1 6% bond 02/15/96 12,838 1,675 11,163 

Aug. 15 ............................................................. 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ............................................................. 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total ............................ 44,449 6,805 37,644 

 

2027 

Feb. 15.............................................................. 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ............................................................. 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ............................................................. 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total ........................... 40,740 6,473 34,267 

 

2028 

Apr. 15 .............................................................. 1 3-5/8% bond 04/15/98 20,903 3,161 17,743 

Aug. 15 ............................................................. 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ............................................................. 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total ........................... 43,627 6,543 37,083 

 

2029 

Feb. 15.............................................................. 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 .............................................................. 1 3-7/8% bond 04/15/99 23,891 3,482 20,409 

Aug. 15 ............................................................. 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total ........................... 46, 420 6,822 39,598 

 

2030 

May 15.............................................................. 1 6-1/4% bond 02/15/00 17,043 2,224 14,819 

Total ........................... 17,043 2,224 14,819 

 

2031 

Feb. 15.............................................................. 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total ........................... 16,428 1,423 15,005 

 

2032 

Apr. 15 .............................................................. 1 3-3/8% bond 10/15/01 5,688 302 5,386

Total ........................... 5,688 302 5,386 

 

2036 

Feb. 15.............................................................. 1 4-1/2% bond 2/15/06 14,841 841 14,000 

Total ........................... 14,841 841 14,000 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
PUBLIC DEBT OPERATIONS 

September 2006 

41

TABLE PDO-2.—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) 

2006 - Apr. 06 ................ 2006 - May 04 28 40,914.8 13,588.4 9,620.1 380.1 99.646111 4.550 4.630

 July 06 91 43,565.4 20,902.7 12,608.0 2,127.2 98.853653 4.535 4.651

 Oct. 05 182 40,049.8 19,572.3 12,142.5 1,670.4 97.639056 4.670 4.849

Apr. 13................. May 11 28 32,284.6 12,038.2 7,644.6 355.5 99.646889 4.540 4.619

 July 13 91 42,598.4 20,138.3 11,722.0 2,037.2 98.844806 4.570 4.688

 Oct. 12 182 36,028.4 18,377.9 11,256.1 1,457.8 97.623889 4.700 4.881

Apr. 20................. May 18 28 31,226.7 12,957.4 7,676.5 323.6 99.653111 4.460 4.538

 July 20 91 40,493.2 20,278.4 11,771.2 1,963.9 98.837222 4.600 4.719

 Oct. 19 182 37,965.9 18,377.3 11,262.3 1,558.0 97.598611 4.750 4.934

Apr. 27................. May 25 28 32,426.6 13,451.8 7,707.2 292.9 99.646889 4.540 4.619

 July 27 91 48,204.9 20,609.0 11,746.0 2,139.2 98.828375 4.635 4.755

 Oct. 26 182 43,877.3 18,596.1 11,151.7 1,681.6 97.606194 4.735 4.919

May 04................. June 01 28 33,403.3 13,701.3 7,659.1 341.0 99.644167 4.575 4.655

 Aug. 03 91 42,520.1 21,714.9 12,489.4 2,175.5 98.815736 4.685 4.807

 Nov. 02 182 35,853.5 19,896.4 12,126.1 1,721.9 97.583444 4.780 4.966

May 11................. June 08 28 32,906.9 16,414.3 9,568.5 331.6 99.640667 4.620 4.701

 Aug. 10 91 39,141.8 21,381.0 12,311.1 2,190.8 98.801833 4.740 4.864

 Nov. 09 182 39,478.9 20,088.4 12,024.6 1,623.4 97.558167 4.830 5.020

May 18................. June 15 28 48,935.8 24,838.7 18,631.9 358.2 99.637556 4.660 4.742

 Aug. 17 91 42,770.4 21,929.4 12,441.5 2,340.3 98.801833 4.740 4.864

 Nov. 16 182 38,322.4 19,851.9 11,786.5 1,911.7 97.563222 4.820 5.009

May 25................. June 22 28 40,742.0 22,094.7 15,624.2 375.9 99.637944 4.655 4.737

 Aug. 24 91 44,240.8 22,255.6 12,460.1 2,340.1 98.810681 4.705 4.828

 Nov. 24 183 36,819.2 20,030.6 11,850.6 1,742.4 97.554917 4.810 4.999

June 01................ June 29 28 39,756.1 21,535.1 15,241.5 329.9 99.638722 4.645 4.727

 Aug. 31 91 44,622.1 22,760.9 12,321.9 1,966.8 98.806889 4.720 4.843

 Nov. 30 182 34,196.9 20,085.7 11,752.9 1,640.2 97.553111 4.840 5.030

June 08................ July 06 28 36,570.5 22,087.9 15,506.4 347.7 99.634444 4.700 4.783

 Sept. 07 91 47,009.8 22,448.8 12,546.2 2,050.8 98.809417 4.710 4.833

 Dec. 07 182 44,707.3 20,469.3 11,863.5 1,624.6 97.565750 4.815 5.004

June 15................ July 13 28 31,302.0 13,043.4 7,605.9 384.2 99.638722 4.645 4.727

 Sept. 14 91 39,754.5 22,838.2 12,728.2 2,150.8 98.786667 4.800 4.926

 Dec. 14 182 34,750.5 20,264.8 12,017.0 1,697.0 97.510139 4.925 5.121

June 22................ July 20 28 31,214.9 15,070.2 9,637.2 362.8 99.642222 4.600 4.681

 Sept. 21 91 50,007.5 23,035.1 12,705.2 2,051.4 98.779083 4.830 4.958

 Dec. 21 182 39,838.4 20,261.6 12,178.5 1,494.6 97.444417 5.055 5.260

June 29................ July 27 28 40,071.9 19,245.5 13,746.1 310.1 99.628611 4.775 4.859

 Sept. 28 91 46,255.5 22,426.2 12,069.3 1,936.1 98.760125 4.905 5.036

 Dec. 28 182 39,910.2 20,155.7 11,857.6 1,653.2 97.416611 5.110 5.318

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. However, as of September 21, 2004, the limit was 

raised to $5 million. All Treasury marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 

September 2006 

42 

TABLE PDO-3.—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) 

 

07/13/05 07/15/05 3-7/8% note—07/15/10-L 5y 30,815 13,000 3.970 - 99.572992 

07/14/05 07/15/05 1-7/8% TIPS—07/15/15-D 10y 15,149 9,000 1.939 - 99.420765 

07/26/05 07/29/05 2-3/8% TIPS—01/15/25 19y 6m 10,233 6,000 2.090 - 107.821718 

07/27/05 08/01/05 3-7/8% note—07/31/07-T 2y 53,458 25,864 3.975 - 99.809598 

08/08/05 08/15/05 4-1/8% note—08/15/08-P 3y 43,832 20,287 4.204 - 99.779503 

08/10/05 08/15/05 4-1/8% note—08/15/10-M 5y 39,874 14,963 4.223 - 99.562410 

08/11/05 08/15/05 4-1/4% note—08/15/15-E 10y 35,166 14,472 4.350 - 99.196069 

08/24/05 08/31/05 4% note—08/31/07-U 2y 52,196 26,667 4.014 - 99.973350 

08/30/05 09/01/05 3.470% bill—09/15/05 14d 40,910 18,000 

08/31/05 09/02/05 3.470% bill—09/15/05 13d 50,180 20,000 

09/06/05 09/08/05 3.450% bill—09/14/05 6d 29,075 8,000 

09/07/05 09/15/05 3-7/8% note—09/15/10-N 5y 33,968 13,000 3.902 - 99.878424 

09/08/05 09/15/05 4-1/4% note—08/15/15-E 9y 11m 21,445 8,000 4.134 - 100.929850 

09/28/05 09/30/05 4% note—09/30/07-V 2y 58,147 26,585 4.095 - 99.819341 

10/05/05 10/06/05 3.500% bill—10/17/05 11d 34,870 13,000 

10/12/05 10/17/05 4-1/4% note—10/15/10-P 5y 35,749 13,000 4.270 - 99.910409 

10/13/05 10/17/05 1-7/8% TIPS—07/15/15-D 9y 9m 16,875 8,000 1.979 - 99.796392 

10/25/05 10/28/05 0-7/8%TIPS—04/15/10-D 4y 6m 11,575 7,000 1.740 - 99.769334 

10/26/05 10/31/05 4-1/4% note—10/31/07-W 2y 50,825 26,551 4.365 - 99.782022 

11/07/05 11/09/05 3.850% bill—11/10/05 1d 20,513 4,000 

11/08/05 11/15/05 4-3/8% note—11/15/08-Q 3y 46,964 21,449 4.458 - 99.769326 

11/09/05 11/15/05 4-1/2% note—11/15/10-Q 5y 36,945 15,961 4.525 - 99.889244 

11/10/05 11/15/05 4-1/2% note—11/15/15-F 10y 31,297 15,221 4.578 - 99.379727 

11/23/05 11/30/05 4-1/4% note—11/30/07-X 2y 49,832 26,667 4.349 - 99.812313 

11/29/05 12/01/05 3.980% bill—12/15/05 14d 45,658 20,000 

11/30/05 12/02/05 3.960% bill—12/15/05 13d 58,340 18,000 

12/07/05 12/08/05 4.080% bill—12/15/05 7d 33,535 11,000 

12/07/05 12/15/05 4-3/8% note—12/15/10-R 5y 30,891 13,000 4.435 - 99.733563 

12/08/05 12/15/05 4-1/2% note—11/15/15-F 9y 11m 17,519 8,000 4.490 - 100.072479 

12/29/05 01/03/06 4.100% bill—01/17/06 14d 25,200 12,000 

12/29/05 01/03/06 4-3/8% note—12/31/07-Y 2y 54,987 26,667 4.404 - 99.944505 

01/11/06 01/17/06 4-1/4% note—01/15/11-D 5Y 27,260 13,000 4.370 - 99.466250 

01/12/06 01/17/06 2% TIPS—01/15/16-A 10y 16,609 9,000 2.025 - 99.722833 

01/24/06 01/31/06 2% TIPS—01/15/26 20y 16,568 11,765 2.039 - 98.949064 

01/25/06 01/31/06 4-3/8% note—01/31/08-R 2y 51,525 27,163 4.427 - 99.901510 

02/07/06 02/15/06 4-1/2% note—02/15/09-R 3y 43,942 22,307 4.595 - 99.736583 

02/08/06 02/15/06 4-1/2% note—02/15/16-B 10y 30,985 13,841 4.540 - 99.681335 

02/09/06 02/15/06 4-1/2% bond—02/15/36 30y 29,562 14,841 4.530 - 99.510492 

02/22/06 02/28/06 4-5/8% note—02/29/08-S 2y 53,765 26,500 4.689 - 99.879165 

02/23/06 02/28/06 4-1/2% note—02/28/11-E 5y 34,002 17,500 4.622 - 99.460872 

03/01/06 03/03/06 4.445% bill—03/15/06 12d 64,333 25,000 

03/07/06 03/08/06 4.380% bill—03/14/06 6d 30,051 7,000 

03/09/06 03/15/06 4-1/2% note—02/15/16-B 9y 11m 22,947 8,000 4.760 - 97.955698 

03/14/06 03/14/06 4.410% bill—03/15/06 1d 18,006 4,000 

03/27/06 03/31/06 4-5/8% note—03/31/08-T 2y 51,536 26,834 4.730 - 99.801852 

03/29/06 03/31/06 4-3/4% note—03/31/11-F 5Y 35,055 17,500 4.785 - 99.845985 

03/30/06 04/03/06 4.685% bill—04/17/06 14d 48,464 20,000 

04/05/06 04/06/06 4.675% bill—04/17/06 11d 40,730 13,000 

04/06/06 04/07/06 4.685% bill—04/17/06 10d 27,650 8,000 

04/12/06 04/13/06 4.720% bill—04/17/06 4d 44,766 17,000 

04/12/06 04/17/06 2% TIPS—01/15/16-A 9y 9m 15,623 8,000 2.409 - 99.480271 

04/25/06 04/28/06 2-3/8% TIPS—04/15/11-G 5y 16,042 11,000 2.379 - 100.067434 

04/26/06 05/01/06 4-7/8% note—04/30/08-U 2y 49,910 26,834 4.975 - 99.811765 

04/27/06 05/01/06 4-7/8% note—04/30/11-H 5y 29,665 17,500 4.964 - 99.610037 

05/09/06 05/15/06 4-7/8% note—05/15/09-S 3y 54,873 27,379 4.995 - 99.669485 

05/11/06 05/15/06 5-1/8% note—05/15/16-C 10y 35,124 15,294 5.140 - 99.883851 

05/24/06 05/31/06 4-7/8% note—05/31/08-V 2y 60,706 25,929 4.933 - 99.890815 

05/25/06 05/31/06 4-7/8% note—05/31/11-J 5y 31,468 17,143 4.945 - 99.693242 

05/30/06 06/02/06 4.870% bill—06/15/06 13d 48,407 22,000 

06/05/06 06/06/06 4.875% bill—06/15/06 9d 29,616 9,000 

06/08/06 06/15/06 5-1/8% note—05/15/16-C 9y 11m 21,815 8,000 4.975 - 101.154246 

06/27/06 06/30/06 5-1/8% note—06/30/08-W 2y 54,595 26,497 5.239 - 99.786183 

06/28/06 06/30/06 5-1/8% note—06/30/11-K 5y 32,190 17,500 5.203 - 99.660453 

1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
September 2006 

43

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. As of September 1, 2004, 

investors are no longer able to reinvest H and HH bonds or 

exchange E and EE bonds for HH bonds. Series A-D were 

sold from March 1, 1935, through April 30, 1941. Series E 

was on sale from May 1, 1941, through December 31, 1979 

(through June 1980 to payroll savers only). Series F and G 

were sold from May 1, 1941, through April 30, 1952. Series 

H was sold from June 1, 1952, through December 31, 1979. 

Series HH bonds were sold for cash from January 1, 1980, 

through October 31, 1982. Series J and K were sold from 

May 1, 1952, through April 30, 1957. U.S. savings notes 

were on sale May 1, 1967, through June 30, 1970. The notes 

were eligible for purchase by individuals with the 

simultaneous purchase of series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2006 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus accrued 

discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest- 

 bearing debt

 (6) 

 

Savings bonds: 

Series A-D....................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 405,369 253,522 658,891 489,486 155,257 14,152 

Series I............................................................ 34,932 4,943 39,875 4,189 35,684 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes ................................................. 862 679 1,541 1,468 - 72 

Total ............................................................ 477,065 261,521 738,586 533,414 190,941 14,228 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series E 

bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960 through April 1970; and (3) U.S. savings 

notes for series H bonds beginning January 1972; however, they exclude exchanges of 

series E and EE bonds for series H and HH bonds. 
U.S. SAVINGS BONDS AND NOTES 

September 2006 

44 

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

Fiscal years: 

1935-02 .............................. 439,288 235,077 674,365 481,113 338,363 142,749 185,495 7,757 

2003 ................................... 13,187 7,274 20,461 12,212 5,573 6,639 192,563 8,938 

2004 2 ................................. 10,334 6,924 17,258 14,618 6,276 8,342 194,062 10,078 

2005 2 ................................. 6,501 6,728 13,229 13,783 6,614 7,170 189,912 13,673 

 

Calendar years: 

1935-02 .............................. 441,981 236,934 678,914 484,042 339,746 144,295 184,698 10,174 

2003 ................................... 13,924 7,169 21,092 12,164 5,456 6,708 192,160 11,641 

2004 2 ................................. 8,711 6,806 15,517 14,922 6,520 8,402 191,674 12,721 

2005 2 ................................. 7,955 6,843 14,797 14,089 6,883 7,206 191,167 13,936 

 

2005 - June ........................ 559 541 1,099 1,190 601 589 190,869 13,289 

July ......................... 463 619 1,082 1,154 573 582 190,536 13,548 

Aug ......................... 461 568 1,029 1,365 688 677 190,141 13,608 

Sept........................ 378 541 919 1,082 505 578 189,912 13,673 

Oct.......................... 594 659 1,253 1,008 488 520 190,035 13,795 

Nov ......................... 1,364 525 1,889 1,200 675 525 190,636 13,884 

Dec ......................... 1,303 564 1,867 1,284 685 599 191,167 13,936 

2006 - Jan .......................... 1,517 648 2,165 1,722 796 926 191,604 13,942 

Feb ......................... 874 599 1,473 1,176 522 654 191,866 13,976 

Mar ......................... 816 589 1,405 1,330 626 704 191,911 14,006 

Apr.......................... 605 713 1,318 1,227 587 640 191,864 14,145 

May......................... 398 592 990 1,388 720 668 191,424 14,188 

June........................ 285 630 914 1,357 690 667 190,941 14,228 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and EE 

bonds for H 

and HH 

bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

Fiscal years: 

1941-02 ............. 380,453 231,285 611,738 418,094 297,226 146,885 26,017 160,038 7,588 

2003 .................. 3,740 6,683 10,422 9,415 4,152 6,600 1,336 158,536 8,761 

2004 2 ................ 3,037 5,890 8,927 10,403 4,614 8,274 2,485 153,433 9,903 

2005 2 ................ 2,554 5,553 8,107 11,414 4,474 7,062 122 146,482 13,426 

 

Calendar years: 

1941-02 ............. 381,988 233,007 614,995 418,864 305,656 141,309 28,101 158,083 9,948 

2003 .................. 3,366 6,459 9,825 9,513 4,052 6,666 1,204 155,722 11,417 

2004 2 ................ 2,951 5,788 8,740 10,704 4,710 8,326 2,332 150,352 12,490 

2005 2 ................ 2,430 5,523 7,953 11,757 4,678 7,085 6 145,349 13,682 

 

2005 - June ....... 159 431 590 982 404 578 - 147,997 13,046 

 July ........ 156 509 665 964 392 571 - 147,447 13,298 

 Aug ........ 162 455 617 1,141 476 665 - 146,861 13,360 

 Sept....... 149 424 573 887 320 566 - 146,482 13,426 

 Oct......... 202 537 739 828 319 509 - 146,273 13,545 

 Nov ........ 184 398 582 1,012 497 515 - 145,757 13,632 

 Dec ........ 294 431 726 1,083 495 588 - 145,349 13,682 

2006 - Jan ......... 202 508 710 1,483 571 912 - 144,579 13,680 

 Feb ........ 94 452 546 964 322 642 - 144,123 13,717 

 Mar ........ 132 425 557 1,094 403 691 - 143,554 13,749 

 Apr......... 129 533 662 1,016 388 627 - 143,064 13,886 

 May........ 139 398 537 1,068 423 645 - 142,490 13,929 

 June....... 148 430 578 1,060 416 644 - 141,965 13,972 

See footnotes at end of table. 
U.S. SAVINGS BONDS AND NOTES 

September 2006 

45

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E and 

EE bonds 

for H and 

HH bonds 1 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series I 

 

Fiscal years: 

1998-02........... 11,937 735 12,672 576 553 23 - 12,096 - 

2003 ................ 8,120 591 8,711 545 517 28 - 20,262 - 

2004 2 .............. 4,813 1,034 5,847 766 708 58 - 25,343 - 

2005 2 .............. 3,831 1,174 5,006 1,165 1,065 100 - 29,183 - 

 

Calendar years: 

1998-02 ........... 12,957 869 13,826 706 677 29 - 13,120 - 

2003 ................ 9,363 710 10,073 544 513 31 - 22,649 - 

2004 2 .............. 3,444 1,017 4,462 896 829 66 - 26,215 - 

2005 2 .............. 5,517 1,320 6,837 1,215 1,103 113 - 31,837 - 

 

2005 - June ..... 400 110 509 112 102 10 - 28,331 - 

 July ...... 306 110 416 102 93 10 - 28,646 - 

 Aug ...... 299 113 412 120 108 12 - 28,938 - 

 Sept..... 230 117 346 101 91 10 - 29,183 - 

 Oct....... 391 122 514 97 86 10 - 29,600 - 

 Nov ...... 1,180 127 1,307 103 93 10 - 30,804 - 

 Dec ...... 1,009 133 1,142 109 98 11 - 31,837 - 

2006 - Jan ....... 1,315 140 1,455 124 111 13 - 33,167 - 

 Feb ...... 780 147 927 98 86 11 - 33,997 - 

 Mar ...... 684 164 848 109 97 12 - 34,736 - 

 Apr....... 476 180 656 101 89 12 - 35,291 - 

 May...... 259 194 453 211 189 22 - 35,533 - 

 June..... 137 200 337 185 163 23 - 35,684 - 

 

1

 Exchange of E and EE bonds for H and HH bonds are not included in sales and 

redemption figures. 

2

 Entire fiscal year and calendar year totals are included in 2004 and 2005 totals. 
September 2006 

46 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

September 2006 

47

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

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

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,474 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,647 311 2,675,336 628,414 

2003 ................................................ 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

2004 ................................................ 7,403,236 7,379,053 3,075,703 142 3,075,561 698,207 

2005 ................................................ 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

 

2005 - June ..................................... 7,860,234 7,836,496 3,308,866 1 3,308,865 721,922 

July ...................................... 7,911,290 7,887,618 3,306,665 1 3,306,664 716,058 

Aug ...................................... 7,950,504 7,926,933 3,310,040 1 3,310,039 727,592 

Sept..................................... 7,956,346 7,932,710 3,331,333 1 3,331,332 733,439 

Oct....................................... 8,050,629 8,027,123 3,376,354 1 3,376,353 737,557 

Nov ...................................... 8,115,965 8,092,322 3,382,666 1 3,382,665 740,849 

Dec ...................................... 8,194,251 8,170,413 3,455,808 1 3,455,807 732,861 

2006 - Jan ....................................... 8,219,745 8,196,070 3,471,422 1 3,471,421 745,610 

Feb ...................................... 8,293,333 8,269,886 3,499,204 1 3,499,203 751,565 

Mar ...................................... 8,394,740 8,371,156 3,498,354 1 3,498,353 755,193 

Apr....................................... 8,379,083 8,355,718 3,536,001 1 3,536,000 756,289 

May...................................... 8,380,354 8,356,776 3,549,086 1 3,549,085 758,865 

June..................................... 8,443,683 8,420,042 3,622,594 1 3,622,593 762,595 

 

 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) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 25,952 25,952 

2004 .................................................................... 3,605,143 3,147,752 457,391 24,183 24,183 

2005 .................................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

 

2005 - June ......................................................... 3,805,708 3,309,173 496,535 23,738 23,738 

July .......................................................... 3,864,895 3,361,845 503,049 23,672 23,672 

Aug .......................................................... 3,889,301 3,378,858 510,443 23,570 23,570 

Sept......................................................... 3,867,938 3,351,440 516,498 23,637 23,637 

Oct........................................................... 3,913,212 3,393,738 519,475 23,505 23,505 

Nov .......................................................... 3,968,807 3,444,413 524,393 23,643 23,643 

Dec .......................................................... 3,981,745 3,451,097 530,647 23,837 23,837 

2006 - Jan ........................................................... 3,979,038 3,449,221 529,818 23,674 23,674 

Feb .......................................................... 4,019,117 3,526,004 493,112 23,448 23,448 

Mar .......................................................... 4,117,609 3,585,206 532,404 23,584 23,584 

Apr........................................................... 4,063,428 3,526,915 536,513 23,365 23,365 

May.......................................................... 4,048,826 3,510,378 538,448 23,577 23,577 

June......................................................... 4,034,853 3,491,421 543,431 23,641 23,641 

 
OWNERSHIP OF FEDERAL SECURITIES 

September 2006 

48 

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

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

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

investors 9

(12) 

 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 142.1 225.0 244.2 210.6 350.5 707.0 831.4 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.9 217.2 245.0 202.5 313.7 762.5 855.2 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 142.3 211.3 245.2 211.6 304.3 820.4 836.7 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 143.0 208.2 241.5 225.1 289.8 835.2 864.5 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.7 213.5 239.4 240.9 283.6 908.1 848.6 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.9 221.1 229.5 230.6 283.3 929.7 810.1 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.6 213.4 226.8 226.8 263.7 993.4 829.7 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 140.4 212.8 214.1 227.4 257.0 1,102.1 793.8 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.7 211.1 181.8 221.9 248.1 1,157.6 786.2 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 142.1 214.9 183.1 216.8 243.3 1,182.7 708.0 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 143.0 223.5 186.8 221.6 235.2 1,230.5 682.0 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 219.0 176.6 232.4 239.3 1,241.6 674.9 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 141.3 212.1 169.4 234.7 238.1 1,250.5 696.8 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 139.0 213.2 160.6 230.7 258.5 1,256.0 614.4 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 135.5 207.8 151.3 231.8 271.8 1,224.2 660.4 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 133.2 212.6 141.7 253.5 280.8 1,278.7 609.5 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 135.5 211.5 137.5 254.0 288.6 1,272.3 594.3 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 142.9 213.8 133.6 227.9 298.8 1,258.8 496.3 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 150.9 204.8 128.0 224.4 299.6 1,281.4 458.9 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 153.0 198.8 123.4 228.7 305.1 1,268.7 521.2 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 150.2 196.9 120.0 222.3 307.1 1,106.9 656.3 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 149.0 194.9 116.5 205.4 310.1 1,082.0 522.6 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 147.9 185.5 113.7 207.8 308.7 1,057.9 509.9 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 145.0 179.1 110.2 225.7 310.9 1,034.2 489.1 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 153.4 177.3 109.1 225.3 317.9 1,029.9 507.2 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 147.8 183.1 108.1 221.0 325.7 1,000.5 363.0 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 149.2 166.8 106.8 234.1 321.9 1,005.5 419.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 143.4 155.1 105.7 261.9 329.3 1,051.2 401.2 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 149.3 163.3 114.0 266.1 328.7 1,067.1 381.2 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 147.4 153.9 122.0 253.8 334.4 1,135.4 305.5 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 149.9 156.3 130.4 256.8 339.3 1,200.8 287.6 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 149.2 158.9 139.7 281.0 355.6 1,246.8 269.6 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 161.4 162.1 139.5 296.5 350.7 1,286.3 323.4 

 June ....... 6,670.1 3,505.4 3,164.7 145.4 199.1 165.7 161.3 138.7 302.9 348.7 1,382.8 320.1 

 Sept........ 6,783.2 3,515.3 3,268.0 146.9 201.5 163.0 155.1 137.4 287.7 357.9 1,454.2 364.2 

 Dec......... 6,998.0 3,620.1 3,377.9 154.0 203.8 167.6 147.9 136.5 281.6 363.9 1,533.0 389.6 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 162.7 204.5 165.5 142.5 141.0 281.6 373.7 1,677.1 354.2 

 June ....... 7,274.3 3,742.8 3,531.5 159.9 204.6 168.6 133.6 144.1 259.5 379.7 1,739.6 341.9 

 Sept........ 7,379.1 3,772.0 3,607.0 139.9 204.2 169.0 130.5 147.4 255.7 379.4 1,798.7 382.2 

 Dec......... 7,596.1 3,929.0 3,667.1 127.5 204.4 168.9 130.4 149.7 254.9 386.4 1,853.4 391.4 

2005 - Mar......... 7,776.9 3,921.6 3,855.4 142.1 204.2 172.7 127.1 157.6 261.9 407.5 1,956.9 425.4 

 June ....... 7,836.5 4,033.5 3,803.0 127.2 204.2 176.1 130.1 163.7 249.1 429.3 1,879.6 443.8 

 Sept........ 7,932.7 4,067.8 3,864.9 125.0 203.6 179.4 122.6 171.6 245.0 446.5 1,933.4 437.6 

 Dec......... 8,170.4 4,199.8 3,970.6 117.2 205.1 179.9 126.4 172.2 252.2 454.6 2,041.1 421.9 

2006 - Mar......... 8,371.2 4,257.2 4,113.9 115.0 206.0 182.2 128.6 176.8 250.8 462.8 2,082.3 509.4 

 June ....... 8,420.0 4,389.2 4,030.8 n.a. 205.2 n.a. n.a. n.a. n.a. n.a. 2,091.7 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U. S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities 

held under repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, the June 2003 benchmark to March 2004, the June 

2004 benchmark to March 2005, and the June 2005 benchmark to February 2006. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
MARKET YIELDS 

September 2006 

49

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

30 years. 

Table MY-1 lists Treasury market bid yields at constant 

maturities for bills, notes, and bonds. These Constant 

Maturity Treasury rates (CMTs) are interpolated from the 

Treasury yield curve and published daily at Treasury’s 

Domestic Finance web site, www.ustreas.gov/offices/domesticfinance/debt-management/interest-rate/yield.shtml. The 

yield curve is fitted daily using a hermite cubic spline. For 

inputs, Treasury primarily uses the bid yields of the on-therun securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

quoted in the secondary bond market as of approximately 

3:30 p.m. each trading day. CMT yields are based on 

semiannual interest payments and are read at constant 

maturity points to develop a consistent data series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield. 

On February 18, 2002, Treasury discontinued the 30-year 

constant maturity yield and replaced it in the MY-1 with a 

20-year maturity yield. Historical data for the 20-year 

maturity is available from the Board of Governors’ 

Statistical Release H.15. On February 9, 2006, Treasury 

reintroduced the 30-year yield and is now publishing both 

the 20- and 30-year constant maturity rates. 

Prior to January 2003, this section also included data 

on long-term Treasury, corporate and municipal yields 

(Table MY-2 and Chart MY-B). Effective January 2003, 

Table MY-2 and Chart MY-B were discontinued. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

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

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 30-yr. 

 (11) 

 

Monthly average: 

2005 - July ...................................... 3.10 3.29 3.53 3.64 3.87 3.91 3.98 4.06 4.18 4.48 n.a. 

Aug ..................................... 3.34 3.52 3.78 3.87 4.04 4.08 4.12 4.18 4.26 4.53 n.a. 

Sept .................................... 3.23 3.49 3.79 3.85 3.95 3.96 4.01 4.08 4.20 4.51 n.a. 

Oct ...................................... 3.51 3.79 4.13 4.18 4.27 4.29 4.33 4.38 4.46 4.74 n.a. 

Nov ..................................... 3.91 3.97 4.30 4.33 4.42 4.43 4.45 4.48 4.54 4.83 n.a. 

Dec ..................................... 3.69 3.97 4.33 4.35 4.40 4.39 4.39 4.41 4.47 4.73 n.a. 

2006 - Jan....................................... 4.12 4.34 4.47 4.45 4.40 4.35 4.35 4.37 4.42 4.65 n.a. 

Feb...................................... 4.38 4.54 4.69 4.68 4.67 4.64 4.57 4.56 4.57 4.73 n.a. 

Mar...................................... 4.55 4.63 4.79 4.77 4.73 4.74 4.72 4.71 4.72 4.91 4.73

Apr ...................................... 4.61 4.72 4.90 4.90 4.89 4.89 4.90 4.94 4.99 5.22 5.06

May ..................................... 4.70 4.84 5.01 5.00 4.97 4.97 5.00 5.03 5.11 5.35 5.20

June.................................... 4.71 4.92 5.17 5.16 5.12 5.09 5.07 5.08 5.11 5.29 5.15

 

End of month: 

2005 - July ...................................... 3.25 3.42 3.69 3.80 4.02 4.06 4.12 4.19 4.28 4.56 n.a. 

Aug ..................................... 3.41 3.52 3.74 3.77 3.84 3.83 3.87 3.93 4.02 4.30 n.a. 

Sept .................................... 3.15 3.55 3.93 4.01 4.18 4.18 4.18 4.23 4.34 4.62 n.a. 

Oct ...................................... 3.77 3.98 4.26 4.31 4.40 4.41 4.45 4.49 4.57 4.84 n.a. 

Nov ..................................... 4.00 3.95 4.31 4.34 4.42 4.41 4.42 4.45 4.49 4.81 n.a. 

Dec ..................................... 4.01 4.08 4.37 4.38 4.41 4.37 4.35 4.36 4.39 4.61 n.a. 

2006 - Jan....................................... 4.37 4.47 4.59 4.58 4.54 4.49 4.47 4.49 4.53 4.74 n.a. 

Feb...................................... 4.47 4.62 4.74 4.73 4.69 4.67 4.61 4.57 4.55 4.70 4.51

Mar...................................... 4.65 4.63 4.81 4.82 4.82 4.83 4.82 4.83 4.86 5.07 4.90

Apr ...................................... 4.60 4.77 4.91 4.90 4.87 4.87 4.92 4.98 5.07 5.31 5.17

May ..................................... 4.75 4.86 5.08 5.07 5.04 5.03 5.04 5.06 5.12 5.35 5.21

June.................................... 4.54 5.01 5.24 5.21 5.16 5.13 5.10 5.11 5.15 5.31 5.19

 

* Rates are from the Treasury yields curve. 
September 2006 

50 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2006 

[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 .............................. $967,574,436,134 $930,085,744,231 $929,584,877,657 $253,346,466 $247,520,108

Less amounts held by: 

The Treasury....................................... 194,816,464 23,417,920 23,217,688 7,505 192,727

FRBs ................................................... 170,248,307,709 169,524,346,280 169,524,336,158 - 10,122

Amounts in circulation............................. $797,131,311,961 $760,537,980,031 $760,037,323,811 $253,338,961 $247,317,259

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $37,488,691,903 $3,505,529,008 $33,983,162,895 

Less amounts held by: 

The Treasury....................................... 171,398,544 115,406,544 55,992,000 

FRBs ................................................... 723,961,429 94,350,818 629,610,611 

Amounts in circulation............................. $36,593,331,930 $3,295,771,646 $33,297,560,284 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2006 

51

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2006 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $8,727,723,173 $8,583,672,022 $143,503 $143,907,648 

$2 ...................................................................... 1,491,099,638 1,358,878,144 132,208,918 12,576 

$5 ...................................................................... 10,000,017,840 9,862,917,765 109,125,210 27,974,865 

$10 .................................................................... 15,130,683,610 15,109,379,760 6,300 21,297,550 

$20 .................................................................... 113,156,355,720 113,136,248,820 3,840 20,103,060 

$50 .................................................................... 60,897,930,250 60,886,432,200 500 11,497,550 

$100 .................................................................. 550,820,807,700 550,786,980,100 11,840,100 21,987,500 

$500 .................................................................. 142,435,500 142,243,000 5,500 187,000 

$1,000 ............................................................... 165,701,000 165,502,000 5,000 194,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $760,537,980,031 $760,037,323,811 $253,338,961 $247,317,259 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 5

 (1) 

 Per capita 6 

 (2) 

 

June 30, 2006 ...................................................................................... 797,131 $2,665

May 31, 2006 ....................................................................................... 799,078 2,674

April 30, 2006 ....................................................................................... 790,777 2,648

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

 Correction made to April’s Amount in Circulation due to Adjustment by Bureau of 

Engraving and Printing. 

6

 Based on Bureau of the Census estimates of population. 
International Financial Statistics

Capital Movements

Foreign Currency Positions

Exchange Stabilization Fund
September 2006 

55

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

2003 ................................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 ................................................................................... 86,824 11,045 13,582 42,718 19,479 

 

2005 - July.......................................................................... 74,620 11,041 11,206 38,935 13,438 

Aug ......................................................................... 72,243 11,041 8,304 39,563 13,336 

Sept........................................................................ 71,273 11,041 8,245 38,742 13,245 

Oct.......................................................................... 70,218 11,041 8,224 38,234 12,720 

Nov ......................................................................... 68,773 11,041 8,180 37,455 12,097 

Dec ......................................................................... 65,127 11,043 8,210 37,838 8,036 

2006 - Jan .......................................................................... 65,594 11,044 8,302 38,609 7,639 

 Feb ........................................................................ 65,364 11,044 8,310 38,372 7,638 

 Mar ........................................................................ 65,354 11,043 8,344 38,592 7,376 

 Apr ......................................................................... 66,846 11,041 8,518 40,068 7,219 

 May........................................................................ 67,706 11,041 8,704 40,742 7,219 

 June....................................................................... 67,935 11,041 8,618 40,370 7,906 

 July ........................................................................ 67,559 11,041 8,644 40,414 7,460 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2006 

56 

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

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,585,384 807,303 301,358 431,184 5,734 69,027 933,296 813,312 196,440 616,872 31,473 

Series Break........... 2,445,944 900,117 301,358 490,145 5,734 102,880 933,296 586,996 196,440 390,556 25,535 

2000 ....................... 2,565,942 916,095 297,603 475,866 5,348 137,278 1,049,619 581,302 228,332 352,970 18,926 

2001 ....................... 2,724,292 923,501 282,290 479,340 3,411 158,460 1,125,812 653,367 284,671 368,696 21,612 

2002 - June 8 ......... 3,002,222 981,627 328,090 476,197 3,000 174,340 1,299,551 696,781 296,705 400,076 24,263 

Series Break........... 3,003,380 1,039,702 328,090 556,603 3,000 152,009 1,299,551 642,437 296,705 345,732 21,690 

2002 ....................... 3,235,231 1,075,034 335,090 566,895 2,769 170,280 1,382,628 750,877 325,764 425,113 26,692 

2003 - June 8 .......... 3,586,765 1,169,600 379,114 601,767 2,876 185,843 1,431,589 957,712 452,617 505,095 27,864 

Series Break........... 3,603,925 1,233,261 379,114 650,336 2,876 200,935 1,431,589 911,398 452,617 458,781 27,677 

2003 ....................... 3,863,508 1,340,497 401,856 719,302 2,613 216,726 1,439,484 1,057,446 518,962 538,484 26,081 

2004 - June 8 ......... 4,469,769 1,559,686 483,415 844,444 1,569 230,258 1,559,518 1,326,934 666,476 660,458 23,631 

Series Break .......... 4,407,294 1,648,167 483,415 910,456 1,569 252,727 1,559,518 1,169,285 666,476 502,809 30,324 

2004 ....................... 4,819,747 1,775,080 515,586 986,454 1,630 271,409 1,677,951 1,336,538 805,483 531,055 30,178 

2005 - June 8 r....... 5,069,913 1,821,338 493,704 1,030,763 911 295,960 1,789,991 1,424,082 776,836 647,246 34,502 

Series Break r ........ 5,064,784 1,931,980 493,704 1,052,742 911 384,623 1,789,991 1,302,647 776,836 525,811 40,166 

 

2005 - July r ........... 5,104,444 1,939,182 490,279 1,057,806 917 390,180 1,781,107 1,344,450 794,978 549,472 39,705 

Aug. r.......... 5,184,137 1,945,223 491,037 1,061,468 923 391,795 1,836,102 1,362,344 791,123 571,221 40,468 

Sept. r......... 5,234,075 1,942,448 485,505 1,060,352 929 395,661 1,852,221 1,397,014 802,362 594,652 42,392 

Oct. r........... 5,249,274 1,958,190 490,461 1,066,325 936 400,468 1,827,110 1,420,514 802,661 617,853 43,460 

Nov. r.......... 5,389,809 1,981,390 503,901 1,071,135 942 405,412 1,911,705 1,454,168 788,426 665,742 42,546 

Dec. r.......... 5,359,429 1,988,161 498,513 1,077,631 948 411,069 1,885,888 1,442,688 766,051 676,637 42,692 

2006 - Jan. r........... 5,445,633 2,019,178 510,565 1,085,918 954 421,740 1,920,018 1,463,817 791,414 672,403 42,620 

Feb. r .......... 5,556,345 2,029,866 502,990 1,098,368 960 427,548 1,968,961 1,512,319 831,322 680,997 45,199 

Mar ............. 5,578,575 2,037,438 511,318 1,091,113 967 434,040 1,998,018 1,500,925 810,370 690,555 42,194 

Apr .............. 5,752,089 2,043,065 498,794 1,102,074 973 441,224 2,135,187 1,532,488 849,944 682,544 41,349 

May............. 5,869,075 2,056,974 515,451 1,088,439 980 452,104 2,194,728 1,575,393 871,789 703,604 41,980 

June............ 5,740,611 2,068,116 525,521 1,084,002 986 457,607 2,060,921 1,570,229 834,876 735,353 41,345 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, end-June 2003, end-June 2004, and end-June 

2005, respectively, and are comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 

September 2006 

57

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

2003 .............................................................................. 2,613 2,613 768 1,102 743 

2004 .............................................................................. 1,630 1,630 825 - 805 

 

2005 - June ................................................................... 911 911 74 - 837 

July .................................................................... 917 917 74 - 843 

Aug .................................................................... 923 923 75 - 849 

Sept................................................................... 929 929 75 - 854 

Oct..................................................................... 936 936 76 - 860 

Nov .................................................................... 942 942 76 - 866 

Dec .................................................................... 948 948 77 - 871 

2006 - Jan ..................................................................... 954 954 77 - 877 

Feb .................................................................... 960 960 77 - 883 

Mar .................................................................... 967 967 78 - 889 

Apr..................................................................... 973 973 78 - 895 

May.................................................................... 980 980 79 - 901 

June................................................................... 986 986 79 - 907 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $264 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
 

September 2006 

58 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual 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 and to 

some sensitive data aggregates 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. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, 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 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

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. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also 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. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 

September 2006 

59

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. 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. 

Quarterly reports are 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 foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are 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. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five 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. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

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 contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
CAPITAL MOVEMENTS 

September 2006 

60 

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 information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• 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. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 

September 2006 

61

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Type of Liability 

 Calendar 

 Year 

 2004 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 3,017,873 3,173,203 3,244,251 3,328,368 3,342,122 3,505,090 3,603,004 3,442,045 

Payable in dollars............................................... 2,911,516 3,073,217 3,144,265 3,228,382 3,232,866 3,395,834 3,493,748 3,332,789 

Foreign official institutions 1 ........................... 515,586 498,513 510,565 502,990 511,318 498,794 515,451 525,521 

Deposits, excluding negotiable CDs.......... 26,613 45,429 47,453 45,418 45,014 45,654 49,600 51,168 

U.S. Treasury bills and certificates ............ 245,199 201,863 210,460 216,047 215,489 197,456 195,085 187,962 

Other liabilities............................................ 243,774 251,221 252,652 241,525 250,815 255,684 270,766 286,391 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 2,380,276 2,553,911 2,613,404 2,702,255 2,700,746 2,877,489 2,958,875 2,788,155 

Deposits, excluding negotiable CDs.......... 922,361 991,371 1,005,234 1,031,808 1,047,126 1,140,741 1,191,684 1,091,110 

U.S. Treasury bills and certificates ............ 71,705 56,895 57,640 58,363 60,948 60,343 59,352 59,405 

Other liabilities............................................ 1,386,210 1,505,645 1,550,530 1,612,084 1,592,672 1,676,405 1,707,839 1,637,640 

International and regional organizations 2 ..... 15,654 20,793 20,296 23,137 20,802 19,551 19,422 19,113 

Deposits, excluding negotiable CDs.......... 6,098 8,361 8,278 9,619 9,209 9,470 8,846 8,518 

U.S. Treasury bills and certificates ............ 1,879 1,085 1,164 1,398 1,399 1,081 1,057 1,374 

Other liabilities............................................ 7,677 11,347 10,854 12,120 10,194 9,000 9,519 9,221 

Payable in foreign currencies 3 .......................... 106,357 99,986 99,986 99,986 109,256 109,256 109,256 109,256 

Sector: 

Banks and other foreigners........................ 103,158 98,028 98,028 98,028 107,642 107,642 107,642 107,642 

International and regional organizations 2 ...... 3,199 1,958 1,958 1,958 1,614 1,614 1,614 1,614 

Major currencies: 

Canadian dollars ........................................ 6,627 9,235 9,235 9,235 8,604 8,604 8,604 8,604 

Euro............................................................ 51,014 50,778 50,778 50,778 50,947 50,947 50,947 50,947 

United Kingdom pounds sterling................ 7,268 8,399 8,399 8,399 9,724 9,724 9,724 9,724 

Japanese yen............................................. 23,623 9,595 9,595 9,595 15,785 15,785 15,785 15,785 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 2,082,981 2,294,279 2,355,215 2,451,086 2,450,407 2,611,251 2,681,691 2,466,295 

Liabilities to own foreign offices..................... 1,349,777 1,553,278 1,577,373 1,632,787 1,664,964 1,792,518 1,841,590 1,605,417 

Liabilities collaterized by repurchase 

 agreements ............................................. 665,127 706,297 757,998 804,186 768,352 812,631 853,179 767,973 

Foreign official institutions 1 ................... 109,506 113,425 122,466 120,094 136,912 136,275 141,100 154,425 

Foreign banks and other foreigners....... 553,550 589,215 632,139 681,056 628,773 674,109 709,098 611,765 

International and regional organizations 2..... 2,071 3,657 3,393 3,036 2,667 2,247 2,981 1,783 

Reported by IBFs ....................................... 369,576 447,584 432,137 450,173 453,243 512,747 552,332 432,184 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 98,349 85,841 85,841 85,841 94,799 94,799 94,799 94,799 

Reported by IBFs ....................................... 36,689 33,223 33,223 33,223 40,080 40,080 40,080 40,080 

Liabilities held in custody for domestic 

 customers..................................................... 836,543 793,083 803,195 791,441 796,916 799,040 826,514 880,951

Payable in dollars....................................... 828,535 778,938 789,050 777,296 782,459 784,583 812,057 866,494 

Payable in foreign currencies 3 .................. 8,008 14,145 14,145 14,145 14,457 14,457 14,457 14,457 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
CAPITAL MOVEMENTS 

September 2006 

62 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................... 4,841 4,355 3,607 4,270 5,566 5,583 5,442 6,263

Belgium 1 ........................................... 9,642 13,649 17,105 18,821 19,061 16,156 15,047 15,117

Bulgaria ............................................. 224 221 139 128 153 212 167 167

Czech Republic................................. 2,359 1,661 1,446 1,341 1,386 1,379 1,164 1,391

Denmark............................................ 3,744 3,151 1,544 2,365 2,074 2,008 1,693 1,662

Finland............................................... 1,821 1,116 3,767 1,108 1,765 3,638 2,270 3,225

France ............................................... 41,727 83,951 76,216 101,805 89,410 111,436 110,529 78,102

Germany............................................ 53,617 76,040 68,819 70,228 73,938 68,701 68,871 71,977

Greece............................................... 1,266 1,179 1,212 1,511 1,362 1,576 1,606 1,306

Hungary............................................. 345 770 527 708 648 436 517 1,308

Ireland ............................................... 30,888 64,199 68,592 69,228 68,899 70,055 71,514 75,001

Italy.................................................... 6,643 7,683 8,152 7,855 7,126 7,210 7,945 7,131

Luxembourg 1 .................................... 37,005 52,548 62,205 62,895 60,729 65,693 66,674 66,507

Netherlands....................................... 17,150 20,272 16,420 21,378 21,456 28,458 28,667 23,632

Norway .............................................. 22,471 32,907 27,927 26,868 40,498 45,585 49,391 61,566

Poland ............................................... 3,724 5,680 6,340 6,419 7,289 6,828 7,932 6,210

Portugal............................................. 1,011 1,676 2,883 2,901 3,920 3,339 2,448 3,070

Romania............................................ 575 1,636 565 478 476 1,329 1,579 1,730

Russia 2 ............................................. 41,694 70,203 101,355 94,240 91,154 95,102 93,511 98,242

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 162 110 119 103 97 98 113 196

Spain ................................................. 10,329 9,078 10,020 11,552 12,144 8,828 8,615 9,697

Sweden ............................................. 7,377 6,144 4,796 4,160 5,919 4,599 5,275 4,762

Switzerland........................................ 111,678 100,660 141,817 118,679 141,092 196,753 209,415 84,213

Turkey ............................................... 13,749 5,189 9,923 12,685 10,670 10,807 10,956 7,876

United Kingdom................................. 345,235 501,721 582,944 671,278 656,564 696,936 730,793 673,129

Channel Islands and Isle of Man 4 .... 20,814 21,327 29,737 30,568 28,529 29,325 28,478 27,657

Other Europe..................................... 17,478 26,369 22,938 24,279 29,839 19,776 26,301 27,041

Total Europe.................................. 807,569 1,113,495 1,271,115 1,367,851 1,381,764 1,501,846 1,556,913 1,358,178

Canada.................................................. 37,780 36,499 36,980 42,772 36,052 47,529 43,086 43,942

Latin America: 

Argentina........................................... 9,880 10,932 9,775 9,587 9,853 10,257 10,327 10,108

Brazil ................................................. 17,839 16,912 12,899 17,217 19,570 20,240 19,963 17,064

Chile .................................................. 4,504 7,368 9,045 9,635 13,108 12,467 14,184 16,420

Colombia ........................................... 4,277 6,353 6,521 9,829 10,561 10,538 11,183 11,646

Ecuador............................................. 2,611 2,707 3,426 3,228 3,308 3,367 2,794 2,701

Guatemala......................................... 1,557 1,544 1,660 1,859 1,778 1,637 1,593 1,441

Mexico............................................... 36,952 51,954 44,737 45,982 43,490 49,262 44,098 54,521

Panama............................................. 4,125 4,641 5,349 5,236 5,809 5,691 5,840 5,376

Peru................................................... 1,406 1,975 3,062 2,548 2,797 3,684 3,205 3,325

Uruguay............................................. 3,688 4,189 4,976 5,724 5,459 5,281 5,224 5,526

Venezuela ......................................... 21,546 24,861 27,536 25,643 23,136 23,100 21,976 22,833

Other Latin America 5........................ 6,014 6,422 8,595 9,618 9,665 10,177 10,623 11,245

Total Latin America ....................... 114,399 139,858 137,581 146,106 148,534 155,701 151,010 162,206

Caribbean: 

Bahamas ........................................... 157,689 188,604 214,804 233,291 227,742 226,537 238,869 232,207

Bermuda............................................ 39,229 93,040 52,375 57,019 55,600 52,744 48,342 45,871

Cayman Islands 6 .............................. 745,754 894,069 921,644 961,952 977,184 1,009,510 1,044,368 1,083,924

Cuba.................................................. 96 110 120 121 122 123 124 125

Jamaica............................................. 720 922 970 1,253 932 853 878 788

Netherlands Antilles .......................... 8,739 5,867 6,399 6,098 6,798 8,494 10,203 9,883

Trinidad and Tobago......................... 1,259 1,630 2,836 2,855 3,353 2,901 3,039 2,935

Other Caribbean 5 ............................. 27,662 40,297 32,621 33,306 33,513 33,719 35,396 34,722

Total Caribbean............................. 981,148 1,224,539 1,231,769 1,295,895 1,305,244 1,334,881 1,381,219 1,410,455

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

63

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2006 

Country 2003 2004 2005 r Feb. r Mar. Apr. May June p 

 

Asia: 

China: 

Mainland..................................... 13,236 52,768 46,489 34,217 34,300 29,420 30,122 34,881

Taiwan........................................ 26,835 26,524 23,288 22,276 19,495 22,261 20,147 17,751

Hong Kong ..................................... 49,974 43,913 35,254 33,433 27,589 32,035 31,847 30,349

India................................................ 14,535 11,178 13,894 11,230 13,256 14,227 15,345 15,908

Indonesia........................................ 14,374 5,905 4,308 3,320 7,806 5,820 5,422 4,034

Israel............................................... 12,231 11,238 9,828 8,583 7,502 8,075 8,094 6,756

Japan.............................................. 170,315 173,872 160,131 149,787 149,670 143,237 141,609 138,663

Korea.............................................. 12,659 12,457 27,201 26,884 25,555 23,298 22,593 21,513

Lebanon ......................................... 676 777 797 788 811 770 958 818

Malaysia ......................................... 1,640 2,837 2,288 2,168 2,754 2,436 3,411 3,582

Pakistan.......................................... 2,963 1,196 1,794 1,191 1,901 1,171 1,008 1,076

Philippines...................................... 1,690 2,956 3,781 3,542 3,433 4,052 3,753 3,942

Singapore....................................... 23,766 28,912 20,291 17,636 17,111 19,685 20,238 21,300

Syria ............................................... 22 21 28 27 27 30 29 30

Thailand.......................................... 7,232 11,356 9,970 11,635 12,705 11,530 12,759 11,579

Oil-exporting countries 7................. 24,787 41,263 50,681 56,709 58,270 57,092 59,072 63,009

Other Asia ...................................... 7,656 6,841 7,266 7,809 7,221 7,513 7,313 7,304

Total Asia ................................... 384,591 434,014 417,289 391,235 389,406 382,652 383,720 382,495

Africa: 

Congo (formerly Zaire)................... 18 4 7 5 3 2 3 7

Egypt .............................................. 2,336 2,711 4,980 5,241 4,366 4,421 3,430 4,228

Ghana............................................. 596 468 572 539 494 504 421 534

Liberia............................................. 181 266 217 241 257 305 375 535

Morocco.......................................... 376 156 138 131 231 211 122 154

South Africa.................................... 3,734 3,477 3,054 3,546 3,904 1,772 1,633 1,608

Oil-exporting countries 8................. 3,608 4,347 6,914 8,548 4,702 5,496 7,705 6,933

Other Africa .................................... 3,113 3,369 4,318 4,204 4,062 4,554 4,493 4,618

Total Africa ................................. 13,962 14,798 20,200 22,455 18,019 17,265 18,182 18,617

Other countries: 

Australia ......................................... 14,087 23,579 17,878 17,547 21,169 24,068 27,569 25,754

New Zealand 9................................ 2,592 3,725 3,028 4,733 4,437 4,661 5,070 4,550

All other .......................................... 4,174 8,513 14,612 14,679 15,081 15,322 15,199 15,121

Total other countries .................. 20,853 35,817 35,518 36,959 40,687 44,051 47,838 45,425

Total foreign countries ........... 2,360,302 2,999,020 3,150,452 3,303,273 3,319,706 3,483,925 3,581,968 3,421,318

International and regional 

 organizations: 

International ................................... 18,437 14,550 17,598 20,808 18,368 15,697 16,494 15,871

European regional.......................... 449 568 994 1,252 1,279 1,319 1,018 999

Latin American regional ................. 502 2,184 2,080 1,670 1,633 2,402 1,663 1,908

Caribbean regional 10 ..................... 63 113 94 91 95 337 425 414

Asian regional ................................ 2,221 358 1,033 244 284 287 350 553

African regional .............................. 496 989 837 927 666 977 942 867

Middle Eastern regional ................. - 91 115 103 91 146 144 115

Total international 

 and regional ............................ 22,168 18,853 22,751 25,095 22,416 21,165 21,036 20,727

Grand total ............................. 2,382,470 3,017,873 3,173,203 3,328,368 3,342,122 3,505,090 3,603,004 3,442,045

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2006 

64 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2006, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 6,263 6,157 106 2,874 3,283 1,242 199 3,876 238 2 600 1 2,354

Belgium 4 ................................. 15,117 14,206 911 10,158 4,048 3,361 1,594 5,126 265 59 3,801 1,000 2,293

Bulgaria................................... 167 167 - 164 3 135 - 11 18 2 1 - 1

Czech Republic....................... 1,391 1,359 32 154 1,205 41 1,200 78 35 - 5 33 -

Denmark.................................. 1,662 1,661 1 1,541 120 186 46 1,113 249 52 15 9 2

Finland .................................... 3,225 3,063 162 2,336 727 2,192 143 361 82 14 271 2,053 167

France..................................... 78,102 74,289 3,813 61,987 12,302 14,208 7,650 38,648 1,588 541 11,654 43,207 678

Germany ................................. 71,977 59,640 12,337 50,624 9,016 16,442 2,768 34,775 2,423 574 2,658 33,100 2,329

Greece .................................... 1,306 1,220 86 1,201 19 420 - 93 692 7 8 241 6

Hungary................................... 1,308 1,299 9 168 1,131 42 - 76 50 1 1,130 7 -

Ireland ..................................... 75,001 74,720 281 9,055 65,665 3,077 107 3,076 1,303 1,872 65,285 412 13,101

Italy.......................................... 7,131 5,909 1,222 4,561 1,348 2,071 974 2,111 668 27 58 1,374 323

Luxembourg 4.......................... 66,507 66,167 340 35,402 30,765 4,704 4,765 5,495 748 1,800 48,655 25,643 4,458

Netherlands............................. 23,632 22,894 738 12,524 10,370 2,019 1,704 2,327 2,235 723 13,886 6,763 1,727

Norway.................................... 61,566 61,459 107 57,783 3,676 245 331 59,928 141 214 600 125 414

Poland..................................... 6,210 6,198 12 2,128 4,070 274 3,055 2,596 258 3 12 226 -

Portugal................................... 3,070 2,954 116 2,226 728 1,767 71 101 358 2 655 31 21

Romania.................................. 1,730 1,717 13 301 1,416 27 - 1,656 28 5 1 11 1

Russia 5 ................................... 98,242 98,221 21 28,144 70,077 3,962 356 93,534 360 4 5 46 5

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 196 196 - 104 92 29 92 50 20 - 5 - -

Spain....................................... 9,697 8,674 1,023 6,377 2,297 3,231 373 3,107 1,589 65 309 2,641 1,780

Sweden ................................... 4,762 4,676 86 1,960 2,716 214 139 3,039 211 44 1,029 590 2,328

Switzerland.............................. 84,213 82,654 1,559 74,799 7,855 65,238 3,834 6,378 5,188 1,042 974 69,180 1,171

Turkey ..................................... 7,876 7,856 20 2,074 5,782 1,305 5,722 717 96 2 14 67 13

United Kingdom....................... 673,129 644,715 28,414 630,324 14,391 163,440 1,070 276,121 13,604 3,143 187,337 455,827 1,930

Channel Islands and Isle 

 of Man 7 ................................. 27,657 27,544 113 25,265 2,279 22,912 104 895 270 989 2,374 22,794 549

Other Europe ............................. 27,041 26,835 206 16,480 10,355 11,956 5,193 6,260 652 495 2,279 489 12

Total Europe.......................... 1,358,178 1,306,450 51,728 1,040,714 265,736 324,740 41,490 551,548 33,369 11,682 343,621 665,870 35,663

Canada........................................... 43,942 40,070 3,872 27,198 12,872 3,685 2,578 14,914 5,836 2,382 10,675 10,829 2,245

Latin America: 

Argentina.................................... 10,108 9,992 116 8,892 1,100 513 8 323 7,894 724 530 352 218

Brazil .......................................... 17,064 16,682 382 15,918 764 6,582 66 4,782 4,114 162 976 2,740 54

Chile ........................................... 16,420 15,541 879 7,742 7,799 3,877 6 1,852 3,012 213 6,581 950 49

Colombia.................................... 11,646 11,612 34 4,309 7,303 844 2,890 2,291 2,992 466 2,129 123 190

Ecuador...................................... 2,701 2,675 26 2,495 180 390 1 223 1,844 19 198 187 31

Guatemala ................................. 1,441 1,422 19 1,188 234 161 3 221 957 16 64 28 168

Mexico........................................ 54,521 53,092 1,429 31,999 21,093 11,556 11,891 5,495 18,318 1,675 4,157 894 498

Panama...................................... 5,376 5,317 59 3,598 1,719 1,000 15 565 2,141 360 1,236 388 268

Peru............................................ 3,325 3,306 19 3,236 70 1,451 5 650 1,134 17 49 79 20

Uruguay ..................................... 5,526 5,487 39 4,773 714 797 148 1,920 1,764 316 542 1,680 117

Venezuela.................................. 22,833 22,622 211 20,805 1,817 7,321 25 1,068 12,171 297 1,740 197 342

Other Latin America .................. 11,245 11,187 58 8,372 2,815 4,116 139 3,055 3,306 229 342 135 1,464

Total Latin America............... 162,206 158,935 3,271 113,327 45,608 38,608 15,197 22,445 59,647 4,494 18,544 7,753 3,419

Caribbean: 

Bahamas.................................... 232,207 229,962 2,245 226,873 3,089 153,742 215 60,316 2,303 711 12,675 200,624 156

Bermuda .................................... 45,871 45,689 182 25,295 20,394 2,216 182 4,695 5,003 3,637 29,956 5,216 1,497

Cayman Islands 8 ...................... 1,083,924 1,069,701 14,223 797,240 272,461 377,953 75 487,712 21,091 5,259 177,611 652,414 1,807

Cuba........................................... 125 125 - 125 - 14 - 7 94 - 10 - -

Jamaica...................................... 788 753 35 738 15 373 11 160 200 - 9 79 2

Netherlands Antilles .................. 9,883 9,868 15 6,681 3,187 2,573 2,721 348 481 157 3,588 634 24

Trinidad and Tobago................. 2,935 2,930 5 2,442 488 1,402 5 793 330 45 355 338 10

Other Caribbean........................ 34,722 34,432 290 18,117 16,315 4,498 560 1,212 9,925 4,880 13,357 326 4,025

Total Caribbean .................. 1,410,455 1,393,460 16,995 1,077,511 315,949 542,771 3,769 555,243 39,427 14,689 237,561 859,631 7,521

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

65

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2006, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks 

To all other 

 foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

 Own 

liabilities 

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

 and 

brokerage 

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities

(8) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other

 liabili-

 ties 

 (11) 

Liabilities

to own 

foreign 

offices 

 (12) 

 Negotiable

 CDs 

 held for 

 all for- 

 eigners 

 (13) 

Asia: 

China: 

Mainland ...................... 34,881 34,854 27 16,680 18,174 4,215 8,135 20,558 1,120 141 685 1,933 912

Taiwan ......................... 17,751 17,719 32 14,897 2,822 4,061 1,568 7,169 3,988 76 857 1,099 492

Hong Kong....................... 30,349 28,145 2,204 13,761 14,384 6,244 271 12,362 2,998 406 5,864 5,063 887

India.................................. 15,908 15,903 5 3,817 12,086 2,341 7,500 5,059 949 3 51 472 8

Indonesia ......................... 4,034 4,033 1 1,870 2,163 535 2,134 624 734 - 6 204 16

Israel................................. 6,756 6,738 18 4,044 2,694 622 1,903 1,834 1,754 40 585 865 142

Japan ............................... 138,663 127,636 11,027 41,449 86,187 12,918 75,734 26,105 4,618 1,684 6,577 29,299 230

Korea................................ 21,513 21,388 125 9,030 12,358 5,544 4,095 10,679 714 11 345 2,135 140

Lebanon........................... 818 812 6 803 9 300 - 399 105 4 4 4 3

Malaysia........................... 3,582 3,574 8 1,934 1,640 764 1,468 1,200 101 - 41 108 39

Pakistan ........................... 1,076 1,067 9 931 136 574 48 335 96 2 12 226 5

Philippines........................ 3,942 3,938 4 2,263 1,675 1,298 845 516 659 47 573 115 46

Singapore......................... 21,300 19,508 1,792 15,841 3,667 7,911 743 5,496 881 635 3,842 11,471 283

Syria ................................. 30 30 - 27 3 1 - - 26 - 3 - 3

Thailand ........................... 11,579 11,578 1 8,706 2,872 317 2,295 8,060 432 433 41 112 12

Other Asia........................ 70,313 68,984 1,329 25,720 43,264 11,665 32,877 20,363 1,248 347 2,484 5,230 2,563

Total Asia..................... 382,495 365,907 16,588 161,773 204,134 59,310 139,616 120,759 20,423 3,829 21,970 58,336 5,781

Africa: 

Congo (formerly Zaire).... 7 7 - 7 - 6 - - 1 - - 6 -

Egypt ................................ 4,228 4,228 - 2,573 1,655 1,015 1,549 1,532 87 26 19 199 48

Ghana .............................. 534 534 - 335 199 119 199 188 28 - - - -

Liberia............................... 535 533 2 409 124 10 - 42 135 55 291 1 3

Morocco ........................... 154 154 - 135 19 81 - 29 27 2 15 8 -

South Africa ..................... 1,608 1,602 6 1,243 359 852 321 227 187 9 6 573 29

Other Africa...................... 11,551 11,522 29 6,707 4,815 4,144 4,109 2,130 721 114 304 782 240

Total Africa .................. 18,617 18,580 37 11,409 7,171 6,227 6,178 4,148 1,186 206 635 1,569 320

Other countries: 

Australia ........................... 25,754 25,143 611 16,515 8,628 5,452 160 15,748 819 555 2,409 1,397 228

New Zealand ................... 4,550 4,468 82 3,695 773 136 427 3,345 151 104 305 6 34

All other............................ 15,121 663 14,458 622 41 143 5 158 348 6 3 26 3

Total other countries ... 45,425 30,274 15,151 20,832 9,442 5,731 592 19,251 1,318 665 2,717 1,429 265

Total foreign 

countries.............. 3,421,318 3,313,676 107,642 2,452,764 860,912 981,072 209,420 1,288,308 161,206 37,947 635,723 1,605,417 55,214

International and 

 regional orgs.: 

International..................... 15,871 14,286 1,585 11,292 2,994 - - - 6,756 1,208 6,322 - 1,292

European regional........... 999 999 - 919 80 - - - 912 37 50 - -

Latin American regional.... 1,908 1,879 29 489 1,390 - - - 411 74 1,394 - 559

Caribbean regional.......... 414 414 - 372 42 - - - 344 - 70 - -

Asian regional.................. 553 553 - 405 148 - - - 53 1 499 - 1

African regional................ 867 867 - 54 813 - - - 42 6 819 - -

Middle Eastern regional.... 115 115 - - 115 - - - - 48 67 - 44

Total international 

and regional ............ 20,727 19,113 1,614 13,531 5,582 - - - 8,518 1,374 9,221 - 1,896

Grand total............... 3,442,045 3,332,789 109,256 2,466,295 866,494 981,072 209,420 1,288,308 169,724 39,321 644,944 1,605,417 57,110

 

1

 These data as of December 31, 2005. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other 

Liabilities.” 

3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and since June 1994 for the former Yugoslav Republic of 

Macedonia. 

7

 Before January 2001, data included in United Kingdom. 

8 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
CAPITAL MOVEMENTS 

September 2006 

66 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

2002 2003 2004 2005 June 2006

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 2002 2003 2004 2005 June 2006 

 

United Kingdom............................. 203,237 345,235 501,721 582,944 673,129 

All other Europe............................. 483,421 462,334 611,774 688,171 685,049 

Caribbean banking centers 1,2 ....... 837,771 955,536 1,186,221 1,200,571 1,377,261 

Japan............................................. 176,331 170,315 173,872 160,131 138,663 

All other Asia ................................. 162,938 214,276 260,142 257,158 243,832 

Subtotal ....................................... 1,863,698 2,147,696 2,733,730 2,888,975 3,117,934 

All other countries.......................... 202,433 234,774 284,143 284,228 324,111 

Grand total................................... 2,066,131 2,382,470 3,017,873 3,173,203 3,442,045 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. liabilities to foreigners 

reported by U.S. banks were 

recorded at $3.4 trillion in 

June 2006, an increase of 

$269 billion from yearend 

2005. 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 

increased about $155 billion 

in 2005, about $635 billion 

in 2004, and about $316 

billion in 2003. Much of the 

increase in liabilities to 

foreigners in 2003 reflects 

changes to the reporting 

scope of the TIC reporting 

system effective February 

2003. Between March and 

December of 2003, when 

data were reported on a 

consistent basis, banking 

liabilities increased about 

$136 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more 

than half of U.S. banking 

liabilities is currently 

recorded against the United 

Kingdom and banking 

centers in the Caribbean. 

These financial centers have 

recorded most of the growth 

in banking liabilities in 

recent years. Foreigners 

domiciled in the rest of 

Europe and in Asia account 

for about one-third of U.S. 

banking liabilities. 
 CAPITAL MOVEMENTS 

September 2006 

67

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

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2005 2006 

Type of Claim 

 Calendar 

 Year 

 2004 Mar. r June r Sept. r Dec. Mar. p 

Total claims.............................................................. 2,188,441 2,171,865 2,365,863 2,465,688 2,451,857 2,665,922 

Payable in dollars.................................................. 2,026,841 2,020,521 2,209,988 2,318,825 2,303,869 2,494,080 

Own claims on foreigners................................... 1,664,223 1,622,610 1,814,600 1,888,467 1,854,203 1,999,420 

Foreign official institutions............................... 71,892 72,639 81,840 79,523 72,871 73,577 

Foreign public borrowers................................. n.a. n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 1,187,954 1,138,626 1,301,376 1,379,919 1,385,990 1,496,169 

All other foreigners .......................................... 404,377 411,345 431,384 429,025 395,342 429,674 

Claims of domestic customers.............................. 362,618 397,911 395,388 430,358 449,666 494,660 

Payable in foreign currencies .................................. 161,600 151,344 155,875 146,863 147,988 171,842 

Own claims on foreigners ..................................... 129,544 110,083 109,206 101,745 93,290 106,504 

of which: 

Canadian dollars.............................................. 15,336 12,496 11,816 13,199 13,613 12,308 

Euros................................................................ 62,138 60,447 56,733 53,347 54,584 61,381 

United Kingdom pounds sterling...................... 10,388 10,962 10,572 11,592 10,841 13,047 

Japanese yen................................................... 34,207 18,593 21,408 15,324 6,773 9,633 

Claims of domestic customers.............................. 32,056 41,261 46,669 45,118 54,698 65,338 

of which: 

Canadian dollars.............................................. 3,225 3,417 2,678 2,875 3,782 4,871 

Euros................................................................ 17,865 26,865 30,504 32,446 37,606 40,727 

United Kingdom pounds sterling...................... 3,805 5,631 7,134 4,581 7,902 12,120 

Japanese yen................................................... 3,716 2,398 2,085 633 814 855 

Memoranda: 

Total own claims on foreigners ............................. 1,793,767 1,732,693 1,923,806 1,990,212 1,947,493 2,105,924 

Non-negotiable deposits .................................... 719,257 719,524 808,140 785,420 787,133 880,333 

Short-term negotiable instruments 

 (payable in dollars)........................................... 7,858 9,521 11,895 12,983 10,080 12,462 

Resale agreements ............................................ 479,422 478,582 531,886 531,730 476,331 516,346 

Other................................................................... 587,203 525,045 571,865 660,043 673,934 696,768 

Claims on own foreign offices............................... 1,097,873 1,076,388 1,223,449 1,305,147 1,299,067 1,433,195 

Claims reported by IBFs ....................................... 411,693 368,614 426,617 468,136 478,683 524,682 

Payable in dollars............................................... 365,267 336,282 395,645 440,893 448,031 488,254 

Payable in foreign currencies............................. 46,426 32,332 30,972 27,243 30,652 36,428 

Total claims held for domestic customers ............ 394,674 439,172 442,057 475,476 504,364 559,998 

Non-negotiable deposits .................................... 161,039 187,129 181,098 195,088 197,693 229,494 

Short-term negotiable instruments 

 (payable in dollars)........................................... 195,956 218,771 220,228 239,041 253,231 268,405 

Other ..................................................................... 37,679 33,272 40,731 41,347 53,440 62,099 

 

 
CAPITAL MOVEMENTS 

September 2006 

68 

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

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 2006 

Country 

 Calendar 

 year 

 2003 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p

 

Europe: 

Austria .................................................... 5,650 6,084 5,732 6,167 5,686 6,017 5,394 5,977

Belgium 1 ................................................ 11,353 13,558 11,676 15,245 17,574 17,917 14,479 22,041

Bulgaria .................................................. 59 39 106 45 22 50 23 40

Czech Republic ...................................... 232 185 746 1,124 1,134 2,247 3,413 3,457

Denmark................................................. 3,606 3,626 2,736 1,668 2,008 2,810 2,619 1,872

Finland.................................................... 8,489 13,036 12,365 14,362 11,181 9,625 9,810 10,504

France .................................................... 89,151 97,154 126,728 121,676 143,495 137,060 134,304 145,774

Germany................................................. 41,548 46,788 47,300 58,609 47,392 56,129 48,619 52,895

Greece.................................................... 244 278 140 132 169 148 106 242

Hungary.................................................. 78 101 192 47 125 112 121 168

Ireland..................................................... 12,728 15,565 23,245 26,932 25,109 29,918 41,958 33,400

Italy ......................................................... 10,553 18,554 21,748 22,614 23,625 22,870 23,177 21,381

Luxembourg 1 ......................................... 7,708 7,414 9,151 8,577 8,022 10,332 13,481 14,055

Netherlands ............................................ 29,533 31,601 35,244 26,362 28,819 34,132 32,748 33,556

Norway ................................................... 18,648 27,605 27,739 19,253 34,360 25,914 19,083 26,712

Poland .................................................... 53 1,794 222 1,370 765 1,683 1,837 1,169

Portugal .................................................. 2,765 1,983 2,039 2,007 2,166 2,060 1,138 958

Romania ................................................. 192 226 264 245 265 275 288 272

Russia 2 .................................................. 1,259 981 1,104 1,175 1,023 1,044 1,320 2,154

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ - - - - -- 1 -

Spain ...................................................... 5,199 9,807 11,365 17,575 15,627 13,601 11,309 14,719

Sweden................................................... 20,109 23,188 28,445 30,875 27,992 29,905 27,965 30,895

Switzerland............................................. 82,899 112,891 118,486 96,195 127,408 179,143 154,572 175,966

Turkey..................................................... 2,209 2,393 2,604 2,618 3,012 3,329 3,409 3,337

United Kingdom...................................... 385,701 515,395 567,001 553,514 610,120 641,435 632,241 708,753

Channel Islands and Isle of Man 4 ......... 43,429 48,652 31,814 32,646 32,735 33,509 41,385 40,490

Other Europe.......................................... 3,443 6,502 6,424 18,221 17,904 17,392 18,987 21,653

Total Europe ........................................ 786,838 1,005,400 1,094,616 1,079,254 1,187,738 1,278,657 1,243,787 1,372,440

Canada...................................................... 79,014 76,957 78,707 75,851 77,062 87,072 98,019 95,196

Latin America: 

Argentina ................................................ 4,426 2,975 2,442 2,317 2,280 2,625 2,507 2,456

Brazil....................................................... 16,571 16,514 14,659 17,735 15,839 14,470 15,621 16,460

Chile ....................................................... 6,167 5,831 6,279 6,673 6,788 6,487 6,990 6,862

Colombia ................................................ 2,123 2,530 2,708 2,657 2,630 2,712 2,506 2,961

Ecuador.................................................. 419 447 493 509 588 548 602 586

Guatemala.............................................. 817 764 891 831 893 753 903 1,005

Mexico .................................................... 14,113 13,206 14,179 14,736 14,917 14,088 15,193 15,373

Panama .................................................. 1,946 1,559 2,020 2,160 2,375 2,113 2,359 2,537

Peru ........................................................ 1,398 1,647 1,550 1,393 1,543 1,345 1,242 1,200

Uruguay.................................................. 478 392 422 359 454 491 486 467

Venezuela .............................................. 3,093 2,736 3,086 2,874 2,690 2,760 2,613 2,500

Other Latin America 5 ............................. 2,438 2,401 2,753 2,543 2,497 2,379 2,632 2,561

Total Latin America.............................. 53,989 51,002 51,482 54,787 53,494 50,771 53,654 54,968

Caribbean: 

Bahamas ................................................ 98,317 88,390 126,048 132,868 161,984 155,116 164,526 192,936

Bermuda................................................. 15,410 26,448 34,495 29,566 30,030 24,011 20,875 24,756

Cayman Islands 6 ................................... 489,791 592,248 587,781 593,627 641,907 642,785 620,570 679,087

Cuba....................................................... - - - - - - - -

Jamaica .................................................. 379 378 351 391 438 423 448 469

Netherlands Antilles ............................... 6,736 5,357 5,610 5,725 4,940 5,105 4,558 4,622

Trinidad and Tobago .............................. 701 691 760 690 734 832 957 821

Other Caribbean 5 .................................. 5,108 7,051 7,843 9,140 9,787 9,560 8,687 9,392

Total Caribbean................................... 616,442 720,563 762,888 772,007 849,820 837,832 820,621 912,083

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2006 

69

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2004 2005 2006 

Country 

 Calendar 

 year 

 2003 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

 

Asia: 

China: 

Mainland .................................... 4,320 12,030 9,425 13,355 10,744 17,493 14,930 16,975

Taiwan ....................................... 9,952 10,140 10,935 12,578 10,753 8,234 8,909 6,680

Hong Kong ................................... 7,927 4,457 6,316 3,704 8,588 7,530 8,944 8,500

India.............................................. 1,781 2,402 2,298 2,532 2,467 2,866 2,669 2,334

Indonesia...................................... 877 639 617 555 590 638 512 456

Israel............................................. 7,186 5,883 3,119 5,865 3,429 4,860 5,827 4,775

Japan............................................ 74,174 91,539 102,859 89,024 93,723 89,710 109,449 112,322

Korea............................................ 12,416 14,117 16,194 16,172 16,045 17,139 17,488 12,167

Lebanon........................................ 72 56 49 44 42 46 53 33

Malaysia ....................................... 1,028 1,131 1,539 1,605 1,730 1,417 834 987

Pakistan........................................ 74 64 37 57 37 42 33 29

Philippines .................................... 1,751 957 1,023 853 952 1,112 1,820 1,224

Singapore ..................................... 8,291 6,625 6,604 7,330 7,136 8,937 8,210 7,963

Syria ............................................. 2 56 2 2 22 -

Thailand........................................ 1,303 965 1,450 1,667 6,091 8,778 8,181 7,232

Oil-exporting countries 7 ............... 8,748 10,215 10,755 8,579 8,853 13,152 13,670 10,988

Other Asia .................................... 194 243 234 111 139 219 185 124

Total Asia................................... 140,096 161,468 173,460 164,033 171,321 182,175 201,716 192,789

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 251 201 246 361 521 553 661 771

Ghana........................................... 17 19 22 16 18 11 19 37

Liberia........................................... 317 265 273 251 232 228 267 245

Morocco........................................ 66 88 95 112 95 108 94 84

South Africa.................................. 3,672 350 631 463 306 312 414 444

Oil-exporting countries 8 ............... 158 208 249 331 301 361 336 304

Other Africa .................................. 278 213 191 227 494 207 252 280

Total Africa ................................ 4,759 1,344 1,707 1,761 1,967 1,780 2,043 2,165

Other countries: 

Australia........................................ 10,600 11,015 15,211 12,326 14,142 13,730 18,309 21,128

New Zealand ................................ 2,954 1,697 2,243 2,895 2,110 2,732 3,600 3,973

All other ........................................ 46 79 82 221 109 93 178 333

Total other countries.................. 13,600 12,791 17,536 15,442 16,361 16,555 22,087 25,434

Total foreign countries ............ 1,694,738 2,029,525 2,180,396 2,163,135 2,357,763 2,454,842 2,441,927 2,655,075

International and regional orgs: 

International.................................. 3,971 4,770 6,856 6,095 6,792 10,485 8,063 8,704

European regional........................ 127 191 761 1,698 861 28 1,021 1,703

Latin American regional ............... 265 143 279 311 144 135 748 406

Caribbean regional....................... - -- - - -- -

Asian regional............................... 898 1,463 149 626 303 198 98 34

African regional ............................ - 35 - - - - - -

Middle Eastern regional ............... - 6 - - - - - -

Total international 

 and regional............................ 5,261 6,608 8,045 8,730 8,100 10,846 9,930 10,847

Grand total .............................. 1,699,999 2,036,133 2,188,441 2,171,865 2,365,863 2,465,688 2,451,857 2,665,922

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
CAPITAL MOVEMENTS 

September 2006 

70 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2006 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,977 4,593 1,339 3,201 136 53 1,384 1,217 167

Belgium 1 ........................................... 22,041 16,573 14,918 1,004 9,954 651 5,468 3,528 1,940

Bulgaria ............................................. 40 40 32 - - 8 - --

Czech Republic ................................. 3,457 3,455 3,402 33 45 20 2 -2

Denmark............................................ 1,872 1,433 160 205 5 1,068 439 342 97

Finland............................................... 10,504 9,308 9,170 86 8,922 52 1,196 1,153 43

France ............................................... 145,774 109,854 68,762 21,393 63,898 19,699 35,920 30,888 5,032

Germany............................................ 52,895 34,704 13,749 14,322 7,511 6,633 18,191 11,684 6,507

Greece............................................... 242 240 145 91 96 4 22-

Hungary............................................. 168 163 20 2 - 141 5 -5

Ireland................................................ 33,400 15,337 5,799 8,570 3,684 968 18,063 16,831 1,232

Italy .................................................... 21,381 19,562 17,970 304 16,125 1,288 1,819 1,810 9

Luxembourg 1 .................................... 14,055 9,565 2,668 6,419 2,104 478 4,490 3,855 635

Netherlands ....................................... 33,556 22,150 8,971 10,966 9,184 2,213 11,406 9,242 2,164

Norway .............................................. 26,712 19,733 17,747 1,810 86 176 6,979 6,787 192

Poland ............................................... 1,169 1,161 1,139 6 4 16 8 -8

Portugal ............................................. 958 836 367 240 77 229 122 26 96

Romania ............................................ 272 272 15 232 2 25 - --

Russia 2 ............................................. 2,154 2,131 1,868 241 106 22 23 23 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... - - - -- - - --

Spain ................................................. 14,719 13,430 11,537 600 10,527 1,293 1,289 1,284 5

Sweden.............................................. 30,895 13,720 10,876 2,584 10,726 260 17,175 16,405 770

Switzerland........................................ 175,966 169,332 163,061 3,284 158,786 2,987 6,634 6,614 20

Turkey................................................ 3,337 3,302 2,450 740 72 112 35 10 25

United Kingdom................................. 708,753 579,814 415,621 133,281 478,603 30,912 128,939 113,713 15,226

Channel Islands and Isle of Man 4 ........ 40,490 30,939 25,684 4,968 25,694 287 9,551 7,648 1,903

Other Europe..................................... 21,653 2,572 1,458 540 1 574 19,081 666 18,415

Total Europe ................................... 1,372,440 1,084,219 798,928 215,122 806,348 70,169 288,221 233,728 54,493

Canada................................................. 95,196 71,308 48,958 12,102 44,267 10,248 23,888 18,739 5,149

Latin America: 

Argentina ........................................... 2,456 2,290 213 2,033 156 44 166 141 25

Brazil.................................................. 16,460 16,248 9,081 6,820 5,024 347 212 188 24

Chile .................................................. 6,862 6,854 2,498 4,067 755 289 8 62

Colombia ........................................... 2,961 2,925 2,024 878 349 23 36 7 29

Ecuador............................................. 586 572 214 358 4 - 14 14 -

Guatemala......................................... 1,005 1,004 432 554 38 18 11-

Mexico ............................................... 15,373 15,106 885 13,881 88 340 267 198 69

Panama ............................................. 2,537 2,326 1,326 847 137 153 211 195 16

Peru ................................................... 1,200 1,190 338 850 145 2 10 10 -

Uruguay............................................. 467 462 144 311 136 7 55-

Venezuela ......................................... 2,500 2,370 629 1,545 1 196 130 130 -

Other Latin America 5 ........................ 2,561 2,552 1,250 1,300 230 2 9 6 3

Total Latin America......................... 54,968 53,899 19,034 33,444 7,063 1,421 1,069 901 168

Caribbean: 

Bahamas ........................................... 192,936 128,195 121,747 5,151 120,979 1,297 64,741 64,673 68

Bermuda............................................ 24,756 22,792 167 22,079 3,818 546 1,964 1,873 91

Cayman Islands 6 .............................. 679,087 521,449 418,643 95,678 350,503 7,128 157,638 156,036 1,602

Cuba.................................................. - - - -- - - --

Jamaica ............................................. 469 469 79 386 130 4 - --

Netherlands Antilles .......................... 4,622 4,525 982 3,535 969 8 97 71 26

Trinidad and Tobago ......................... 821 773 168 603 148 2 48 48 -

Other Caribbean 5 ............................. 9,392 9,227 1,515 7,281 45 431 165 164 1

Total Caribbean.............................. 912,083 687,430 543,301 134,713 476,592 9,416 224,653 222,865 1,788

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 

September 2006 

71

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2006, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 16,975 16,915 15,678 1,232 35 5 60 60 - 

Taiwan ............................................ 6,680 6,576 5,920 502 503 154 104 6 98 

Hong Kong ........................................ 8,500 7,930 2,398 5,101 3,451 431 570 329 241 

India................................................... 2,334 2,210 1,770 293 442 147 124 101 23 

Indonesia........................................... 456 453 171 267 67 15 3 3 - 

Israel.................................................. 4,775 3,281 3,103 140 1,268 38 1,494 1,487 7 

Japan................................................. 112,322 109,098 90,413 10,531 76,503 8,154 3,224 2,595 629 

Korea................................................. 12,167 12,085 10,704 1,287 2,881 94 82 55 27 

Lebanon............................................. 33 33 31 2 - - - - - 

Malaysia ............................................ 987 975 817 124 23 34 12 2 10 

Pakistan............................................. 29 26 9 15 2 2 3 3 - 

Philippines ......................................... 1,224 1,216 913 289 35 14 8 5 3 

Singapore .......................................... 7,963 6,298 3,599 793 3,047 1,906 1,665 500 1,165 

Syria .................................................. - - - - - - - - - 

Thailand............................................. 7,232 7,028 6,820 17 151 191 204 8 196 

Other Asia ......................................... 11,112 11,076 8,481 896 6,735 1,699 36 36 - 

Total Asia........................................ 192,789 185,200 150,827 21,489 95,143 12,884 7,589 5,190 2,399 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 771 450 266 165 80 19 321 12 309 

Ghana................................................ 37 31 26 5 - - 6 6 - 

Liberia................................................ 245 245 2 234 - 9 - - - 

Morocco............................................. 84 83 62 - - 21 1 1 - 

South Africa....................................... 444 365 203 109 2 53 79 50 29 

Other Africa ....................................... 584 528 172 353 86 3 56 30 26 

Total Africa ..................................... 2,165 1,702 731 866 168 105 463 99 364 

Other countries: 

Australia............................................. 21,128 13,769 7,816 4,001 3,613 1,952 7,359 6,423 936 

New Zealand ..................................... 3,973 841 125 416 - 300 3,132 3,112 20 

All other ............................................. 333 333 26 307 1 - - - - 

Total other countries....................... 25,434 14,943 7,967 4,724 3,614 2,252 10,491 9,535 956 

Total foreign countries ................. 2,655,075 2,098,701 1,569,746 422,460 1,433,195 106,495 556,374 491,057 65,317 

International and regional orgs: 

International....................................... 8,704 6,914 - 6,914 - - 1,790 1,769 21 

European regional............................. 1,703 129 - 120 - 9 1,574 1,574 - 

Latin American regional .................... 406 146 - 146 - - 260 260 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 34 34 - 34 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... - - - - - - - - - 

Total international and regional...... 10,847 7,223 - 7,214 - 9 3,624 3,603 21 

Grand total ................................... 2,665,922 2,105,924 1,569,746 429,674 1,433,195 106,504 559,998 494,660 65,338 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
CAPITAL MOVEMENTS 

September 2006 

72 

 

0

100

200

300

400

500

600

700

800

900

1000

2002 2003 2004 2005 Mar. 2006

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 2002 2003 2004 2005 Mar. 2006 

United Kingdom........................ 293,642 385,701 567,001 632,241 708,753

All other Europe........................ 406,139 401,137 527,615 611,546 663,687

Caribbean banking centers 1,2 .. 533,194 612,200 755,954 812,888 903,938

Japan........................................ 59,792 74,174 102,859 109,449 112,322

All other Asia ............................ 53,952 65,922 70,601 92,267 80,467

Subtotal .................................. 1,346,719 1,539,134 2,024,030 2,258,391 2,469,167

All other countries..................... 170,023 160,865 164,411 193,466 196,755

Grand total.............................. 1,516,742 1,699,999 2,188,441 2,451,857 2,665,922

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In March 2006, U.S. claims on 

foreigners reported by U.S. 

banks amounted to about $2.7 

trillion, an increase of $214 

billion from the level recorded 

at yearend 2005. U.S. banking 

claims include holdings of 

foreign short-term securities but 

exclude holdings of foreign 

long-term securities. U.S. 

banking claims increased $263 

billion in 2005, $488 billion in 

2004, and $183 billion in 2003. 

In large part, the increase in 

claims in 2003 reflects changes 

to the reporting scope of the 

TIC reporting system effective 

February 2003. Between March 

and December of 2003, when 

data were reported on a 

consistent basis, banking claims 

increased $12 billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 
 CAPITAL MOVEMENTS 

September 2006 

73

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

Calendar year 2005 Calendar year 2005 

Country 2004 June Dec. 2004 June Dec. 

 

Other Europe: 

Cyprus.............................................................. 163 389 n.a. 171 83 n.a. 

Iceland.............................................................. 259 222 235 n.a. 8 4 

Monaco............................................................. 271 190 190 n.a. n.a. n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 438 322 328 149 160 195 

Barbados.......................................................... 10,571 9,946 10,566 163 134 307 

Belize................................................................ 219 212 229 21 51 53 

Bolivia............................................................... 1,127 1,860 2,219 182 174 97 

Costa Rica........................................................ 969 1,082 1,671 698 665 688 

Dominica .......................................................... n.a. 55 34 n.a. n.a. - 

Dominican Republic ......................................... 2,481 2,876 3,163 416 439 481 

El Salvador....................................................... 1,302 1,469 1,482 1,089 946 990 

French West Indies and French Guiana.......... 21 30 27 n.a. n.a. n.a. 

Haiti .................................................................. 384 403 356 54 43 35 

Honduras.......................................................... 1,635 1,819 1,870 263 275 367 

Nicaragua......................................................... 132 165 180 65 64 74 

Paraguay.......................................................... 797 848 638 49 46 32 

Suriname.......................................................... 88 104 97 n.a. 2 2 

Other Asia: 

Afghanistan ...................................................... 102 95 77 - n.a. - 

Burma............................................................... 7 7 5 - - - 

Jordan .............................................................. 1,016 1,671 1,639 45 27 28 

Macau............................................................... n.a. 238 n.a. 9 - n.a. 

Sri Lanka .......................................................... n.a. 233 n.a. n.a. 16 n.a. 

Yemen.............................................................. 235 139 143 13 15 n.a. 

Other Africa: 

Angola .............................................................. n.a. n.a. n.a. - - n.a. 

Cameroon......................................................... 14 13 12 26 24 21 

Ethiopia ............................................................ n.a. 529 421 - - - 

Guinea.............................................................. 28 35 17 n.a. n.a. n.a. 

Ivory Coast ....................................................... 76 83 n.a. 2 - n.a. 

Kenya ............................................................... 245 257 203 6 n.a. 14 

Mauritius........................................................... 546 156 n.a. n.a. n.a. n.a. 

Mozambique..................................................... 144 116 178 - - n.a. 

Rwanda ............................................................ 141 n.a. n.a. - - - 

Senegal ............................................................ 36 20 24 n.a. n.a. - 

Somalia ............................................................ n.a. n.a. n.a. - - - 

Sudan............................................................... n.a. n.a. n.a. - - - 

Tanzania........................................................... 172 159 300 5 - - 

Tunisia.............................................................. n.a. 89 107 54 60 61 

Uganda............................................................. 228 199 455 - - n.a. 

Zambia ............................................................. 71 75 71 - 2 - 

Zimbabwe......................................................... 66 76 128 n.a. - - 

All other: 

Papua New Guinea.......................................... n.a. n.a. n.a. - n.a. n.a. 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
CAPITAL MOVEMENTS 

September 2006 

74 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2005 2006 

Type of liability or claim 2002 2003 2004 Mar. June r Sept. r Dec. Mar. p

Total liabilities ................................................ 67,664 83,240 108,339 107,795 97,800 94,443 96,409 100,005 

Payable in dollars....................................... 45,087 52,687 71,716 72,141 80,925 80,104 78,783 81,704 

Financial................................................. 18,844 25,055 45,905 42,608 47,915 45,769 44,146 43,773 

Short-term negotiable securities........ n.a. 1,895 1,410 1,252 2,851 1,520 1,335 849 

Other .................................................. n.a. 23,160 44,495 41,356 45,064 44,249 42,811 42,924 

Commercial............................................ 26,243 27,632 25,811 29,533 33,010 34,335 34,637 37,931 

Trade payables .................................. 13,469 16,000 16,705 19,900 21,130 22,487 21,722 24,563 

Advance receipts and other............... 12,774 11,632 9,106 9,633 11,880 11,848 12,915 13,368 

Payable in foreign currencies .................... 22,577 30,553 36,623 35,654 16,875 14,339 17,626 18,301 

By major foreign currency: 

Canadian dollars................................ n.a. 1,630 2,623 2,496 1,929 2,023 2,525 1,589 

Euros.................................................. n.a. 11,159 10,125 12,185 5,632 5,058 5,061 7,174 

United Kingdom pounds sterling........ n.a. 12,031 19,041 16,166 2,787 3,138 3,202 3,650 

Japanese yen..................................... n.a. 2,702 1,860 1,693 1,341 1,687 2,327 1,638 

Other .................................................. n.a. 3,031 2,974 3,114 5,186 2,433 4,511 4,250 

By type of liability: 

Financial............................................. 20,717 28,095 33,272 32,431 14,001 11,553 14,802 15,353 

Short-term negotiable securities.... n.a. 12,107 10,349 7,775 6,725 3,918 4,917 4,172 

Other .............................................. n.a. 15,988 22,923 24,656 7,276 7,635 9,885 11,181 

Commercial........................................ 1,860 2,458 3,351 3,223 2,874 2,786 2,824 2,948 

Trade payables .............................. 1,230 1,174 1,476 1,421 1,367 1,298 1,328 1,336 

Advance receipts and other........... 630 1,284 1,875 1,802 1,507 1,488 1,496 1,612 

Total claims.................................................... 102,566 165,901 197,696 199,565 177,173 181,901 183,943 169,817

Payable in dollars....................................... 91,551 148,373 149,348 150,988 137,486 140,384 144,694 131,642 

Financial................................................. 65,070 122,879 121,909 123,380 109,139 112,967 114,796 101,131 

Non-negotiable deposits .................... n.a. 33,944 42,005 45,007 42,391 43,650 42,141 32,707 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. 3,047 9,739 11,768 8,541 11,513 12,888 12,129 

Other .................................................. n.a. 85,888 70,165 66,605 58,207 57,804 59,767 56,295 

Commercial............................................ 26,481 25,494 27,439 27,608 28,347 27,417 29,898 30,511 

Trade receivables .............................. 22,635 21,245 24,778 23,916 25,086 24,354 26,080 26,687 

Advance payments and other............ 3,846 4,249 2,661 3,692 3,261 3,063 3,818 3,824 

Payable in foreign currencies .................... 11,015 17,528 48,348 48,577 39,687 41,517 39,249 38,175 

By major foreign currency: 

Canadian dollars ................................ n.a. 2,469 1,841 7,715 10,438 11,209 9,829 8,267 

Euros.................................................. n.a. 4,318 22,212 19,123 10,773 11,483 10,643 9,929 

United Kingdom pounds sterling........ n.a. 4,429 10,805 8,797 8,625 9,475 8,341 9,032 

Japanese yen..................................... n.a. 1,420 7,583 6,350 3,979 4,086 3,724 3,636 

Other .................................................. n.a. 4,892 5,907 6,592 5,872 5,264 6,712 7,311 

By type of claim: 

Financial............................................. 6,319 9,453 43,072 43,824 35,362 37,808 35,591 34,036 

Non-negotiable deposits ................ n.a. 1,976 5,878 7,309 6,584 7,703 8,008 7,922 

Short-term negotiable securities.... n.a. 164 153 144 353 332 292 236 

Other .............................................. n.a. 7,313 37,041 36,371 28,425 29,773 27,291 25,878 

Commercial........................................ 4,696 8,075 5,276 4,753 4,325 3,709 3,658 4,139 

Trade receivables .......................... 3,750 7,373 4,451 3,928 3,490 3,181 3,151 3,491 

Advance payments and other........ 946 702 825 825 835 528 507 648 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 39,561 43,610 62,847 51,809 35,918 29,347 37,259 34,913 

Financial claims ................................. 71,389 67,347 110,517 113,673 97,140 105,837 111,394 94,767 

Selected positions with affiliated 

 entities: 1 

Financial liabilities .............................. n.a. 9,540 16,330 23,230 25,998 27,975 21,689 24,213 

Financial claims ................................. n.a. 64,985 54,464 53,531 47,361 44,938 38,993 40,400 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 
CAPITAL MOVEMENTS 

September 2006 

75

TABLE CM-IV-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 2005 2006 

Country 2001 2002 2003 2004 Mar. June r Sept. r Dec. Mar. p 

Europe: 

Austria.................................. 151 64 82 146 147 124 137 68 103

Belgium 1 .............................. 253 285 163 74 68 191 88 73 83

Bulgaria................................ 343243 - - -

Czech Republic.................... 10 13 6 34 37 28 13 17 10

Denmark............................... 148 522 67 41 75 118 76 78 72

Finland ................................. 86 56 47 38 25 11 28 20 20

France.................................. 3,575 6,008 4,443 2,368 3,150 2,756 2,860 2,631 2,557

Germany .............................. 3,249 3,704 4,386 3,935 6,296 3,797 3,431 3,646 4,148

Greece ................................. 410 403 474 248 232 436 475 401 344

Hungary................................ 27 32 11 14 10 3 11 12 12

Ireland .................................. 1,264 785 856 1,070 1,228 1,455 1,388 1,636 1,312

Italy....................................... 1,395 1,271 1,154 795 947 972 1,390 1,174 1,218

Luxembourg 1....................... n.a. n.a. 705 824 622 545 583 378 286

Netherlands.......................... 3,117 2,415 668 668 735 530 708 895 1,012

Norway................................. 320 406 445 1,365 848 3,361 795 3,537 444

Poland.................................. 43 46 26 151 179 186 225 229 316

Portugal................................ 16 17 7 22 29 29 28 39 47

Romania............................... 17 20 30 33 16 3 6 4 3

Russia 2 ................................ 48 38 71 74 47 106 115 64 73

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 14 9 - 2 3 3 7 4 5

Spain.................................... 423 403 1,068 591 347 404 384 399 262

Sweden ................................ 97 115 656 800 221 495 431 747 770

Switzerland .......................... 884 494 1,884 1,078 1,021 1,007 1,159 1,235 945

Turkey .................................. 133 101 302 180 104 103 150 137 283

United Kingdom ................... 25,131 25,180 26,911 32,878 28,393 16,248 12,801 13,409 13,090

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. - 2 - 46 502 501 760

Other Europe ....................... 211 201 188 287 381 243 352 251 320

Total Europe .................... 41,025 42,592 44,653 47,720 45,165 33,203 28,143 31,585 28,495

Canada..................................... 2,577 2,179 3,405 4,578 4,426 4,259 4,894 4,651 4,380

Latin America: 

Argentina.............................. 50 62 125 59 90 179 114 148 180

Brazil .................................... 325 318 475 321 360 367 212 288 216

Chile ..................................... 56 55 60 91 196 232 325 387 392

Colombia.............................. 82 50 118 84 93 56 142 106 179

Ecuador................................ 4 5 21 26 31 9 28 10 5

Guatemala ........................... 13 13 15 10 4 6 8 23 18

Mexico.................................. 935 1,201 1,332 1,968 2,184 2,218 1,949 2,234 2,768

Panama................................ 49 61 52 7 23 30 49 56 48

Peru...................................... 41 21 15 17 17 25 3 8 19

Uruguay................................ 864246223

Venezuela ............................ 168 178 332 451 651 522 738 681 499

Other Latin America 5 ........... 284 503 98 113 72 77 83 105 60

Total Latin America............. 2,015 2,473 2,647 3,149 3,725 3,727 3,653 4,048 4,387

Caribbean: 

Bahamas.............................. 209 74 14 32 66 79 74 70 82

Bermuda................................... 1,551 1,528 1,224 9,230 1,312 889 698 1,704 1,496

British West Indies 6................. 1,672 401 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. 3,154 7,279 7,900 7,645 6,589 6,522 8,963

Cuba..................................... 42 29 2 - - - - - -

Jamaica................................ 12 28 17 24 19 11 17 14 15

Netherlands Antilles............. 46 11 3 14 17 13 14 13 11

Trinidad and Tobago............ 38 33 16 15 40 8 13 44 42

Other Caribbean 5 ................ n.a. n.a. 564 729 891 1,000 849 886 408

Total Caribbean ............... 3,570 2,104 4,994 17,323 10,245 9,645 8,254 9,253 11,017

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

76 

TABLE CM-IV-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 2005 2006 

Country 2001 2002 2003 2004 Mar. June r Sept. r Dec. Mar. p 

Asia: 

China: 

Mainland............................. 735 1,252 1,129 3,983 3,590 2,897 2,690 3,825 3,740

Taiwan................................ 819 659 441 491 620 786 701 1,010 1,271

Hong Kong ............................. 560 495 583 668 620 632 684 746 918

India........................................ 179 160 86 103 80 101 135 158 267

Indonesia................................ 44 100 60 74 71 88 68 89 60

Israel....................................... 195 350 519 302 365 255 223 613 386

Japan...................................... 5,850 6,124 6,196 5,869 6,682 6,832 7,196 7,354 7,229

Korea...................................... 897 548 1,331 723 695 1,675 1,714 1,743 1,770

Lebanon ................................. 57 53 13 35 34 33 35 42 27

Malaysia ................................. 393 140 188 256 283 281 384 335 439

Pakistan.................................. 94 158 233 171 142 171 194 230 186

Philippines.............................. 1,100 108 139 117 107 96 102 109 105

Singapore............................... 1,793 1,796 1,436 822 1,193 1,038 1,523 1,823 2,541

Syria ....................................... 6 13 2 21 3 3 2 4 4

Thailand.................................. 105 118 34 79 86 64 194 212 499

Oil-exporting countries 7......... 2,649 3,993 3,184 2,946 3,888 4,223 3,897 4,159 5,535

Other Asia .............................. 83 247 284 303 227 163 306 298 216

Total Asia ........................... 15,559 16,314 15,858 16,963 18,686 19,338 20,048 22,750 25,193

Africa: 

Congo (formerly Zaire)........... 1 1 86 - - - - - 1

Egypt ...................................... 117 128 28 132 137 130 121 119 141

Ghana..................................... 324251 -14

Liberia..................................... 30 1 - 14 5 48 2 1 6

Morocco.................................. 34 42 41 44 39 34 40 42 46

South Africa............................ 111 130 52 36 51 35 53 950 953

Oil-exporting countries 8......... 441 496 464 518 542 723 555 590 440

Other Africa ............................ 152 158 230 332 288 145 202 210 145

Total Africa ......................... 889 958 905 1,078 1,067 1,116 973 1,913 1,736

Other countries: 

Australia ................................. 584 732 1,053 1,047 1,075 399 391 397 466

New Zealand 9........................ n.a. n.a. 71 51 65 27 29 38 28

All other .................................. 430 238 98 98 109 86 80 83 86

Total other countries .......... 1,014 970 1,222 1,196 1,249 512 500 518 580

Total foreign countries ... 66,649 67,590 73,684 92,007 84,563 71,800 66,465 74,718 75,788

International and regional orgs: 

International ........................... - 22 - - - - - - -

European regional.................. 30 3 16 2 2 2 1 2 2

Latin American regional ......... - 46 - - - - - - -

Caribbean regional 10 ............. n.a. n.a. - - - - - - -

Asian regional ........................ -3 - - - -2 -2

African regional ...................... ---------

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 30 74 16 2 2 2 3 2 4

Grand total ..................... 66,679 67,664 73,700 92,009 84,565 71,802 66,468 74,720 75,792

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2006 

77

TABLE CM-IV-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 2005 2006 

Country 2001 2002 2003 2004 Mar. June r Sept. r Dec. Mar. p 

Europe: 

Austria....................................... 1,985 1,770 1,752 1,816 2,325 2,302 2,071 2,159 2,309

Belgium 1 ................................... 893 991 523 2,307 2,828 2,126 823 1,822 1,412

Bulgaria..................................... 13 9 14 37 28 24 26 29 14

Czech Republic......................... 79 62 54 64 41 43 47 49 54

Denmark.................................... 138 112 716 494 171 517 290 341 184

Finland ...................................... 238 624 176 617 237 263 728 336 385

France....................................... 4,371 6,411 5,865 3,713 6,042 6,826 6,346 5,063 3,940

Germany ................................... 2,726 5,447 4,132 6,787 8,602 4,517 3,405 4,238 3,787

Greece ...................................... 339 409 204 199 218 210 168 380 241

Hungary..................................... 66 51 53 46 40 76 33 57 58

Ireland ....................................... 821 516 423 1,672 419 1,051 884 795 462

Italy............................................ 1,434 2,963 4,069 2,434 2,329 3,063 3,118 3,702 2,032

Luxembourg 1............................ n.a. n.a. 115 127 189 206 357 391 354

Netherlands............................... 2,667 5,138 3,184 7,883 8,182 2,157 3,610 3,387 3,782

Norway...................................... 257 286 315 229 250 1,397 354 402 268

Poland....................................... 77 79 104 57 51 59 51 58 58

Portugal..................................... 71 222 161 146 126 130 123 60 62

Romania.................................... 34 24 25 47 28 17 25 22 26

Russia 2 ..................................... 137 93 118 157 137 201 307 359 731

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 23 10 13 14 16 7 12 17 9

Spain......................................... 1,042 1,370 1,803 1,242 1,504 1,566 1,737 2,032 1,230

Sweden ..................................... 441 417 779 648 617 606 469 503 486

Switzerland ............................... 1,200 886 2,538 2,506 2,110 2,504 2,607 1,876 2,184

Turkey ....................................... 383 503 474 594 471 455 567 638 787

United Kingdom ........................ 20,343 14,390 15,366 27,699 28,390 20,196 24,853 25,213 25,058

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. - 25 10 337 70 16 26

Other Europe ............................ 362 422 546 611 1,009 867 946 1,316 918

Total Europe ......................... 40,140 43,205 43,522 62,171 66,370 51,723 54,027 55,261 50,857

Canada.......................................... 9,011 7,803 8,381 8,429 13,498 14,044 16,291 16,122 14,375

Latin America: 

Argentina................................... 810 602 398 406 430 366 367 350 411

Brazil ......................................... 3,081 3,036 2,735 2,758 2,888 2,432 2,692 2,972 2,520

Chile .......................................... 242 217 382 346 321 424 302 303 290

Colombia................................... 240 240 234 295 318 209 274 299 261

Ecuador..................................... 62 112 117 86 93 71 75 95 92

Guatemala ................................ 90 79 76 90 125 72 114 100 100

Mexico....................................... 4,466 4,180 2,968 3,756 3,586 3,222 3,762 4,108 3,560

Panama..................................... 105 79 232 177 220 192 183 198 237

Peru........................................... 79 69 73 95 114 89 87 117 129

Uruguay..................................... 20 30 16 13 66 11 29 5 11

Venezuela ................................. 371 392 361 474 529 455 546 539 536

Other Latin America 5 ................ 919 1,102 427 504 519 453 512 485 405

Total Latin America................... 10,485 10,138 8,019 9,000 9,209 7,996 8,943 9,571 8,552

Caribbean: 

Bahamas................................... 1,018 1,069 1,075 1,631 1,940 3,465 3,829 1,631 2,400

Bermuda......................................... 1,287 1,011 1,024 5,358 2,719 1,897 1,611 1,797 1,891

British West Indies 6....................... 33,060 21,547 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ...................... n.a. n.a. 20,067 36,320 31,237 30,580 32,055 36,416 29,438

Cuba.......................................... 2 - 16 8 2 5 1 12 2

Jamaica..................................... 93 94 84 67 69 65 65 70 59

Netherlands Antilles.................. 70 45 32 37 13 15 17 42 34

Trinidad and Tobago................. 45 54 100 120 160 151 135 119 120

Other Caribbean 5 ..................... n.a. n.a. 951 1,085 1,053 1,051 1,255 1,721 1,035

Total Caribbean .................... 35,575 23,820 23,349 44,626 37,193 37,229 38,968 41,808 34,979

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

78 

TABLE CM-IV-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 2005 2006 

Country 2001 2002 2003 2004 Mar. June r Sept. r Dec. Mar. p

 

Asia: 

China: 

Mainland............................. 1,052 867 1,066 3,688 3,706 3,133 3,798 4,958 4,599

Taiwan................................ 853 696 783 892 834 883 865 853 743

Hong Kong ............................. 1,094 682 832 701 649 797 815 941 1,183

India ....................................... 638 743 668 643 580 547 550 413 413

Indonesia................................ 239 280 170 393 587 726 616 445 387

Israel ...................................... 700 453 749 482 480 427 475 403 390

Japan ..................................... 3,610 3,618 2,951 2,848 2,899 2,714 2,327 2,696 2,663

Korea...................................... 1,850 1,738 1,456 1,569 1,632 1,320 1,220 1,244 1,216

Lebanon ................................. 16 21 34 15 20 19 18 22 28

Malaysia................................. 645 521 497 549 521 449 494 536 327

Pakistan ................................. 44 17 34 43 46 58 96 57 56

Philippines.............................. 1,001 708 743 503 914 672 420 275 109

Singapore............................... 1,120 1,044 1,162 1,600 1,411 1,654 1,425 1,944 1,345

Syria ....................................... 11 28 6 14 6 7 5 6 7

Thailand ................................. 232 237 250 326 270 271 302 295 337

Oil-exporting countries 7......... 985 897 1,046 1,208 1,279 1,431 1,364 1,800 1,670

Other Asia .............................. 189 132 222 309 293 257 317 408 288

Total Asia ........................... 14,279 12,682 12,669 15,783 16,127 15,365 15,107 17,296 15,761

Africa: 

Congo (formerly Zaire)........... - 18 2 1 1 2 2 1 4

Egypt...................................... 233 155 176 159 226 264 166 194 213

Ghana .................................... 7 9 8 4 25 5 12 16 13

Liberia .................................... 28 50 109 102 100 89 92 98 89

Morocco ................................. 35 24 27 33 32 24 12 23 26

South Africa ........................... 293 273 247 193 148 135 162 1,075 1,095

Oil-exporting countries 8......... 137 120 150 162 221 249 289 295 349

Other Africa............................ 326 330 336 281 304 387 398 419 396

Total Africa......................... 1,059 979 1,055 935 1,057 1,155 1,133 2,121 2,185

Other countries: 

Australia ................................. 2,150 3,540 3,619 1,588 1,857 1,722 1,851 2,144 2,121

New Zealand 9........................ n.a. n.a. 208 441 544 394 433 420 381

All other.................................. 383 393 83 245 178 183 199 207 197

Total other countries .......... 2,533 3,933 3,910 2,274 2,579 2,299 2,483 2,771 2,699

Total foreign countries ... 113,082 102,560 100,905 143,218 146,033 129,811 136,952 144,950 129,408

International and regional orgs : 

International ........................... - 2 1 3 1 1 1 -2

European regional.................. - 1 2 1 - - 1 --

Latin American regional......... - 1 6 6 - - - -2

Caribbean regional 10 ............. n.a. n.a. - 1 - - - - -

Asian regional ........................ - - 2 3 - - - --

African regional...................... - 1 - - - - - --

Middle Eastern regional......... - 1 - - - - 9 - 5

Total international 

 and regional ..................... - 6 11 14 1 1 11 - 9

Grand total ..................... 113,082 102,566 100,916 143,232 146,034 129,812 136,963 144,950 129,417

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 

September 2006 

79

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2006, 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 ........................................... 103 24 79 2,309 2,230 79 

Belgium 1 ....................................... 83 6 77 1,412 1,228 184 

Bulgaria ......................................... - - - 14 9 5 

Czech Republic............................. 10 3 7 54 18 36 

Denmark........................................ 72 3 69 184 120 64 

Finland........................................... 20 12 8 385 13 372 

France ........................................... 2,557 597 1,960 3,940 1,632 2,308 

Germany........................................ 4,148 3,056 1,092 3,787 2,315 1,472 

Greece........................................... 344 18 326 241 113 128 

Hungary......................................... 12 7 5 58 13 45 

Ireland ........................................... 1,312 1,240 72 462 95 367 

Italy................................................ 1,218 244 974 2,032 652 1,380 

Luxembourg 1 ................................ 286 277 9 354 58 296 

Netherlands................................... 1,012 432 580 3,782 3,134 648 

Norway .......................................... 444 12 432 268 162 106 

Poland ........................................... 316 - 316 58 2 56 

Portugal......................................... 47 3 44 62 13 49 

Romania........................................ 3 - 3 26 1 25 

Russia 2 ......................................... 73 12 61 731 579 152 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 5 1 4 9 1 8 

Spain ............................................. 262 49 213 1,230 591 639 

Sweden ......................................... 770 606 164 486 224 262 

Switzerland.................................... 945 237 708 2,184 1,441 743 

Turkey ........................................... 283 17 266 787 578 209 

United Kingdom............................. 13,090 9,676 3,414 25,058 20,483 4,575 

Channel Islands and 

Isle of Man 4 .............................. 760 760 - 26 - 26 

Other Europe................................. 320 30 290 918 673 245 

Total Europe.............................. 28,495 17,322 11,173 50,857 36,378 14,479 

Canada.............................................. 4,380 1,534 2,846 14,375 12,052 2,323 

Latin America: 

Argentina....................................... 180 4 176 411 49 362 

Brazil ............................................. 216 56 160 2,520 1,655 865 

Chile .............................................. 392 3 389 290 81 209 

Colombia ....................................... 179 - 179 261 25 236 

Ecuador......................................... 5 - 5 92 17 75 

Guatemala..................................... 18 - 18 100 41 59 

Mexico........................................... 2,768 23 2,745 3,560 1,406 2,154 

Panama......................................... 48 1 47 237 114 123 

Peru............................................... 19 - 19 129 14 115 

Uruguay......................................... 3 - 3 11 - 11 

Venezuela ..................................... 499 - 499 536 163 373 

Other Latin America 5 .................... 60 2 58 405 197 208 

Total Latin America ....................... 4,387 89 4,298 8,552 3,762 4,790 

Caribbean: 

Bahamas ....................................... 82 - 82 2,400 2,368 32 

Bermuda............................................. 1,496 808 688 1,891 1,160 731 

Cayman Islands 6............................. 8,963 8,744 219 29,438 29,238 200 

Cuba.............................................. - - - 2 - 2 

Jamaica......................................... 15 6 9 59 44 15 

Netherlands Antilles ...................... 11 - 11 34 24 10 

Trinidad and Tobago..................... 42 4 38 120 88 32 

Other Caribbean 5 ......................... 408 1 407 1,035 209 826 

Total Caribbean......................... 11,017 9,563 1,454 34,979 33,131 1,848 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

80 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2006, 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.................................... 3,740 3,068 672 4,599 3,491 1,108 

Taiwan....................................... 1,271 17 1,254 743 78 665 

Hong Kong .................................... 918 138 780 1,183 569 614 

India............................................... 267 31 236 413 137 276 

Indonesia....................................... 60 12 48 387 303 84 

Israel.............................................. 386 2 384 390 57 333 

Japan............................................. 7,229 1,083 6,146 2,663 496 2,167 

Korea............................................. 1,770 54 1,716 1,216 503 713 

Lebanon ........................................ 27 3 24 28 8 20 

Malaysia ........................................ 439 1 438 327 125 202 

Pakistan......................................... 186 2 184 56 - 56 

Philippines..................................... 105 19 86 109 63 46 

Singapore...................................... 2,541 636 1,905 1,345 169 1,176 

Syria .............................................. 4 - 4 7 - 7 

Thailand......................................... 499 4 495 337 210 127 

Other Asia ..................................... 5,751 248 5,503 1,958 356 1,602 

Total Asia .................................... 25,193 5,318 19,875 15,761 6,565 9,196 

Africa: 

Congo (formerly Zaire).................. 1 - 1 4 - 4 

Egypt ............................................. 141 - 141 213 1 212 

Ghana............................................ 4 - 4 13 - 13 

Liberia............................................ 6 1 5 89 89 - 

Morocco......................................... 46 2 44 26 11 15 

South Africa................................... 953 911 42 1,095 989 106 

Other Africa ................................... 585 108 477 745 178 567 

Total Africa ................................ 1,736 1,022 714 2,185 1,268 917 

Other countries: 

Australia ........................................ 466 54 412 2,121 1,480 641 

New Zealand 7............................... 28 10 18 381 84 297 

All other ......................................... 86 1 85 197 47 150 

Total other countries ................. 580 65 515 2,699 1,611 1,088 

Total foreign countries .......... 75,788 34,913 40,875 129,408 94,767 34,641 

International and regional orgs: 

International .................................. - - - 2 - 2 

European regional......................... 2 - 2 - - - 

Latin American regional ................ - - - 2 - 2 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... 2 - 2 - - - 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - 5 - 5 

Total international 

 and regional ............................ 4 - 4 9 - 9 

Grand total ............................ 75,792 34,913 40,879 129,417 94,767 34,650 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom.

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 

September 2006 

81

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

TABLE CM-V-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 purchase 

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) 

2002 ......................................... 119,921 7,149 110,761 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 ......................................... 263,580 103,838 159,685 57 8,001,517 7,737,937 155,800 1,440,289 1,284,489 

2004 ......................................... 352,079 201,140 150,220 719 8,936,045 8,583,966 226,401 1,209,381 982,980 

2005 r ....................................... 339,167 69,198 267,017 2,952 10,069,657 9,730,490 219,808 1,098,895 879,087 

2006 - Jan. - June p ................. 65,764 6,371 58,716 677 5,179,333 5,113,569 149,690 703,978 554,288 

 

2005 - June r............................ 19,673 17,597 832 1,244 923,155 903,482 18,643 85,647 67,004 

July r............................. 28,671 5,064 23,661 -54 745,118 716,447 34,688 97,566 62,878 

Aug. r............................ 25,563 3,662 21,749 152 832,694 807,131 15,776 93,424 77,648 

Sept. r........................... 22,207 -1,116 23,431 -108 1,013,739 991,532 19,197 96,726 77,529 

Oct. r............................. 29,606 5,973 23,201 432 809,207 779,601 32,799 112,145 79,346 

Nov. r............................ 52,770 4,810 47,889 71 844,716 791,946 11,226 89,997 78,771 

Dec. r............................ 17,685 6,496 10,895 294 611,850 594,165 11,650 95,574 83,924 

2006 - Jan. ............................... 4,478 8,287 -4,234 425 817,794 813,316 27,307 112,099 84,792 

Feb ............................... 20,782 12,450 8,594 -262 827,460 806,678 30,783 114,195 83,412 

Mar ............................... 1,977 -7,255 9,558 -326 921,612 919,635 18,923 106,328 87,405 

Apr................................ 3,356 10,961 -8,011 406 691,917 688,561 15,137 116,264 101,127 

May p............................ 8,185 -13,635 21,060 760 1,040,062 1,031,877 34,616 138,544 103,928 

June p........................... 26,986 -4,437 31,749 -326 880,488 853,502 22,924 116,548 93,624 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571 

2003 .............................................................................. 265,743 979,923 714,180 34,737 3,104,232 3,069,495 

2004 .............................................................................. 309,500 1,171,415 861,915 28,476 3,862,043 3,833,567 

2005 r ............................................................................ 372,085 1,276,649 904,564 79,612 4,729,778 4,650,166 

2006 - Jan. - June p ...................................................... 223,871 719,610 495,739 62,200 3,022,937 2,960,737 

 

2005 - June r................................................................. 50,495 138,317 87,822 3,695 376,542 372,847 

July r.................................................................. 23,391 90,185 66,794 7,718 354,081 346,363 

Aug. r................................................................. 36,697 109,699 73,002 1,707 392,503 390,796 

Sept. r................................................................ 43,998 114,265 70,267 23,073 443,246 420,173 

Oct. r.................................................................. 36,307 101,212 64,905 7,765 463,409 455,644 

Nov. r................................................................. 38,309 110,996 72,687 4,899 419,802 414,903 

Dec. r................................................................. 35,767 107,260 71,493 9,592 423,372 413,780 

2006 - Jan ..................................................................... 27,102 95,856 68,754 21,224 455,198 433,974 

Feb .................................................................... 34,540 119,194 84,654 16,520 436,362 419,842 

Mar .................................................................... 48,824 139,823 90,999 19,134 513,677 494,543 

Apr..................................................................... 35,969 106,789 70,820 6,592 456,730 450,138 

May p................................................................. 38,665 131,253 92,588 2,701 609,929 607,228 

June p................................................................ 38,771 126,695 87,924 -3,971 551,041 555,012 

 

 

1

 Data include transactions in directly placed issues abroad by U.S. corporations and 

issues of States and municipalities. 
CAPITAL MOVEMENTS 

September 2006 

82

TABLE CM-V-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) 

 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 ..................................................... -56,541 32,046 1,457,282 1,425,236 -88,587 1,304,564 1,393,151 

2004 ..................................................... -152,842 -67,872 1,459,043 1,526,915 -84,970 1,664,076 1,749,046 

2005 r ................................................... -172,622 -45,137 1,459,374 1,504,511 -127,485 2,222,011 2,349,496 

2006 - Jan. - June p ............................. -88,485 -41,908 884,006 925,914 -46,577 1,740,832 1,787,409 

 

2005 - June r........................................ -17,533 -5,038 141,848 146,886 -12,495 164,068 176,563 

July r......................................... -17,687 -8,879 107,213 116,092 -8,808 164,363 173,171 

Aug. r........................................ -318 16,370 123,531 107,161 -16,688 185,006 201,694 

Sept. r....................................... -24,307 -17,829 122,194 140,023 -6,478 194,439 200,917 

Oct. r......................................... -3,894 2,268 148,148 145,880 -6,162 231,063 237,225 

Nov. r........................................ -17,364 -44 108,260 108,304 -17,320 233,766 251,086 

Dec. r........................................ -22,380 -5,730 116,972 122,702 -16,650 226,596 243,246 

2006 - Jan ............................................ -13,035 -2,621 139,650 142,271 -10,414 239,623 250,037 

Feb ........................................... -12,019 -158 141,136 141,294 -11,861 267,433 279,294 

Mar ........................................... -19,120 -7,125 165,590 172,715 -11,995 289,496 301,491 

Apr............................................ -14,117 -6,019 129,758 135,777 -8,098 268,954 277,052 

May p........................................ -20,570 -15,644 168,141 183,785 -4,926 369,441 374,367 

June p....................................... -9,624 -10,341 139,731 150,072 717 305,885 305,168 

 
 CAPITAL MOVEMENTS 

September 2006 

83

TABLE CM-V-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 

2006 2006 2006 2006 

Country 

 Calendar 

 year 

 2005 r 

 (1) 

Jan. 

through 

June 

(2) 

 Apr. 

 through 

 June p 

 (3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 June 

 (5) 

 Apr. 

 through 

 June p 

 (6) 

 Calendar 

 year 

 2005 r 

 (7) 

 Jan. 

 through

June 

 (8) 

 Apr. 

 through 

 June p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Europe: 

Austria............................. 53 -343 89 13 -102 -13 -74 384 227 -89 169 33

Belgium 1 ........................ 500 751 103 -398 58 35 3,625 1,532 339 5,757 2,611 2,758

Bulgaria........................... -108 -24 -11 34 8 1 -12 -4 2 -13 -9 1

Czech Republic............... 3,072 467 394 -205 -58 127 -57 - - 95 83 72

Denmark ......................... -713 -2,974 726 540 262 186 -921 -187 -216 651 1,661 850

Finland............................ -116 -51 -69 52 135 99 -80 128 127 429 38 101

France............................. 9,560 -2,572 -1,855 501 -2,293 -1,023 13,111 5,149 2,699 6,877 8,114 1,465

Germany ......................... 14,497 -1,284 2,831 5,938 2,971 241 6,488 4,666 2,686 -3,278 -3,739 -5,893

Greece............................ 129 107 148 16 12 24 10 8 -1 50 -7 -66

Hungary .......................... 19 44 85 -26 -98 -98 190 22 15 -22 76 57

Ireland............................. 1,246 408 845 3,591 2,264 1,998 12,183 5,635 2,788 1,658 462 1,075

Italy ................................. 3,753 715 1,563 721 446 194 -53 -945 -452 -2,458 -151 -787

Luxembourg 1.................. 2,046 -580 -406 1,583 3,310 1,899 4,610 2,950 3,265 7,925 8,834 5,579

Netherlands .................... -6,095 -124 287 1,259 -399 -185 2,767 1,243 828 -2,315 -2,268 -1,772

Norway............................ 6,414 -23,713 -20,425 1,238 3,653 2,612 3,100 2,663 890 2,300 -768 -993

Poland............................. 2,352 -2,707 612 -708 2 2 -15 -43 -1 -9 6 -2

Portugal .......................... -264 -397 20 42 78 -3 21 148 70 -50 147 100

Romania ......................... 107 63 141 -145 356 241 - 1 1 -1 - -

Russia 2 .......................... 1,974 3,234 1,023 3,101 7,688 4,207 5 3 - -52 84 77

Serbia and Montenegro 

(formerly Yugoslavia) 3.... 217 -8 154 1 - - 1 - - - -1 -

Spain............................... 3,859 -486 -1,416 213 -134 -118 7,101 4,053 2,171 -26 54 126

Sweden........................... 1,832 1,914 299 252 610 263 -370 71 328 -465 113 328

Switzerland ..................... -4,904 306 164 -1,971 -438 -131 3,742 2,796 1,004 1,351 2,075 -908

Turkey............................. 403 3,416 910 8 1 1 4 1 -4 -43 -23 -22

United Kingdom .............. 134,118 55,238 23,590 40,819 32,625 17,245 168,875 105,795 51,432 18,109 22,660 -2,779

Channel Islands and 

Isle of Man 4................ 419 259 -230 54 -196 -161 16,570 5,819 3,491 350 1,217 1,219

Other Europe .................. -731 -554 178 -958 530 471 832 8 -111 539 95 151

Total Europe ............... 173,639 31,105 9,750 55,565 51,291 28,114 241,653 141,896 71,578 37,270 41,533 770

Canada ............................... 21,419 12,714 6,293 12,553 6,145 2,871 2,210 4,223 1,976 16,558 7,451 2,981

Latin America: 

Argentina ........................ 403 98 41 109 19 19 1,248 455 81 -2 62 -44

Brazil............................... 12,269 4,605 1,997 629 1,572 1,579 524 216 111 -220 94 -153

Chile ............................... -1,507 -124 -123 335 189 78 227 242 184 121 155 63

Colombia......................... 1,512 -2,052 328 560 141 133 270 581 246 81 231 123

Ecuador .......................... 16 3 -7 1 36 16 250 87 13 -9 -6 -16

Guatemala ...................... 365 -226 -5 39 15 4 -6 -25 6 -4 -11 -6

Mexico ............................ 9,756 5,803 -398 11,874 215 304 1,618 1,384 297 -266 1,379 619

Panama .......................... 282 125 30 531 169 79 837 472 372 202 23 16

Peru ................................ -39 -27 -8 767 427 168 433 107 32 18 141 152

Uruguay .......................... 393 488 122 539 331 214 630 68 52 67 96 30

Venezuela....................... 518 17 -11 -13 19 22 500 893 831 -111 -267 -11

Other Latin America ........ -600 -194 -447 102 -88 -26 673 95 28 17 41 47

Total Latin America..... 23,368 8,516 1,519 15,473 3,045 2,590 7,204 4,575 2,253 -106 1,938 820

Caribbean: 

Bahamas......................... 5,354 -13,911 -5,512 -72 311 -430 1,110 498 29 2,176 -1,617 -2,308

Bermuda ......................... 33,924 10,497 5,187 1,876 342 397 5,448 4,871 1,208 4,729 2,856 655

Cayman Islands .............. -7,678 -17,159 -453 12,467 9,608 -367 34,145 20,121 13,370 5,035 471 -3,074

Cuba ............................... - - - - - - - - - - --

Jamaica .......................... -135 -203 -190 294 161 122 167 65 37 5 1 -1

Netherlands Antilles ........ 839 60 -1,404 -465 -16 13 124 154 70 2,657 -1,959 -1,556

Trinidad and Tobago....... -77 386 50 159 21 11 -72 -59 -2 9 27 5

Other Caribbean ............. 14,074 1,458 811 3,045 1,386 709 -443 3,036 1,439 775 320 75

Total Caribbean .......... 46,301 -18,872 -1,511 17,304 11,813 455 40,479 28,686 16,151 15,386 99 -6,204

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

84

TABLE CM-V-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 

2006 2006 2006 2006 

Country 

Calendar 

year 

2005 r 

(1) 

Jan. 

through 

June 

(2) 

Apr. 

through 

June p 

(3) 

Calendar 

year 

2005 r 

(4) 

 Jan. 

 through

 June 

 (5) 

 Apr. 

 through 

 June p 

 (6) 

Calendar 

year 

2005 r 

(7) 

Jan. 

through 

June 

(8) 

Apr. 

 through 

June p 

 (9) 

Calendar 

year 

2005 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Asia: 

China: 

Mainland................................ 38,092 21,583 8,126 23,399 21,745 12,357 26,130 17,194 7,836 -528 -216 -110

Taiwan................................... 4,355 -956 -1,669 8,983 6,116 2,263 2,962 1,503 654 -356 164 24

Hong Kong................................. 12,313 12,744 2,314 16,289 17,687 7,060 11,012 6,922 3,604 1,029 133 84

India........................................... 526 -1,284 -642 7 253 252 1 24 20 -179 -117 -51

Indonesia................................... 1,243 1,293 1,015 -191 -751 -367 34 136 6 -62 23 -7

Israel.......................................... 641 76 -492 270 208 76 947 136 120 1,312 740 -106

Japan......................................... -5,955 -13,105 6,858 59,201 26,391 15,424 25,617 3,294 932 72 1,634 913

Korea......................................... 1,459 6,410 2,024 4,006 -95 -1,162 775 1,567 687 -101 -114 -55

Lebanon..................................... 2 -1 2 -3 2 2 5 - 1 62 51 47

Malaysia .................................... 1,056 -2,435 -1,007 1,795 957 791 1,315 590 487 -165 11 12

Pakistan..................................... -39 -35 -10 28 -24 -8 32 7 3 -5 2 4

Philippines ................................. 1,070 118 57 380 9 10 74 68 31 146 -19 -20

Singapore .................................. 2,391 1,539 1,513 1,566 355 -1,291 1,036 2,534 2,083 7,216 1,780 1,955

Syria .......................................... - - - - - - - - - -3 -1 -

Thailand..................................... 8,423 -1,889 249 437 5 4 -3 14 12 -24 11 -7

Oil-exporting countries 5............. 2,063 7,107 2,945 1,810 3,182 2,440 1,022 3,348 1,998 1,791 6,540 4,215

Other Asia.................................. 460 212 79 158 147 101 -31 115 69 -36 -8 -20

Total Asia .............................. 68,100 31,377 21,362 118,135 76,187 37,952 70,928 37,452 18,543 10,169 10,614 6,878

Africa: 

Congo (formerly Zaire)............... - - -- - - - - - - - -

Egypt ......................................... 59 -213 -504 17 3 -2 33 21 25 101 56 72

Ghana........................................ - - - - - - 1 - - -1 - -

Liberia........................................ -11 6 9 -264 -77 - 140 -6 -81 48 -12 -3

Morocco..................................... 51 -50 - - - - -1 - - -2 -9 -3

South Africa ............................... 63 73 -6 71 23 13 -27 -53 -7 41 73 88

Oil-exporting countries 6............. 2,027 2,637 1,393 4 2 1 85 14 -1 -12 2 2

Other Africa ............................... 33 -164 -78 69 5 9 163 21 123 134 143 11

Total Africa ............................ 2,222 2,289 814 -103 -44 21 394 -3 59 309 253 167

Other countries: 

Australia..................................... 143 -2,067 -508 712 783 429 6,259 5,875 2,457 141 599 188

New Zealand.............................. 994 24 -26 -113 -14 -8 76 207 240 80 -334 -279

All other countries ...................... 29 1 -6 9 14 5 30 35 7 -152 13 -4

Total other countries.............. 1,166 -2,042 -540 608 783 426 6,365 6,117 2,704 69 278 -95

Total foreign countries ....... 336,215 65,087 37,687 219,535 149,220 72,429 369,233 222,946 113,264 79,655 62,166 5,317

International and regional orgs: 

International............................... 2,555 321 471 83 202 136 1,750 248 -162 -42 33 8

European regional ..................... -34 -8 -12 20 37 38 229 51 30 - -4 -4

Latin American regional ............. 19 - - 96 -2 5 200 103 2 -4 -2 -

Caribbean regional .................... -27 -2 - 12 -11 -11 2 1 1 - - -

Asian regional............................ -57 -114 26 76 112 44 416 108 9 3 - -

African regional.......................... 503 502 377 -103 71 -2 251 415 262 -1 - -

Middle Eastern regional ............. -7 -22 -22 89 61 38 4 -1 -1 1 7 1

Total international and regional.. 2,952 677 840 273 470 248 2,852 925 141 -43 34 5

Grand total......................... 339,167 65,764 38,527 219,808 149,690 72,677 372,085 223,871 113,405 79,612 62,200 5,322

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data 

for other entities of the former Yugoslavia recognized as independent states by the 

United States are reported under “Other Europe” as follows: Beginning in December 

1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for 

the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

6

 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 

September 2006 

85

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2006, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

Total 

 purchases 

 (1) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

federally- 

 sponsored

agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

 sales 

 (8) 

 Marketable 

Treasury 

 and 

 Federal 

 Financing 

Bank bonds 

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

 (11) 

Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria ....................................... 5,893 2,807 421 589 1,050 302 724 5,665 2,718 434 362 1,017 330 804 

Belgium 1 ................................... 18,268 2,882 190 3,449 6,467 716 4,564 15,261 2,779 155 3,110 3,709 2,146 3,362 

Bulgaria...................................... 31 6 1 2 16 - 6 34 17 - - 15 - 2 

Czech Republic.......................... 1,831 799 273 - 512 48 199 1,165 405 146 - 440 40 134 

Denmark .................................... 6,796 2,031 421 382 2,601 311 1,050 5,640 1,305 235 598 1,751 504 1,247 

Finland....................................... 2,235 319 225 217 537 59 878 2,723 388 126 90 436 23 1,660 

France ....................................... 400,948 197,678 5,676 6,723 164,930 4,597 21,344 403,310 199,533 6,699 4,024 163,465 7,235 22,354 

Germany.................................... 68,389 20,614 2,040 5,550 22,454 8,184 9,547 64,901 17,783 1,799 2,864 28,347 5,353 8,755 

Greece....................................... 1,776 194 37 10 535 461 539 1,536 46 13 11 601 38 827 

Hungary ..................................... 852 86 - 15 149 315 287 646 1 98 - 92 229 226 

Ireland........................................ 178,911 107,772 5,960 9,169 9,745 41,495 4,770 174,549 106,927 3,962 6,381 8,670 43,779 4,830 

Italy............................................ 23,433 6,706 657 233 9,324 1,131 5,382 22,155 5,143 463 685 10,111 685 5,068 

Luxembourg 1............................. 46,879 3,648 13,952 8,639 14,890 1,829 3,921 38,535 4,054 12,053 5,374 9,311 3,920 3,823 

Netherlands ............................... 47,735 17,861 3,199 2,563 10,707 2,628 10,777 49,091 17,574 3,384 1,735 12,479 2,907 11,012 

Norway....................................... 46,219 21,047 12,673 1,985 5,480 2,832 2,202 64,996 41,472 10,061 1,095 6,473 3,200 2,695 

Poland ....................................... 2,559 2,107 101 2 37 143 169 2,068 1,495 99 3 39 147 285 

Portugal ..................................... 2,145 725 3 91 893 193 240 2,677 705 6 21 793 940 212 

Romania .................................... 1,277 816 322 1 1 137 - 818 675 81 - 1 61 - 

Russia 2 ..................................... 8,648 2,263 4,491 7 471 195 1,221 3,496 1,240 284 7 394 91 1,480 

Serbia and Montenegro 

 (formerly Yugoslavia) 3 ........... 429 388 - - 41 - - 275 234 - - 41 - - 

Spain ......................................... 21,583 4,194 2,166 7,904 1,814 980 4,525 30,042 5,610 2,284 5,733 1,688 10,703 4,024 

Sweden...................................... 33,300 5,167 1,081 392 9,926 1,874 14,860 30,986 4,868 818 64 9,598 1,204 14,434 

Switzerland ................................ 44,722 5,891 1,369 4,609 19,679 1,705 11,469 43,682 5,727 1,500 3,605 20,587 1,955 10,308 

Turkey........................................ 5,796 3,394 1 5 81 488 1,827 4,265 2,484 - 9 103 109 1,560 

United Kingdom ......................... 2,303,528 1,227,149 91,592 160,897 330,313 173,972 319,605 2,247,398 1,203,559 74,347 109,465 333,092 195,194 331,741 

Channel Islands and Isle of Man 4.... 22,709 1,769 850 9,315 7,015 1,671 2,089 17,681 1,999 1,011 5,824 5,796 1,064 1,987 

Other Europe ............................. 26,380 4,429 936 416 3,625 950 16,024 28,738 4,251 465 527 3,474 3,027 16,994 

Total Europe.......................... 3,323,272 1,642,742 148,637 223,165 623,293 247,216 438,219 3,262,333 1,632,992 120,523 151,587 622,523 284,884 449,824 

Canada........................................... 288,288 117,930 23,820 9,627 37,092 57,917 41,902 276,100 111,637 20,949 7,651 34,111 58,722 43,030 

Latin America: 

Argentina ................................... 3,847 317 60 228 1,219 915 1,108 4,414 276 41 147 1,263 1,399 1,288 

Brazil.......................................... 27,417 13,495 1,853 226 1,150 3,673 7,020 23,059 11,498 274 115 1,303 2,118 7,751 

Chile .......................................... 6,151 2,990 292 332 814 784 939 6,100 3,113 214 148 751 1,074 800 

Colombia.................................... 5,329 1,331 419 321 514 2,225 519 3,941 1,003 286 75 391 1,585 601 

Ecuador ..................................... 367 10 44 89 47 11 166 324 17 28 76 63 6 134 

Guatemala ................................. 451 311 6 22 36 58 18 434 316 2 16 42 42 16 

Mexico ....................................... 34,632 14,356 5,324 1,424 4,611 3,013 5,904 33,056 14,754 5,020 1,127 3,992 2,481 5,682 

Panama ..................................... 3,742 462 227 645 843 912 653 2,963 432 148 273 827 767 516 

Peru ........................................... 1,535 20 269 143 388 476 239 1,052 28 101 111 236 355 221 

Uruguay ..................................... 3,203 1,278 416 128 443 565 373 2,831 1,156 202 76 413 652 332 

Venezuela.................................. 3,112 228 67 1,050 564 970 233 3,306 239 45 219 575 1,176 1,052 

Other Latin America 5................. 2,093 1,030 51 193 339 400 80 2,494 1,477 77 165 292 402 81 

Total Latin America................ 91,879 35,828 9,028 4,801 10,968 14,002 17,252 83,974 34,309 6,438 2,548 10,148 12,057 18,474 

Caribbean: 

Bahamas.................................... 88,424 35,424 1,740 1,945 33,301 4,121 11,893 97,636 40,936 2,170 1,916 35,609 4,469 12,536 

Bermuda .................................... 371,801 122,945 5,317 9,561 183,277 5,660 45,041 367,614 117,758 4,920 8,353 182,622 9,914 44,047 

Cayman Islands 6 ....................... 1,233,469 389,284 76,842 70,613 512,260 59,863 124,607 1,218,776 389,737 77,209 57,243 515,334 57,245 122,008 

Cuba .......................................... - - - - - - - - - - - - - - 

Jamaica ..................................... 2,231 661 224 117 900 303 26 2,190 851 102 80 901 237 19 

Netherlands Antilles ................... 32,491 10,392 585 554 14,612 1,395 4,953 35,840 11,796 572 484 16,168 1,350 5,470 

Trinidad and Tobago.................. 1,752 774 596 17 45 220 100 1,844 724 585 19 40 375 101 

Other Caribbean 5 ...................... 216,643 14,023 1,960 8,039 148,854 4,801 38,966 212,934 13,212 1,251 6,600 148,779 4,653 38,439 

Total Caribbean..................... 1,946,811 573,503 87,264 90,846 893,249 76,363 225,586 1,936,834 575,014 86,809 74,695 899,453 78,243 222,620 

 

See footnotes at end of table. 
CAPITAL MOVEMENTS 

September 2006 

86

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2006, 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) 

Asia: 

China: 

Mainland............................ 71,525 29,913 25,617 8,757 1,875 4,020 1,343 40,688 21,787 13,260 921 1,985 872 1,863

Taiwan............................... 15,345 2,629 3,599 1,003 2,803 670 4,641 15,409 4,298 1,336 349 2,779 163 6,484

Hong Kong............................. 116,857 39,723 12,846 4,839 5,178 3,897 50,374 103,779 37,409 5,786 1,235 5,094 3,383 50,872

India....................................... 5,046 278 253 32 176 41 4,266 6,862 920 1 12 227 61 5,641

Indonesia ............................... 4,024 2,938 - 7 142 214 723 3,233 1,923 367 1 149 236 557

Israel...................................... 10,151 3,564 158 701 3,329 65 2,334 10,168 4,056 82 581 3,435 94 1,920

Japan..................................... 299,375 101,751 45,247 7,281 12,133 19,824 113,139 267,121 94,893 29,823 6,349 11,220 17,781 107,055

Korea ..................................... 28,596 14,337 4,757 1,006 169 1,042 7,285 26,405 12,313 5,919 319 224 515 7,115

Lebanon................................. 482 6 2 1 401 36 36 393 4 - - 354 5 30

Malaysia................................. 4,883 1,885 996 502 512 37 951 4,723 2,892 205 15 500 89 1,022

Pakistan................................. 172 32 - 14 94 3 29 160 42 8 11 90 2 7

Philippines ............................. 2,213 938 142 53 256 551 273 1,903 881 132 22 276 428 164

Singapore .............................. 42,595 15,309 1,789 4,364 7,548 2,578 11,007 38,526 13,796 3,080 2,281 5,593 1,891 11,885

Syria ...................................... - - - - - -- - - - - - - -

Thailand................................. 2,962 1,708 5 18 212 169 850 2,593 1,459 1 6 219 72 836

Other Asia.............................. 28,522 8,504 3,934 2,657 10,569 1,480 1,378 17,433 5,480 1,393 590 6,374 2,325 1,271

Total Asia........................... 632,748 223,515 99,345 31,235 45,397 34,627 198,629 539,396 202,153 61,393 12,692 38,519 27,917 196,722

Africa: 

Congo (formerly Zaire)........... - - - - - -- 1 - - - - - 1

Egypt ..................................... 739 195 5 36 200 53 250 1,154 699 7 11 128 56 253

Ghana.................................... - - - - - -- - - - - - - -

Liberia.................................... 1,151 13 140 106 379 33 480 1,205 4 140 187 382 68 424

Morocco................................. 184 100 - - 31 - 53 151 100 - - 34 - 17

South Africa ........................... 1,609 53 25 22 211 164 1,134 2,593 59 12 29 123 180 2,190

Other Africa............................ 3,327 1,664 21 522 403 130 587 1,874 349 11 400 390 55 669

Total Africa ........................ 7,010 2,025 191 686 1,224 380 2,504 6,978 1,211 170 627 1,057 359 3,554

Other countries: 

Australia................................. 50,219 14,065 1,877 3,635 5,974 5,399 19,269 49,998 14,573 1,448 1,178 5,786 5,476 21,537

New Zealand.......................... 1,494 174 114 289 254 290 373 1,610 200 122 49 533 341 365

All other countries .................. 367 24 10 19 148 1 165 454 30 5 12 152 94 161

Total other countries .......... 52,080 14,263 2,001 3,943 6,376 5,690 19,807 52,062 14,803 1,575 1,239 6,471 5,911 22,063

Total foreign countries ........ 6,342,088 2,609,806 370,286 364,303 1,617,599 436,195 943,899 6,157,677 2,572,119 297,857 251,039 1,612,282 468,093 956,287

International and 

 regional orgs: 

International........................... 2,667 1,977 442 78 74 42 54 3,228 1,506 306 240 66 1,071 39

European regional.................. 1,939 65 141 30 - 1,377 326 486 77 103 - 4 47 255

Latin American regional ......... 31 - 6 2 8 15 - 409 - 1 - 8 400 -

Caribbean regional................. 9 - 8 1 - - - 19 - 19 - - - -

Asian regional ........................ 477 43 418 9 6 1 - 400 17 374 - 6 1 2

African regional...................... 903 576 13 314 - - - 282 199 15 52 - 16 -

Middle Eastern regional ......... 56 - 42 - 13 - 1 49 22 4 1 12 6 4

Total international 

 and regional................... 6,082 2,661 1,070 434 101 1,435 381 4,873 1,821 822 293 96 1,541 300

Grand total..................... 6,348,170 2,612,467 371,356 364,737 1,617,700 437,630 944,280 6,162,550 2,573,940 298,679 251,332 1,612,378 469,634 956,587

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are 

reported under “Other Europe” as follows: Beginning in December 1992 for Bosnia and 

Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former Yugoslav Republic 

of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

September 2006 

87

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 purchases 

 (1) 

Markeable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Marketable 

 Treasury 

 and 

 Federal 

 Financing 

Bank bonds

 and notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13) 

Stocks 

 (14) 

Europe: 

Austria.................................. 17,158 7,324 2,449 733 3,268 985 2,399 16,943 7,271 2,436 807 3,357 730 2,342

Belgium 1.............................. 99,988 16,005 39,946 8,468 20,609 2,906 12,054 89,188 15,505 40,344 4,843 14,852 1,261 12,383

Bulgaria................................ 305 190 42 3 31 34 5 373 298 8 15 44 4 4

Czech Republic .................... 28,516 26,520 640 - 927 8 421 25,643 23,448 845 57 832 31 430

Denmark .............................. 18,935 5,851 1,151 1,729 5,008 1,378 3,818 19,150 6,564 611 2,650 4,357 976 3,992

Finland ................................. 10,911 5,377 663 101 1,725 166 2,879 11,193 5,493 611 181 1,296 48 3,564

France.................................. 1,219,459 804,365 12,571 25,362 312,247 7,333 57,581 1,200,534 794,805 12,070 12,251 305,370 14,384 61,654

Germany .............................. 268,207 114,041 9,365 17,979 86,211 15,805 24,806 244,392 99,544 3,427 11,491 89,489 13,717 26,724

Greece ................................. 4,160 673 49 205 1,145 275 1,813 3,802 544 33 195 1,095 150 1,785

Hungary ............................... 2,346 295 57 538 668 267 521 2,224 276 83 348 690 277 550

Ireland .................................. 598,852 409,336 14,665 31,283 46,892 82,305 14,371 574,695 408,090 11,074 19,100 45,234 78,724 12,473

Italy ...................................... 86,829 28,080 3,186 1,289 36,745 1,701 15,828 85,739 24,327 2,465 1,342 39,203 1,200 17,202

Luxembourg 1 ....................... 115,570 25,647 24,441 17,579 28,993 9,241 9,669 101,439 23,601 22,858 12,969 21,068 11,821 9,122

Netherlands.......................... 127,612 47,282 9,628 7,196 35,926 5,713 21,867 134,342 53,377 8,369 4,429 38,241 6,206 23,720

Norway................................. 287,724 225,225 30,482 6,811 13,657 3,793 7,756 274,326 218,811 29,244 3,711 11,357 4,503 6,700

Poland.................................. 9,383 7,098 299 24 542 822 598 7,395 4,746 1,007 39 551 436 616

Portugal................................ 15,543 11,364 833 148 1,842 435 921 16,618 11,628 791 127 1,892 446 1,734

Romania............................... 4,032 3,249 140 - 6 381 256 3,963 3,142 285 - 7 488 41

Russia 2................................ 11,023 4,232 3,510 13 1,596 400 1,272 6,363 2,258 409 8 1,648 176 1,864

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 861 859 1 1 - - - 642 642 - - - - -

Spain.................................... 139,817 32,425 29,395 55,152 5,842 5,062 11,941 134,501 28,566 29,182 48,051 5,868 9,733 13,101

Sweden ................................ 106,375 37,013 5,228 1,260 22,805 1,406 38,663 115,830 35,181 4,976 1,630 23,270 6,009 44,764

Switzerland........................... 167,555 39,675 6,467 15,301 67,440 8,505 30,167 172,301 44,579 8,438 11,559 66,089 9,021 32,615

Turkey.................................. 20,180 16,835 13 126 171 977 2,058 23,329 16,432 5 122 214 4,350 2,206

United Kingdom.................... 7,848,726 4,373,819 224,586 594,801 1,106,078 710,435 839,007 7,533,280 4,239,701 183,767 425,926 1,087,969 729,708 866,209

Channel Islands and Isle 

 of Man 4 ............................ 88,687 8,395 4,311 37,125 17,960 16,473 4,423 70,329 7,976 4,257 20,555 17,610 15,633 4,298

Other Europe........................ 62,318 31,614 2,777 1,772 6,790 5,373 13,992 66,506 32,345 3,735 940 6,251 7,356 15,879

Total Europe .................... 11,361,072 6,282,789 426,895 824,999 1,825,124 882,179 1,119,08610,935,040 6,109,150 371,330 583,346 1,787,854 917,388 1,165,972

Canada..................................... 893,204 441,240 34,242 31,308 119,987 149,558 116,869 845,282 419,821 21,689 29,098 103,429 150,912 120,333

Latin America: Argentina.............................. 15,502 1,656 338 1,734 3,550 5,128 3,096 13,721 1,253 229 486 3,552 5,149 3,052

Brazil.................................... 82,419 57,443 1,084 1,246 2,971 8,072 11,603 80,898 45,174 455 722 3,191 15,670 15,686

Chile..................................... 22,047 12,766 1,842 803 1,901 2,787 1,948 23,848 14,273 1,507 576 1,780 3,262 2,450

Colombia.............................. 18,785 8,748 1,276 815 1,013 6,169 764 18,112 7,236 716 545 932 8,120 563

Ecuador................................ 2,608 163 271 599 233 256 1,086 2,861 147 270 349 242 792 1,061

Guatemala............................ 1,751 1,361 68 20 86 193 23 1,568 996 29 26 90 398 29

Mexico.................................. 101,174 37,881 21,695 5,783 9,144 14,335 12,336 82,145 28,125 9,821 4,165 9,410 16,652 13,972

Panama................................ 13,697 1,328 3,331 1,919 2,883 2,561 1,675 13,298 1,046 2,800 1,082 2,681 3,883 1,806

Peru ..................................... 3,818 129 811 599 356 1,593 330 3,931 168 44 166 338 2,614 601

Uruguay ............................... 10,763 3,386 848 877 1,366 3,397 889 9,093 2,993 309 247 1,299 3,306 939

Venezuela ............................ 9,583 1,685 191 1,380 2,588 2,921 818 9,905 1,167 204 880 2,699 4,231 724

Other Latin America 5 ........... 19,850 15,589 508 1,033 819 1,677 224 20,008 16,189 406 360 802 2,042 209

Total Latin America.......... 301,997 142,135 32,263 16,808 26,910 49,089 34,792 279,388 118,767 16,790 9,604 27,016 66,119 41,092

Caribbean: Bahamas.............................. 443,420 291,507 5,104 7,498 107,075 14,648 17,588 433,864 286,153 5,176 6,388 104,899 15,088 16,160

Bermuda .............................. 1,443,692 670,364 36,673 34,226 579,758 24,799 97,872 1,401,482 636,440 34,797 28,778 575,029 25,124 101,314

Cayman Islands 6 ................. 3,313,403 1,050,031 242,866 203,358 1,428,958 152,638 235,552 3,262,981 1,057,709 230,399 169,213 1,423,923 149,465 232,272

Cuba .................................... - - - - -- - - - - - - - - Jamaica................................ 4,305 1,435 702 225 274 1,643 26 3,736 1,570 408 58 269 1,407 24

Netherlands Antilles ............. 101,875 34,918 1,387 1,359 48,362 4,305 11,544 98,130 34,079 1,852 1,235 45,705 4,573 10,686

Trinidad and Tobago ............ 5,445 1,678 2,050 112 139 1,306 160 5,364 1,755 1,891 184 130 1,244 160

Other Caribbean 5 ................ 672,557 98,047 6,635 22,489 435,281 16,747 93,358 654,711 83,973 3,590 22,932 434,506 17,501 92,209

Total Caribbean ............... 5,984,697 2,147,980 295,417 269,267 2,599,847 216,086 456,100 5,860,268 2,101,679 278,113 228,788 2,584,461 214,402 452,825

See footnotes at end of table. 
88 CAPITAL MOVEMENTS

September 2006 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2005, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

Total 

purchases 

(1) 

Market able 

Treasury 

and 

 Federal 

 Financing 

Bank bonds 

and notes 

 (2) 

Bonds 

 of U.S. 

 Gov’t 

 corps and 

 federallysponsored 

 agencies 

(3) 

 Bonds 

(4) 

Stocks 

(5) 

Bonds 

(6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing 

Bank bonds 

and notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

 (13) 

 Stocks 

 (14) 

Asia: 

China: 

Mainland ....................... 322,224 197,520 78,604 31,050 2,605 10,815 1,630 231,858 159,428 55,205 4,920 3,133 2,686 6,486

Taiwan .......................... 57,150 13,046 15,477 4,268 8,252 3,528 12,579 46,254 8,691 6,494 1,306 8,608 917 20,238

Hong Kong ........................ 279,281 110,291 34,530 16,723 13,804 14,556 89,377 245,319 97,978 18,241 5,711 12,775 13,706 96,908

India .................................. 14,034 3,452 8 16 246 146 10,166 15,258 2,926 1 15 425 811 11,080

Indonesia........................... 7,582 3,577 510 50 299 1,083 2,063 8,933 2,334 701 16 361 3,021 2,500

Israel ................................. 30,185 12,315 594 3,279 9,099 401 4,497 28,209 11,674 324 2,332 7,787 539 5,553

Japan ................................ 1,058,001 485,265 131,993 45,431 49,843 90,509 254,960 1,011,893 491,220 72,792 19,814 49,771 83,346 294,950

Korea ................................ 84,684 39,958 16,512 3,853 529 4,696 19,136 78,604 38,499 12,506 3,078 630 3,682 20,209

Lebanon ............................ 999 23 16 16 731 80 133 919 21 19 11 669 54 145

Malaysia............................ 20,058 11,084 2,325 1,576 413 1,224 3,436 15,575 10,028 530 261 578 527 3,651

Pakistan ............................ 288 23 42 51 89 13 70 408 62 14 19 94 8 211

Philippines......................... 11,863 4,931 2,774 336 704 2,344 774 10,621 3,861 2,394 262 558 2,737 809

Singapore.......................... 148,832 66,984 7,989 10,459 23,383 11,504 28,513 135,678 64,593 6,423 9,423 16,167 7,525 31,547

Syria.................................. 1 - - -1 - -4 - - -4 - -

Thailand ............................ 17,855 13,761 452 35 476 156 2,975 10,126 5,338 15 38 500 715 3,520

Other Asia ......................... 71,369 25,131 8,906 2,758 25,636 5,347 3,591 62,385 22,608 6,938 1,767 23,881 3,948 3,243

Total Asia...................... 2,124,406 987,361 300,732 119,901 136,110 146,402 433,900 1,902,044 919,261 182,597 48,973 125,941 124,222 501,050

Africa: 

Congo (formerly Zaire).......... - - - - - - -2 - - - - - 2

Egypt................................. 2,799 109 23 52 896 54 1,665 2,669 50 6 19 795 108 1,691

Ghana ............................... 1 - -1 - - -3 - - -1 - 2

Liberia ............................... 3,741 13 451 331 2,200 88 658 3,782 24 715 191 2,152 59 641

Morocco ............................ 459 364 - - 62 4 29 473 313 - 1 64 - 95

South Africa....................... 4,072 274 103 114 460 511 2,610 5,687 211 32 141 419 704 4,180

Other Africa....................... 8,314 4,627 340 806 840 806 895 5,620 2,567 267 558 718 385 1,125

Total Africa.................... 19,386 5,387 917 1,304 4,458 1,463 5,857 18,236 3,165 1,020 910 4,149 1,256 7,736

Other countries: 

Australia ............................ 141,067 48,056 6,673 8,717 13,990 11,053 52,578 147,729 47,913 5,961 2,458 13,849 20,353 57,195

New Zealand..................... 5,793 1,408 399 144 950 1,512 1,380 4,713 414 512 68 870 1,424 1,425

All other countries.............. 1,894 152 80 84 716 475 387 1,812 123 71 54 868 240 456

Total other countries...... 148,754 49,616 7,152 8,945 15,656 13,040 54,345 154,254 48,450 6,544 2,580 15,587 22,017 59,076

Total foreign 

 countries ............... 20,833,516 10,056,508 1,097,618 1,272,532 4,728,092 1,457,817 2,220,949 19,994,512 9,720,293 878,083 903,299 4,648,437 1,496,316 2,348,084

International and 

 regional orgs.: 

International ......................... 17,981 12,110 837 2,551 1,329 914 240 13,755 9,555 754 801 1,371 998 276

European regional ................. 1,802 17 73 446 - 456 810 8,318 51 53 217 - 6,868 1,129

Latin American regional............ 767 56 112 208 276 115 - 651 37 16 8 280 310 -

Caribbean regional ................ 39 4 31 2 - - 2 50 31 19 - - - -

Asian regional........................ 768 135 99 441 28 62 3 279 192 23 25 25 13 1

African regional ..................... 1,339 827 36 465 1 10 - 685 324 139 214 2 6 -

Middle Eastern regional......... 152 - 89 4 52 - 7 64 7 - - 51 - 6

 Total international 

 and regional................. 22,848 13,149 1,277 4,117 1,686 1,557 1,062 23,802 10,197 1,004 1,265 1,729 8,195 1,412

 Grand total................... 20,856,364 10,069,657 1,098,895 1,276,649 4,729,778 1,459,374 2,222,011 20,018,314 9,730,490 879,087 904,564 4,650,166 1,504,511 2,349,496

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other 

Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other 

entities of the former Yugoslavia recognized as independent states by the United States are reported 

under “Other Europe” as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, 

and Slovenia; and beginning in June 1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 

September 2006 

89

-50

0

50

100

150

200

250

300

350

400

450

500

550

600

650

2003 2004 2005 2006 

Jan.-June

2006 

Apr.-June

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2006 w ith those in prior years, the chart 

depicts data for all periods at an annualized rate.

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2003 2004 2005 

 2006 

Jan. - June

2006 

Apr. - June 

United Kingdom............................. 167,329 254,112 361,921 216,318 89,488 

All other Europe............................. 114,433 110,153 146,206 49,507 20,724 

Caribbean banking centers 1,2 ....... 78,538 87,638 103,521 15,916 6,322 

Japan ............................................. 176,587 247,114 78,935 18,214 24,127 

All other Asia.................................. 116,980 130,399 188,397 137,416 60,608 

Subtotal...................................... 653,867 829,416 878,980 437,371 201,269 

All other countries.......................... 65,993 87,040 131,692 64,154 28,662 

Grand total................................. 719,860 916,456 1,010,672 501,525 229,931 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 

2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers and 

reincorporations that involve 

stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to about $7 

billion in both 2001 and 2002, $2 

billion in 2003, $36 billion in 

2004, $6 billion in 2005, and $1 

billion in the second quarter of 

2006. (Stock swaps data for the 

most recent quarter are Federal 

Reserve Board/Treasury estimates 

and are subject to substantial 

revisions.) These stock swaps and 

certain other adjustments for 

principal repayment flows of 

asset-backed securities are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2004, net 

foreign acquisitions (including 

stock swaps) of U.S. securities 

totaled a record $953 billion. Net 

acquisitions in 2005 were even 

stronger, reaching a new record of 

$1,017 billion. Data for the first 

half of 2006 show net acquisitions 

of $503 billion, similar to the pace 

in 2005. 
90 CAPITAL MOVEMENTS

September 2006 

The data on this page represent U.S. 

investors’ purchases and sales of 

long-term foreign securities as 

reported to the TIC reporting system. 

However, in the past several years, 

U.S. investors also have acquired a 

substantial amount of foreign stocks, 

mostly European, through mergers 

that involve stock swaps. In 

addition, when foreign firms 

reincorporate in the United States, 

the associated stock swap reduces 

U.S. holdings of foreign equity. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, $47 

billion in 2001, $3 billion in 2002, 

$17 billion in 2003, -$12 billion in 

2004, $4 billion in 2005, and $4 

billion in the first half of 2006. 

(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 now available on the TIC web 

site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. U.S. 

investors’ acquisitions of foreign 

securities (including stock swaps) 

then slowed over the 2001-2003 

period before rebounding to $141 

billion in 2004 and $177 billion in 

2005. In the first half of 2006, U.S. 

investors acquired $92 billion in 

foreign securities, a pace of 

acquisition that was slightly higher 

than in 2005. 

-50

0

50

100

150

200

250

300

2002 2003 2004 2005 2006

Jan.-June

2006

Apr.-June

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2006

w ith those in prior years, the chart depicts data for all periods

at an annualized rate.

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 2002 2003 2004 2005 

2006 

Jan. - June 

2006 

Apr. - June

Foreign bonds ........ -28,492 -32,046 67,872 45,137 41,908 32,004 

Foreign stocks........ 1,493 88,587 84,970 127,485 46,577 12,307 

Total ..................... -26,999 56,541 152,842 172,622 88,485 44,311

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 
September 2006 

91

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2006 

92 

SECTION I.—Canadian Dollar Positions 

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

[In millions of Canadian dollars. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

01/04/06 .................................................................... 459,469 467,771 2,385 1.1515 

01/11/06 .................................................................... 479,029 486,868 1,926 1.1579 

01/18/06 .................................................................... 494,262 505,161 1,581 1.1726 

01/25/06 .................................................................... 491,599 499,957 2,067 1.1480 

 

02/01/06 .................................................................... 491,975 502,474 3,312 1.1401 

02/08/06 .................................................................... 500,491 508,483 2,967 1.1535 

02/15/06 .................................................................... 501,018 514,533 3,575 1.1541 

02/22/06 .................................................................... 511,199 522,222 4,323 1.1482 

 

03/01/06 .................................................................... 533,426 545,636 4,605 1.1365 

03/08/06 .................................................................... 569,960 583,947 5,315 1.1575 

03/15/06 .................................................................... 478,790 487,914 5,168 1.1553 

03/22/06 .................................................................... 481,756 507,403 4,544 1.1651 

03/29/06 .................................................................... 487,797 496,637 4,117 1.1722 

 

04/05/06 .................................................................... 479,931 486,451 4,327 1.1619 

04/12/06 .................................................................... 497,384 506,689 4,608 1.1479 

04/19/06 .................................................................... 509,392 519,995 5,155 1.1367 

04/26/06 .................................................................... 532,275 542,272 6,548 1.1271 

 

05/03/06 .................................................................... 530,302 544,343 6,184 1.1072 

05/10/06 .................................................................... 529,746 547,822 7,412 1.1005 

05/17/06 .................................................................... 548,652 567,711 6,655 1.1116 

05/24/06 .................................................................... 565,871 583,239 5,996 1.1228 

05/31/06 .................................................................... 561,116 580,667 5,900 1.1027 

 

06/07/06 .................................................................... 582,369 600,398 6,231 1.1117 

06/14/06 .................................................................... 613,285 628,588 6,483 1.1121 

06/21/06 .................................................................... 509,040 523,334 6,695 1.1042 

06/28/06 .................................................................... 520,046 531,947 5,565 1.1240 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

93

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 Non-capital items 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) 

 

2003 - Dec................... 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Dec................... 429,302 427,488 108,927 98,187 49,281 56,607 51,243 51,104 -3,915 1.2041 

2005 - July................... 449,846 451,407 131,302 125,252 66,175 75,204 92,481 91,465 886 1.2258 

Aug .................. 489,949 489,772 133,911 126,316 75,232 85,741 98,522 98,816 1,011 1.1895 

Sept................. 480,298 483,359 123,960 117,811 75,008 83,323 95,767 96,183 -172 1.1608 

Oct................... 502,884 514,528 153,407 134,295 80,140 87,957 92,076 90,371 -137 1.1796 

Nov .................. 540,825 549,962 148,363 126,720 71,368 73,116 69,578 69,059 2,806 1.1670 

Dec .................. 471,195 477,247 149,188 129,053 73,479 72,651 64,515 66,847 2,713 1.1656 

2006 - Jan ................... 496,281 508,267 159,319 141,922 73,127 67,989 61,951 64,514 3,763 1.1436 

Feb .................. 549,765 561,013 157,333 139,191 68,619 67,529 59,579 60,158 4,360 1.1379 

Mar .................. 494,122 497,767 158,946 143,843 67,081 63,322 74,314 75,763 4,273 1.1670 

Apr................... 519,848 532,981 170,064 154,319 68,240 67,161 78,300 77,958 6,055 1.1203 

May.................. 560,039 580,758 174,499 154,485 72,693 70,186 87,548 88,881 6,156 1.1027 

June................. 505,810 516,196 167,922 149,903 70,159 65,375 76,587 78,921 5,511 1.1150 

 

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 Non-capital items 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) 

 

2003 - Dec................... 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 30,877 41,235 94,200 n.a. 199 1,080 2,556 635 -517 1.3116 

June................. 30,322 50,196 95,204 n.a. n.a. 736 1,786 747 -13 1.3331 

Sept................. 24,725 34,609 97,007 n.a. 378 445 2,178 1,334 -195 1.2619 

Dec .................. 25,555 34,582 96,398 n.a. 465 406 2,251 1,852 -232 1.2041 

2005 - Mar................... 25,265 32,483 100,674 n.a. 154 n.a. 2,534 1,093 -738 1.2097 

June ................. 28,178 39,883 136,087 86,970 507 n.a. 2,805 762 n.a. 1.2257 

Sept.................. 25,097 32,244 99,718 63,854 665 1,575 2,515 718 n.a. 1.1608 

Dec................... 25,109 32,454 96,654 n.a. 451 n.a. 2,157 660 n.a. 1.1656 

2006 - Mar................... 24,604 30,803 n.a. n.a. 662 824 2,870 905 -826 1.167 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

94 

SECTION II.—Japanese Yen Positions 

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

[In billions of Japanese yen. Source: Office of International Monetary and Financial Policy] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

01/04/06 .................................................................. 246,073 248,478 -364 116.31 

01/11/06 .................................................................. 248,502 251,660 -604 113.96 

01/18/06 .................................................................. 250,906 254,136 -338 115.35 

01/25/06 .................................................................. 249,555 252,703 -245 115.73 

 

02/01/06 .................................................................. 260,159 264,463 -316 117.85 

02/08/06 .................................................................. 257,100 261,852 -12 118.69 

02/15/06 .................................................................. 259,193 263,389 -139 117.93 

02/22/06 .................................................................. 254,950 258,788 -284 118.51 

 

03/01/06 .................................................................. 265,131 268,294 -442 116.18 

03/08/06 .................................................................. 268,139 270,865 -512 117.90 

03/15/06 .................................................................. 241,070 243,646 -185 117.30 

03/22/06 .................................................................. 243,382 245,621 -498 116.72 

03/29/06 .................................................................. 245,953 247,726 -375 117.80 

 

04/05/06 .................................................................. 248,082 249,760 -466 117.59 

04/12/06 .................................................................. 245,768 248,224 -827 118.47 

04/19/06 .................................................................. 248,632 250,712 -813 117.58 

04/26/06 .................................................................. 267,596 268,734 -823 114.72 

 

05/03/06 .................................................................. 267,877 268,622 -762 113.44 

05/10/06 .................................................................. 270,770 271,202 -1,408 110.55 

05/17/06 .................................................................. 284,057 285,427 -1,424 110.60 

05/24/06 .................................................................. 289,918 289,832 -1,152 112.80 

05/31/06 .................................................................. 290,813 289,895 -898 112.26 

 

06/07/06 .................................................................. 298,497 297,993 -794 113.35 

06/14/06 .................................................................. 315,848 315,081 -640 114.85 

06/21/06 .................................................................. 275,848 274,511 -722 114.76 

06/28/06 .................................................................. 270,635 268,904 -485 116.42 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

95

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 Non-capital items 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) 

 

2003 - Dec.................. 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Dec.................. 200,705 203,824 44,352 43,970 62,092 61,854 51,111 50,167 686 102.73 

2005 - July.................. 239,594 242,334 48,317 48,867 51,268 52,989 52,528 53,723 708 112.27 

Aug ................. 252,629 255,063 49,383 49,931 54,236 55,666 53,585 53,329 345 110.85 

Sept................ 248,598 250,676 51,371 52,754 51,660 52,088 53,157 53,658 716 113.31 

Oct.................. 256,320 258,052 53,648 54,732 51,696 53,838 67,532 66,826 -396 116.36 

Nov................. 284,309 286,789 54,894 53,600 53,909 54,342 54,477 53,570 -40 119.66 

Dec................. 263,085 265,279 54,259 56,128 63,192 62,541 57,311 56,285 -905 117.88 

2006 - Jan .................. 286,285 290,523 58,426 59,445 65,939 65,216 60,360 60,398 -310 116.88 

Feb ................. 297,920 301,628 61,553 62,678 70,232 72,220 62,152 61,094 -530 115.82 

Mar ................. 268,830 270,136 64,722 65,656 77,414 77,856 67,306 65,601 -765 117.48 

Apr.................. 294,033 294,109 64,789 66,067 76,809 77,965 66,271 63,658 -725 113.79 

May................. 285,022 284,069 61,373 61,954 87,985 90,864 71,927 68,004 -1,475 112.26 

June................ 297,203 295,494 63,441 63,875 88,696 89,726 71,975 68,708 -515 114.51 

 

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 Non-capital items 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) 

 

2003 - Dec................... 9,373 10,616 4,715 2,758 309 485 1,001 512 100 107.40 

2004 - Mar................... 10,972 11,825 5,426 2,958 648 768 1,014 505 70 104.33 

June................. 9,575 9,941 5,598 3,601 428 497 741 367 92 108.88 

Sept................. 7,025 7,853 4,498 2,550 487 562 703 461 -155 110.04 

Dec .................. 6,995 7,251 5,377 3,035 484 313 686 372 -115 102.73 

2005 - Mar................... 6,612 7,331 5,507 3,017 307 297 544 264 n.a. 107.25 

June ................. 8,523 8,401 5,449 3,034 407 352 597 281 -406 110.92 

Sept.................. 8,014 8,909 6,213 3,353 373 368 734 291 -557 113.31 

Dec................... 8,359 8,965 7,360 3,943 462 469 929 501 -148 117.88 

2006 - Mar................... 9,559 10,001 9,742 5,812 823 n.a. 1,041 n.a. -78 117.48 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

96 

SECTION III.—Swiss Franc Positions 

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

[In millions of Swiss francs. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

01/04/06 .................................................................. 598,123 612,619 4,680 1.2801 

01/11/06 .................................................................. 594,711 606,957 4,681 1.2734 

01/18/06 .................................................................. 601,887 614,287 4,261 1.2823 

01/25/06 .................................................................. 598,401 612,964 5,318 1.2636 

 

02/01/06 .................................................................. 620,948 633,704 4,210 1.2841 

02/08/06 .................................................................. 625,727 638,854 3,787 1.3032 

02/15/06 .................................................................. 653,460 667,416 6,318 1.3107 

02/22/06 .................................................................. 685,776 700,309 7,081 1.3114 

 

03/01/06 .................................................................. 708,186 720,017 7,061 1.3165 

03/08/06 .................................................................. 784,949 790,101 7,892 1.3088 

03/15/06 .................................................................. 623,704 631,973 9,061 1.2999 

03/22/06 .................................................................. 643,389 658,974 9,184 1.3024 

03/29/06 .................................................................. 645,869 657,257 9,655 1.3091 

 

04/05/06 .................................................................. 668,606 679,519 10,936 1.2857 

04/12/06 .................................................................. 673,484 676,561 9,329 1.2995 

04/19/06 .................................................................. 698,574 712,441 9,573 1.2705 

04/26/06 .................................................................. 700,341 709,295 9,701 1.2675 

 

05/03/06 .................................................................. 723,638 733,514 7,358 1.2351 

05/10/06 .................................................................. 705,278 713,308 8,737 1.2186 

05/17/06 .................................................................. 704,620 716,220 7,466 1.2178 

05/24/06 .................................................................. 720,964 728,282 7,090 1.2188 

05/31/06 .................................................................. 667,797 673,956 7,562 1.2159 

 

06/07/06 .................................................................. 711,606 715,758 8,290 1.2208 

06/14/06 .................................................................. 737,819 742,572 9,494 1.2271 

06/21/06 .................................................................. 528,929 538,580 7,966 1.2329 

06/28/06 .................................................................. 520,543 525,943 9,017 1.2479 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

97

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 Non-capital items 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) 

 

2003 - Dec................... 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Dec................... 513,527 535,713 52,492 57,292 54,511 52,132 53,509 47,728 2,918 1.1417 

2005 - July................... 590,744 594,262 58,496 61,473 111,163 114,540 82,099 72,698 -830 1.2873 

Aug .................. 630,945 639,047 60,960 63,154 118,307 115,350 83,678 71,693 674 1.2547 

Sept................. 578,535 588,492 56,065 59,954 108,513 101,922 57,801 49,774 3,430 1.2891 

Oct................... 608,329 620,749 61,422 64,259 110,535 106,318 84,209 71,116 2,538 1.2900 

Nov .................. 651,659 666,250 55,424 49,847 90,053 83,866 63,868 53,043 2,193 1.3148 

Dec .................. 599,163 609,505 58,736 60,650 109,698 99,568 78,533 64,881 3,016 1.3148 

2006 - Jan ................... 640,273 653,345 63,431 63,686 115,713 104,059 85,278 70,203 5,369 1.2784 

Feb .................. 733,504 713,614 79,629 83,238 96,619 91,448 102,085 95,749 6,649 1.3111 

Mar .................. 670,466 681,666 71,334 75,656 92,151 84,724 109,725 106,084 9,875 1.3025 

Apr................... 772,327 783,403 91,363 95,077 95,885 91,527 108,354 106,916 9,118 1.2411 

May.................. 644,787 651,170 72,754 73,612 110,911 105,578 122,077 117,845 1,759 1.2159 

June................. 546,074 552,858 69,993 70,944 104,742 94,686 116,673 115,261 10,107 1.2247 

 

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 Non-capital items 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) 

 

2003 - Dec................... 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,726 9,011 n.a. 423 1,387 983 n.a. 1.2657 

June................. 27,188 36,873 31,813 9,453 1,359 1,237 n.a. 347 n.a. 1.2499 

Sept................. 19,373 29,597 30,976 8,791 n.a. 1,584 387 264 n.a. 1.2453 

Dec .................. 17,527 29,359 31,490 8,481 n.a. 523 647 272 -55 1.1417 

2005 - Mar................... 16,723 29,650 33,587 10,119 491 658 1,623 493 n.a. 1.1956 

June ................. 17,342 30,911 37,253 10,156 538 n.a. 1,415 n.a. n.a. 1.2829 

Sept.................. 14,433 24,616 34,627 9,700 n.a. n.a. 460 230 n.a. 1.2891 

Dec................... 13,695 23,402 42,747 10,432 745 n.a. 689 517 82 1.3148 

2006 - Mar................... 20,009 28,592 41,540 10,966 n.a. n.a. 745 575 n.a. 1.3025 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

98 

SECTION IV.—Sterling Positions 

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

[In millions of pounds sterling. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

01/04/06 .................................................................. 739,192 747,686 3,479 1.7588 

01/11/06 .................................................................. 758,822 767,308 3,864 1.7643 

01/18/06 .................................................................. 740,524 750,005 4,689 1.7622 

01/25/06 .................................................................. 751,060 758,950 4,655 1.7874 

 

02/01/06 .................................................................. 749,732 755,901 5,142 1.7781 

02/08/06 .................................................................. 746,077 749,678 4,405 1.7405 

02/15/06 .................................................................. 784,250 784,091 4,506 1.7401 

02/22/06 .................................................................. 789,471 794,343 5,403 1.7425 

 

03/01/06 .................................................................. 804,403 805,244 6,240 1.7473 

03/08/06 .................................................................. 824,037 822,663 5,258 1.7359 

03/15/06 .................................................................. 737,422 733,900 5,373 1.7460 

03/22/06 .................................................................. 746,223 759,325 5,287 1.7483 

03/29/06 .................................................................. 757,560 758,431 5,437 1.7356 

 

04/05/06 .................................................................. 767,083 772,101 7,329 1.7497 

04/12/06 .................................................................. 782,049 787,173 7,543 1.7508 

04/19/06 .................................................................. 801,203 807,220 8,960 1.7895 

04/26/06 .................................................................. 826,317 839,166 8,321 1.7897 

 

05/03/06 .................................................................. 821,098 832,798 9,416 1.8446 

05/10/06 .................................................................. 833,229 849,580 9,687 1.8648 

05/17/06 .................................................................. 891,057 907,284 9,352 1.8820 

05/24/06 .................................................................. 848,475 860,672 8,600 1.8678 

05/31/06 .................................................................. 813,210 822,430 7,979 1.8732 

 

06/07/06 .................................................................. 826,836 838,825 6,176 1.8585 

06/14/06 .................................................................. 862,336 870,460 5,478 1.8491 

06/21/06 .................................................................. 720,687 730,218 6,058 1.8460 

06/28/06 .................................................................. 724,834 732,197 4,443 1.8159 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

99

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 Non-capital items 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) 

 

2003 - Dec................... 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Dec................... 632,086 621,364 233,171 222,398 42,852 43,319 37,033 38,550 2,092 1.9160 

2005 - July................... 750,997 757,340 227,710 215,931 61,777 62,561 73,161 79,285 3,848 1.7593 

Aug .................. 772,514 782,246 240,342 225,976 62,345 58,888 76,215 81,358 4,249 1.8012 

Sept................. 748,475 755,953 235,467 220,837 64,491 56,309 76,771 80,730 4,563 1.7696 

Oct................... 761,450 775,272 287,499 256,854 68,502 59,856 82,301 85,893 4,536 1.7689 

Nov .................. 795,767 806,868 273,944 257,257 70,294 64,813 81,263 84,796 4,670 1.7321 

Dec .................. 726,831 742,942 288,304 257,418 79,921 73,874 85,985 89,663 3,270 1.7188 

2006 - Jan ................... 780,525 786,653 326,750 289,189 64,001 53,548 69,283 77,680 4,421 1.7820 

Feb .................. 812,878 818,829 316,828 276,184 64,768 53,173 60,672 66,684 6,565 1.7539 

Mar .................. 767,026 772,344 347,114 305,150 60,392 51,298 62,114 67,404 6,031 1.7393 

Apr................... 835,022 846,351 354,455 308,103 64,594 53,009 66,218 72,061 8,979 1.8220 

May.................. 836,629 845,419 364,089 312,446 71,914 66,346 72,405 79,071 7,380 1.8732 

June................. 725,150 736,071 355,843 303,614 68,589 63,326 66,706 71,128 5,207 1.8491 

 

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 Non-capital items 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) 

 

2003 - Dec................... 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 34,663 40,633 52,114 33,130 1,543 1,280 3,001 3,167 279 1.8454 

June................. 38,638 45,267 53,751 35,342 2,565 2,401 4,770 4,248 437 1.8192 

Sept................. 29,761 37,820 50,886 32,628 1,836 1,510 2,530 4,315 572 1.8117 

Dec .................. 28,644 34,085 51,228 23,982 n.a. n.a. 3,218 2,706 1,272 1.9160 

2005 - Mar................... 31,407 41,451 43,540 26,994 n.a. 646 3,373 3,317 n.a. 1.8888 

June ................. 38,305 52,610 89,080 55,471 n.a. 553 3,874 3,555 n.a. 1.7930 

Sept.................. 23,415 35,163 53,991 24,250 n.a. 518 2,639 2,027 -754 1.7696 

Dec................... 23,489 37,615 50,161 23,561 408 359 n.a. n.a. -786 1.7188 

2006 - Mar................... 24,371 39,982 61,619 30,338 409 336 n.a. 1,923 -810 1.7393 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

100

SECTION V.—U.S. Dollar Positions 

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

[In millions of U.S. dollars. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

01/04/06 ................................................................ 8,461,750 8,559,832 -11,314 n.a. 

01/11/06 ................................................................ 8,648,766 8,752,881 -8,647 n.a. 

01/18/06 ................................................................ 8,695,707 8,801,408 -7,302 n.a. 

01/25/06 ................................................................ 8,799,277 8,901,395 -13,451 n.a. 

 

02/01/06 ................................................................ 9,064,046 9,129,172 -12,323 n.a. 

02/08/06 ................................................................ 8,945,030 9,010,707 -12,409 n.a. 

02/15/06 ................................................................ 9,151,667 9,243,344 -11,247 n.a. 

02/22/06 ................................................................ 9,318,715 9,413,835 -10,077 n.a. 

 

03/01/06 ................................................................ 9,532,191 9,626,993 -12,233 n.a. 

03/08/06 ................................................................ 9,813,482 9,903,107 -13,687 n.a. 

03/15/06 ................................................................ 8,783,225 8,891,014 -14,014 n.a. 

03/22/06 ................................................................ 8,948,442 9,059,374 -13,238 n.a. 

03/29/06 ................................................................ 9,049,957 9,221,052 -14,069 n.a. 

 

04/05/06 ................................................................ 9,341,884 9,501,978 -14,446 n.a. 

04/12/06 ................................................................ 9,374,453 9,598,450 -11,364 n.a. 

04/19/06 ................................................................ 9,477,394 9,701,880 -15,086 n.a. 

04/26/06 ................................................................ 10,036,257 10,260,397 -15,817 n.a. 

 

05/03/06 ................................................................ 10,156,646 10,391,572 -16,249 n.a. 

05/10/06 ................................................................ 10,398,197 10,615,672 -9,901 n.a. 

05/17/06 ................................................................ 10,807,233 11,064,144 583 n.a. 

05/24/06 ................................................................ 10,851,087 11,062,187 931 n.a. 

05/31/06 ................................................................ 10,371,595 10,608,203 -203 n.a. 

 

06/07/06 ................................................................ 10,587,684 10,825,797 5,384 n.a. 

06/14/06 ................................................................ 10,954,431 11,167,446 3,141 n.a. 

06/21/06 ................................................................ 9,567,897 9,804,238 4,531 n.a. 

06/28/06 ................................................................ 9,524,935 9,703,672 7,295 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

101

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 Non-capital items 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) 

 

2003 - Dec................... 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Dec................... 7,546,267 7,589,156 - - 1,105,432 1,121,026 1,284,832 1,325,779 380 n.a. 

2005 - July................... 8,660,426 8,660,142 - - 1,277,090 1,288,403 1,108,409 1,176,757 -21,157 n.a. 

Aug .................. 9,161,206 9,191,265 - - 1,158,387 1,192,576 1,258,131 1,279,228 -12,590 n.a. 

Sept................. 8,842,754 8,904,256 - - 1,145,876 1,164,272 1,150,844 1,168,598 -16,290 n.a. 

Oct................... 9,175,337 9,222,161 - - 1,194,152 1,210,907 1,408,923 1,420,156 -5,214 n.a. 

Nov .................. 9,613,292 9,676,066 - - 1,194,640 1,209,079 1,166,477 1,188,580 -13,615 n.a. 

Dec .................. 8,159,883 8,266,177 - - 1,245,621 1,257,584 1,243,660 1,255,451 -11,239 n.a. 

2006 - Jan ................... 9,676,836 9,759,459 - - 1,266,208 1,255,752 1,329,021 1,319,006 -2,560 n.a. 

Feb .................. 10,238,070 10,341,610 - - 1,303,788 1,325,440 1,362,419 1,389,471 -13,985 n.a. 

Mar .................. 9,846,501 10,044,878 - - 1,487,695 1,474,882 1,768,511 1,801,401 -26,343 n.a. 

Apr................... 10,778,208 11,007,781 - - 1,567,422 1,496,237 1,635,862 2,709,089 -21,552 n.a. 

May.................. 10,421,788 10,650,275 - - 1,716,677 1,963,147 1,829,209 1,892,706 286 n.a. 

June................. 10,068,313 10,239,643 - - 1,675,501 1,666,363 1,856,663 1,861,828 -13,169 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 Non-capital items 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) 

 

2003 - Dec................... 419,759 427,434 - - 18,627 12,023 14,580 11,154 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 24,712 16,845 15,849 16,288 -239 n.a. 

June................. 481,005 484,188 - - 18,674 15,738 23,166 19,326 -129 n.a. 

Sept................. 412,177 408,591 - - 13,438 8,900 n.a. n.a. n.a. n.a. 

Dec .................. 437,060 442,986 - - 14,990 9,370 18,356 9,169 n.a. n.a. 

2005 - Mar................... 444,804 450,894 - - 11,614 11,133 12,816 n.a. 15,946 n.a. 

June.................. 462,876 474,638 - - 13,864 12,139 15,821 10,600 10,440 n.a. 

Sept .................. 435,999 419,841 - - 12,959 11,423 8,008 7,764 9,741 n.a. 

Dec ................... 419,932 398,823 - - 22,061 14,840 12,765 12,692 3,155 n.a. 

2006 - Mar................... 453,038 441,138 - - 21,745 19,340 18,901 20,373 1,909 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

102

SECTION VI.—Euro Positions 

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

[In millions of euros. Source: Office of International Monetary and Financial Policy] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

01/04/06 ............................................................................. 2,781,170 2,769,673 4,654 0.8271 

01/11/06 ............................................................................. 2,845,543 2,820,317 4,384 0.8241 

01/18/06 ............................................................................. 2,854,529 2,822,017 3,037 0.8276 

01/25/06 ............................................................................. 2,902,343 2,867,085 5,085 0.8162 

 

02/01/06 ............................................................................. 2,943,624 2,922,157 3,410 0.8270 

02/08/06 ............................................................................. 2,942,582 2,923,990 4,398 0.8379 

02/15/06 ............................................................................. 3,021,081 2,996,878 2,786 0.8415 

02/22/06 ............................................................................. 3,099,404 3,081,828 2,275 0.8400 

 

03/01/06 ............................................................................. 3,098,139 3,074,728 1,590 0.8404 

03/08/06 ............................................................................. 3,169,270 3,168,393 1,849 0.8394 

03/15/06 ............................................................................. 2,870,697 2,866,865 -934 0.8302 

03/22/06 ............................................................................. 2,966,910 2,938,177 -622 0.8268 

03/29/06 ............................................................................. 3,044,061 3,004,966 -1,709 0.8313 

 

04/05/06 ............................................................................. 3,189,825 3,153,613 -4,325 0.8149 

04/12/06 ............................................................................. 3,206,791 3,129,373 -2,993 0.8260 

04/19/06 ............................................................................. 3,232,930 3,164,079 -1,834 0.8100 

04/26/06 ............................................................................. 3,415,513 3,347,124 -2,936 0.8023 

 

05/03/06 ............................................................................. 3,468,064 3,395,336 -532 0.7912 

05/10/06 ............................................................................. 3,419,486 3,351,507 -3,154 0.7813 

05/17/06 ............................................................................. 3,425,467 3,346,747 -8,902 0.7860 

05/24/06 ............................................................................. 3,532,096 3,449,524 -10,095 0.7845 

05/31/06 ............................................................................. 3,240,390 3,166,091 -8,120 0.7792 

 

06/07/06 ............................................................................. 3,352,995 3,276,120 -8,578 0.7813 

06/14/06 ............................................................................. 3,479,937 3,386,876 -8,412 0.7917 

06/21/06 ............................................................................. 3,052,183 2,987,925 -7,369 0.7896 

06/28/06 ............................................................................. 2,969,008 2,952,120 -9,863 0.7980 

 
FOREIGN CURRENCY POSITIONS 

September 2006 

103

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 Non-capital items 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) 

 

2003 - Dec................... 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Dec................... 2,166,343 2,221,435 1,118,199 1,024,017 328,729 299,561 286,514 320,446 -835 0.7387 

2005 - July................... 2,678,150 2,704,008 1,225,893 1,197,828 361,960 309,904 384,320 457,217 7,000 0.8245 

Aug .................. 2,820,963 2,828,909 1,269,850 1,243,375 341,456 290,872 398,245 443,589 3,252 0.811 

Sept................. 2,685,515 2,708,412 1,244,507 1,193,680 347,230 296,777 396,192 431,940 2,508 0.8293 

Oct................... 2,803,470 2,810,865 1,322,375 1,281,551 374,295 323,139 512,573 552,082 3,046 0.8337 

Nov .................. 3,005,763 3,002,145 1,208,602 1,145,199 390,570 347,311 413,338 460,223 7,573 0.8482 

Dec .................. 2,518,979 2,488,836 1,261,003 1,201,118 424,565 340,191 428,856 489,730 2,921 0.8445 

2006 - Jan ................... 2,956,893 2,928,990 1,359,026 1,303,092 443,204 396,119 415,980 459,950 3,050 0.8225 

Feb .................. 3,164,741 3,144,443 1,335,168 1,293,677 479,987 532,961 419,540 560,126 2,548 0.8386 

Mar .................. 3,097,407 3,057,514 1,407,119 1,341,745 540,036 542,161 431,055 512,088 -3,374 0.8238 

Apr................... 3,471,295 3,407,520 1,721,131 1,666,382 584,294 588,514 445,431 522,863 -850 0.7921 

May.................. 3,080,902 3,007,061 1,482,020 1,424,586 710,526 826,561 459,928 531,130 998 0.7792 

June................. 3,051,598 3,042,657 1,520,413 1,411,160 656,565 766,673 440,688 509,901 -11,244 0.7825 

 

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 Non-capital items 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) 

 

2003 - Dec................... 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 175,305 179,774 210,250 127,055 10,418 11,420 14,269 13,505 -3,231 0.8120 

June................. 178,189 190,395 200,735 129,209 14,878 13,521 9,764 10,856 -2,450 0.8200 

Sept................. 145,258 149,813 198,168 112,634 13,785 n.a. 9,761 10,839 455 0.8042 

Dec .................. 146,656 155,582 191,031 113,571 9,384 5,229 9,136 8,488 1,319 0.7387 

2005 - Mar................... 138,011 148,004 206,505 127,548 9,171 4,963 7,254 8,662 -37 0.7711 

June ................. 158,930 176,765 268,363 175,607 9,419 6,000 8,969 8,659 -476 0.8266 

Sept.................. 123,785 150,408 211,076 160,009 6,319 4,585 7,799 6,168 245 0.8293 

Dec................... 117,211 137,716 198,507 129,312 11,011 7,622 7,232 6,209 -867 0.8445 

2006 - Mar................... 142,022 157,084 228,750 139,702 12,373 7,893 7,038 5,441 -239 0.8238 

 
September 2006 

104

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2005, and Mar. 31, 2006 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Dec. 31, 2005 

Jan. 1, 2006, 

through 

Mar. 31, 2006 Mar. 31, 2006 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 15,320,128 79,020 15,399,148 

Special drawing rights 1 ........................................................... 8,250,751 138,503 8,389,254 

Foreign exchange and securities: 

European euro ..................................................................... 10,790,431 336,308 11,126,739 

Japanese yen....................................................................... 8,014,641 26,069 8,040,710 

Accounts receivable................................................................. 105,507 13,963 119,470 

Total assets.......................................................................... 42,481,458 593,863 43,075,321 

 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 35,149 3,695 38,844 

Total current liabilities ...................................................... 35,149 3,695 38,844 

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000 

SDR allocations ................................................................... 7,002,751 56,737 7,059,488 

Total other liabilities ......................................................... 9,202,751 56,737 9,259,488 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see table ESF-2) ....................... 33,043,558 533,431 33,576,989 

Total capital...................................................................... 33,243,558 533,431 33,776,989 

Total liabilities and capital............................................ 42,481,458 593,863 43,075,321 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2006 

105

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2006, 

through 

Mar. 31, 2006 

Fiscal year to date 

Oct. 1, 2005, 

through 

Mar. 31, 2006 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 300,907 -221,443 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ........................................... 9,662 -7,216 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 10,292 19,021 

U.S. Government securities......................................................... 137,137 288,796 

Foreign exchange ........................................................................ 75,433 145,593 

Commissions ............................................................................... - - 

Income from operations............................................................... 533,431 224,751 

Net income (+) or loss (-)............................................................. 533,431 224,751 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 2006 

109

TABLE TF-15A.—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 2007. 

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 2007. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 87.0 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.4 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 79.6 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)............................................................................................................................ 147.8 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2007) .............................................................................................................. 10.2 

less: 

 

Cash balance (fiscal year 2007) ......................................................................................................................................................................................... 7.7 

Unfunded authorizations (fiscal year 2007)........................................................................................................................................................................ 2.5 

48-month revenue estimate (fiscal years 2008, 2009, 2010, and 2011)........................................................................................................................... 20.6 

Note: Detail may not add to totals due to rounding. 
TECHNICAL PAPERS 

September 2006 

110

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. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
September 2006 

111

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

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-2, -3)—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-2)—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.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2006, the debt 

limit was $8,965,000 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-2)—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 
GLOSSARY 

September 2006 

112

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 

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-1, -3)—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. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), Series HH bonds (issued since January 1980 

through October 1982) mature in 20 years, and savings notes 

issued between May 1967 and October 1970 have a final 

maturity of 30 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 
GLOSSARY 

September 2006 

113

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-3)—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, 

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-1, -3)—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).